“Where were the shareholders?” has not been far from the lips of global regulators, media and the general public over the past two years. While some funds have jibbed at the idea of become more closely involved in the stewardship of their equity assets, two of the UK’s largest pension funds are taking matters into […]
Read MoreShell will be asked to justify its involvement in the controversial Tar Sands oil extraction project later this year following the involvement of 142 investors who have co-filed a shareholder resolution for the company’s AGM in May. The oil sands are the second largest oil resource in the world comprising some 173Bn barrels in reserves. Converting it […]
Read MoreAccording to the Chinese calendar, 2010 will be the Year of the Tiger. It will also be the “the year of regulation” for the financial world. Adding to the reading pile is US Senate Banking Committee Chairman Chris Dodd’s mammoth proposals to overhaul the US financial regulatory system. Spread over 1,100 pages, the proposals woiuld not only strip the […]
Read MoreThe first big week of Australian proxy season has seen a number of revolts on executive pay, with one ASX 100 company losing the remuneration report vote and two others seeing very significant dissent. At Downer Edi, the remuneration report was defeated, with investors reacting to reduced performance hurdles for the long-term incentive plan and […]
Read MoreThe SEC has reaffirmed its commitment to reform the US proxy voting system. In a speech to Chicago’s Northwestern University School of Law on October 2nd Commissioner Elisse B. Walter outlined the SEC’s position on the mechanics of shareholder voting: “To further our goal of improved corporate governance, our staff is also taking an in-depth look […]
Read MoreXstrata may find that its remuneration report resolution hits the headlines yet again on May 5th. Against a backdrop of general public hostility towards high director bonuses and greater shareholder scrutiny on remuneration reports resolutions, resulting in higher levels of dissent (“Against” votes plus abstentions), Xstrata’s board will likely again need major shareholder, Glencore International, […]
Read MoreA recent article from The Economist has highlighted another real-world connection between firm performance and governance structures. Commenting on the massive accelerator safety recall and how the Toyota management has handled itself, the Economist points out that the problems it faces: “highlight broader failings in Japanese corporate governance that make large companies particularly vulnerable to mishandling a crisis […]
Read MoreThirty US investors representing assets over $1 billion to have written to 17 financial companies asking for a say on pay this proxy season. The letter, addressed to addressed to the CEO and Chairs of the Compensation and Governance Committees of the companies, was coordinated by Walden Asset Management and the State of Connecticut Treasurer’s Office. […]
Read MoreThe report of the High Court Inspector into the affairs of DCC plc, S&L Investments Limited and Lotus Green Limited was published by order of the Court this week. The main events (previously covered in Manifest’s Agenda newsletter) preceding the initiation of this High Court Inquiry were as follows: August 1995: DCC and S&L entered […]
Read MoreThere’s no small irony that Lloyds Banking Group will be asking 2.8 million private shareholders to back its £13.5 billion fundraising, the biggest deal of its kind in UK history, on the same day that Sir David Walker makes his final recommendations to Her Majesty’s Government on how the governance of the UK financial sector […]
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