The California State Teachers’ Retirement System (CalSTRS), the second largest public pension fund in the United States, has endorsed the Stewardship Code for institutional investors, becoming the first US-based fund to back the policy, which it called a “standard for good corporate governance.” The Stewardship Code, for which the FRC is to take reponsibility for […]
Read MoreThe prospect of a new Stewardship Code appears to have re-ignited fresh enthusiasm for collaborative governance with the Institutional Shareholders Committee (ISC) announcing its intention to form a new body, to be called the Institutional Investor Council. The grand aim of the ISC creating the IIC is to “build a single voice for the institutional investor […]
Read MoreUS pay czar Kenneth Feinberg has announced that a number of the highest-paid executives at bailed out companies will have their remuneration cut by an average of 15 percent this year. Cash salaries will be set at $500,000 or less for 82 percent of the executives named in the ruling which takes in the top […]
Read MoreThis month’s guest article is by Professor Jill Solomon, Department of Management, King’s College London There is global scientific consensus that climate change is progressing far more rapidly and with far greater severity than previously anticipated. Climate change is a critical issue for business, for financial institutions and not least for the pension fund industry. […]
Read MoreFerrier Hodgson, the administrators of ABC Learning (a former constituent of the S&P/ASX 100), are reportedly investigating a A$1bn damages claim against the former directors and the auditors. The administrators are being funded by IMF Australia (a listed company which provides funding of legal claims and other related services where the claim size is over […]
Read MoreThe September edition of the Manifest/MM&K Total Remuneration Survey was released this week and includes updates from companies with March and June year-ends. The survey is unique in taking into account the changing mix of compensation from salary and bonus to a total mix of pay where 80% is performance-related. Detailed commentary and analysis makes it […]
Read MoreBritish boardroom structures don’t allow enough debate, claims Sir Stelios Haji–Ioannou, founder and majority shareholder of the low-cost carrier, easyJet. As a result he has quit his board role to become an activist shareholder in a bid to turn the company’s strategy around. Sir Stelios’ fight is focused on the lack of a cash dividend […]
Read MoreThe Irish Stock Exchange is considering whether there should be a stand-alone Irish corporate governance code following revelations of governance shortcomings in the market. According to a new report by accountants Grant Thornton, Ireland has seen a sharp decline in compliance with the Combined Code with just over just over one third (36%) of companies claiming […]
Read MoreJapan’s Financial Services Agency has announced draft regulations aimed at improving corporate governance disclosures. With effect from March 31st 2010, companies will be required to disclose a detailed breakdown of individual pay for each executive earning more than ¥100 million ($1.1 million). Japanese companies currently voluntarily disclose the total amount of executive compensation in their […]
Read MoreAs the debate about the rights of shareholders to appoint their own nominees to US boards continues, the PROXY Governance (PGI) Hybrid Boards study, sponsored by the IRRC Institute, is appearing with increasing frequency in shareholder comment letters and other governance analyses regarding the SEC’s proposed proxy access rules. What are Hybrid Boards? Hybrid boards are formed when activist […]
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