There is no benefit to be gained from a complete prohibition on auditors providing non-audit services to their listed clients. That’s the view of a new research paper published by a Working Group established by the Institute of Chartered Accountants of Scotland to examine the issue of the provision of non-audit services by external auditors after […]
Read MoreLeading UK pension investors Hermes and Universities Superannuation Scheme have asked the Dutch Enterprise Chamber to intervene in the Canon-Océ takeover deal. The funds, which collectively own 5.1% of the company have called for an investigation into the negotiations between Canon and Océ about the tender offer for Océ shares and subsequent events. As part of their request, […]
Read MoreDespite tumbling stock market valuations the impact of overseas shareholders in the UK stock market is greater than ever. This could have far reaching implications for the UK government’s attempt to beef up corporate governance. According to figures released this week by the Office of National Statistics, non resident shareholders now account for 41.5% of UK […]
Read MoreHow much more work should auditors do for quoted companies? How comfortable are shareholders with the potential for further dilution of the independence of the annual audit? We don’t have the answers immediately to hand, but responses to the Federation of European Accountants’ (FEE) latest discussion paper on the potential role of auditor’s assurance in respect of […]
Read MoreThe Manifest/MM&K Total Remuneration Survey 2009 was published this week. Here is the press coverage it has received so far: Bloomberg: Chief executive officers at Britain’s leading 100 companies received pay increases last year even as the FTSE 100 Index fell the most on record and may be handed more this year after the stock […]
Read MoreNearly 180 shareholder proposals will come to a vote at 102 U.S. companies holding shareholder meetings between May 1 and May 15. Of these proposals, 35% relate to social and environmental issues (including, among others, climate change, sustainability, and political contributions); 25% deal with takeover defenses
Read MoreAre some European issuers trying to avoid playing fair with their minority shareholders? With the news that USS and Hermes have now tendered their Océ shares after the Enterprise Chamber of the Amsterdam Court of Appeals rejected the pension funds’ request to investigate Canon’s tender offer, shareholders might be left wondering what they can do […]
Read MoreThe governmental responses to the financial crisis have been many and varied with markedly different approaches being taken on both sides of the Atlantic. One common strand between the European and US administrations has been the role of institutional shareholders and their use – or otherwise – of voting rights to discipline management. In the […]
Read MoreHenry Ford is frequently misquoted as saying “History is bunk” what he actually said was: “History is more or less bunk. It’s tradition. We don’t want tradition. We want to live in the present and the only history that is worth a tinker’s dam is the history we made today.” Looking at the current state […]
Read MoreWe noted last month that Australia’s Productivity Commission had released a detailed discussion document which included a package of suggested changes to the Corporations Act and ASX listing rules. Over 50 submissions were made to the Commission following the publication of the discussion document and before last Friday’s deadline. The Commission is now preparing its […]
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