Citing the pressures of the “financial crisis” the ING Trust Office has stepped back from its committment to review its role in voting the un-voted shares at Dutch BOFI, ING Group. Foreign shareholders will be dismayed to see that despite having met the 35% voting threshold at the last 3 AGMs, the Trust appears determined […]
Read MoreEasyjet has joined the ‘remuneration-report hall of shame’ following yesterday’s AGM when 28% of shareholders opposed its remuneration report. The revolt puts the low cost airline in the company of Shell, Grainger, Punch Taverns and who have all suffered remuneration defeats at the ballot box. The result probably comes as no surprise given the sharply increased focus on executive […]
Read MoreMost investment managers are voting proxies without guidance from clients, according to a new survey released this week by the Canadian Shareholder Association for Research and Education. In its annual proxy survey, SHARE reports that 71% of investment managers say that they vote most of their pension fund clients’ proxies at their own discretion, without […]
Read MoreLong-term investors with a focus on overseeing their investments will play a vital role in improving governing practices of companies in which they invest, which can in turn help to avoid future financial crises, according to a new policy brief released today by TIAA-CREF. TIAA-CREF is the New York-based $402 billion retirement plan for the academic, […]
Read MoreEthos have announced that eight of the 20 companies included in the Swiss SMI Index have now agreed to implement a vote on remuneration issues. In the autumn of 2008, Ethos and eight Swiss pension funds filed a “say-on-pay” resolution requesting an advisory vote on the remuneration reports of five of the largest listed companies […]
Read MoreShareholders have today seen an early benefit of the recently implemented Shareholder Rights Directive, as Ryanair finally disclosed the voting results of one of its AGMs for the benefit of those shareholders unable to attend the meeting in person. Earlier this month, Ryanair was the subject of a complaint by Manifest to the Irish Stock […]
Read MoreThe Swedish government has stepped in to halt incentive-based pay plan for executives at mobile phone operator TeliaSonera. At Wednesday’s AGM in Stockholm, the government used its 37 per cent stake to force through changes to the company’s pay structure which aims to see directors paid a basic salary only. A proposal that executives should receive only a fixed […]
Read MoreUnited Drug has followed the lead of DCC in proposing a vote on its remuneration report as a separate voting item at its upcoming AGM on 9 February. The notice of meeting acknowledges that there is no legal obligation on the company to put such a resolution to shareholders, so this is an ‘advisory’ resolution […]
Read MoreLeading international investors have settled terms with the auditors involved in the collapse of Italian diary giant which filed for bankruptcy protection in 2003. After the firm revealed a multi-billion Euro hold in its accounts, Parmalat became known as “Europe’s Enron”. To settle the claims, Grant Thornton and Deloitte have agreed payments totalling $15m. Documents […]
Read MoreShareholder activism in Indian companies is a relative rarity in comparison to what is now considered the norm in developed countries. The Securities and Exchange Board of India (SEBI), the capital market regulator in India, believes its domestic mutual funds have a bigger role in public shareholder activism and with the introduction of new regulations wants to see […]
Read More