The Financial Conduct Authority (FCA) has updated its proxy advisor enforcement rules following industry feedback. The update follows the regulator’s proxy advisor Shareholders’ Rights Regulations (SRD II), which came into force in June, that gave the FCA powers to discipline and investigate proxy advisors. The regulations require proxy advisors to disclose how they produce their […]
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A major activist group has launched a petition to fight the SEC’s shareholder proposal rules – already securing nearly two-thirds of the 75,000 target signatories. Credo Action, which represents millions of activists around the globe fighting for progressive change, warned the SEC’s amendments to Rule 14a-8 would silence shareholder activism and protect big corporations from the […]
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SEC falls foul of proxy astroturf Did the SEC cite fake letters to support its proxy clampdown? The SEC’s attempts to impose tough new regulations on proxy advisers have taken a sinister turn following revelations its chairman has been citing fake investor letters in ‘support’ of its proposed changes. The Security and Exchange Commission’s (SEC) […]
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Lack of data hindering investor ESG take up Investors have cited a lack of reliable data as their top obstacle to ESG adoption, a major survey reveals. The survey, which comprised responses from 300 institutional investors globally, including private and public pension funds, endowments, foundations and official institutions, highlights the key push and pull factors […]
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US pensions demand change on energy boards One of America’s biggest pension fund groups has submitted shareholder proposals to three leading utility companies urging them to appoint an independent director as chairman. New York City Retirement Systems, which comprises five pension funds with around $208bn in assets, has filed shareholder proposals with Dominion Energy, the […]
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Mining titan BHP is facing growing shareholder dissent over its close links with industry groups that support the fossil fuel industry – with over a quarter of its investors voting to end these affiliations. At the Anglo-Australian mining group’s AGM held last week, 27.07% of shareholders voted for a resolution to suspend BHP’s membership of industry associations that are involved in lobbying found […]
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Since the global economic meltdown in 2007, the debate over shareholder primacy and who ‘owns’ a company has raged on. But at no time has the debate been as contentious as today with more stakeholders and industry commentators challenging the view that a corporation should exist principally to maximise shareholder wealth – a notion that was re-popularised by economist Milton Friedman in the 1970s. Just as climate change is no longer a topic taken seriously solely by […]
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UK Shareholder dissent hits 10 year low Shareholder dissent among investors in the top 350 UK companies stands at 2.95% on average for 2019, lower than 10 years ago, according to Minerva Analytics’ 2019 UK Voting Review. The figure – which covers 1 January to 3 September 2019 – compares to an average of 2.91% […]
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Investors need courage of their ESG convictions Asset owners must have the courage of their convictions to push forward with ESG policies – particularly when relevant data is hard to come by. That was one of the overarching messages from a panel hosted by Minerva Analytics’ Sarah Wilson at the first Responsible Asset Owners Global […]
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UKSIF names Meehan as chair Michael Meehan has been appointed as the new chair of the UK Sustainable Investment and Finance Association (UKSIF). He replaces Lesley Alexander, former CEO of HSBC’s UK pension fund, who has served five years in the role. Meehan has been involved in sustainable finance for nearly 20 years, including working […]
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