After setting a new high-water mark in 2009 in terms of US shareholder proposals (more than five dozen) and support (one majority vote and three others exceeding 40% of the votes cast), proponents of climate change resolutions are gearing up for an even bigger 2010 proxy season. Close to 100 proposals, spanning more than a […]
Read MoreThe Financial Reporting Council (FRC), the UK’s corporate governance regulator, wants to hear from institutional investors in the UK and overseas about its proposals for a new “Stewardship Code” aimed at creating best practice principles for investors when engaging with the UK listed companies. The Stewardship Code is based on a set of principles originally drafted […]
Read MoreAfter weeks of will they, won’t they and political horse-trading Britain’s top banks have committed to implement the remuneration reforms agreed by the G20 in Pittsburgh. The five banks, Barclays, HSBC, Lloyds, RBS, and Standard Chartered – have confirmed their commitment to comply with the Financial Services Authority’s remuneration rules, which comes into force on 1 January 2010. In a joint […]
Read MoreAustralian Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen has delighted Australian shareholders with plans to introduce extensive executive remuneration reforms designed to force boards to be more accountable and give shareholders more power. In a ringing endorsement of the Productivity Commission’s review of executive pay which was published in January this year, […]
Read MoreThe Securities and Exchange Commission has published its final rules which require a “say on pay” (SOP) for companies which have received financial assistance under the Troubled Asset Relief Program (TARP). The key points are that: The proxy will have to disclose that the company is providing a SOP vote Whether the vote is binding or not Smaller […]
Read MoreInvestors should be made to engage – or so it has been suggested. Speaking at last week’s CEIOPS conference (Committee of European Insurance and Occupational Pensions Supervisors) Patrick Brady, chair of the Joint Committee on Financial Conglomerates (JCFC), aired the idea that institutional investors should be mandated to engage. Coming in the week before the publication […]
Read MoreCould shareholders accelerate the pace of regulatory reform at US companies by taking matters into their own hands? Probably not says the Council of Institutional Investors and Shareowners.org. According to a new report commissioned by the leading US investor body, The Council of Institutional Investors (CII) the idea that owners could enable proxy access at implementing […]
Read MoreThe FRC has published its Fourth Progress Report on the implementation of the MPG recommendations on promoting choice in the UK audit market. In October 2007, the MPG published 15 recommendations intended to allow the audit market to work more efficiently and, in the medium‐to‐long‐term, to have a positive impact on audit choice in the […]
Read MoreKen Rushton, former head of the listings review at UK regulator the Financial Services Authority, has challenged Malaysia’s corporate governance regime. Speaking at the Corporate Governance Summit 2009 he outlined his concerns about the discrepancies between the regulatory principles and their practical implementation. Speaking to a Malaysian business journalist from The Star Rushton said the investor base […]
Read MoreAllie Monaco, Research Manager of Manifest’s US partners, Proxy Governance takes a look at the hot issues of the US proxy for the coming two weeks:
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