An oil giant’s shareholders flex their muscles MOST firms’ annual general meetings (AGMs) owe more to North Korea than ancient Greece. By long-standing tradition, bosses make platitudinous speeches, listen to lone dissidents with the air of psychiatric nurses towards patients and wait for their own proposals to be rubber-stamped by the proxy votes of obedient […]

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Did the Lloyds board act with sufficient care on the HBOS deal? Manifest takes a look at the legal aspects of directors’ duties in the context of one of this century’s most politically charged takeovers. The 2006 Companies Act for the first time codified a number of long established common law principles relating to the […]

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The Irish Independent and the Daily Telegraph have picked up Manifest’s story about the Ryanair shareholder resolutions at Aer Lingus’ upcoming AGM. “The Manifest Proxy Voting agency, a company that monitors corporate governance here and in the UK, has alleged that Ryanair is the only company not to reveal on its website how shareholders voted […]

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Mears Group,  which moved its listing from AIM to the Official List in June 2008, has fallen significantly short of the requirements of the UK Companies Act in the drafting of its remuneration report for the 2008 financial year. As a main market company, Mears is now obliged to meet the requirements of Schedule 7A of […]

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The dominance of the Big 4 audit firms continues to be a cause for concern according to a report by the UK’s reporting and governance watchdog, the Financial Reporting Council. The FRC has published the third of its Progress Reports outlining the progress of the 15 recommendations made by the Market Participants Group (MPG) in October 2007 […]

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Shareholder engagement is on the up according to the UK’s Investment Management Association which has just published its fifth annual Engagement Survey.  The report brings together a review of IMA members general approach to voting disclosure between July 2007 and July 2008 as well as taking a look at seven contentious issue case studies. The […]

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Ryanair is asking the Aer Lingus to cut the salaries of its Chairman, Colm Barrington and the non-executive directors due to the airline’s ‘stated need to significantly reduce costs’. Ryanair, a 29.8% shareholder in Aer Lingus, has requisitioned two resolutions at the Aer Lingus’ 5 June AGM. Earlier this year all Aer Lingus Board members voluntarily […]

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Owners of USA Inc today (May 20)  got the news they’ve been waiting for – the SEC has voted to propose new rules which will enable them to nominate their own board candidates. The proposal was passed in a narrow 3-2 vote reflecting party alliegances; both the Republican commissioners voted against the proposal on the basis […]

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The Securities and Exchange Commission has settled with online job search portal, Monster Worldwide, Inc. for its multi-year scheme to secretly backdate stock options granted to thousands of Monster officers, directors and employees. Without admitting liability, Monster has agreed to pay a $2.5 million penalty to settle the SEC’s charges that the company defrauded investors by […]

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Earlier this year Manifest was approached by Channel 4’s Dispatches documentary team to help them with a review of executive pay following the revelations of Sir Fred Goodwin’s pension arrangements. In this episode, “Britain’s Bankers: Still Cashing In”, Manifest works with journalist Jane Moore to help her understand the complexities of executive pay and look back […]

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