Manifest has recently published its findings on voting at UK shareholder meetings in 2008 and this prompted suggestions that we should make a submission to UK’s Treasury Select Committee on the Banking Crisis. The Committee is still taking evidence and we were asked to address the issue of voting at UK Bank AGMs to see […]

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When it comes to incentive pay schemes, it’s rare to encounter a scheme that strays from the ‘tried and trusted’ EPS and TSR performance measures. Anything that seeks to focus to a significant degree on extra-financial performance measures is for all practical purposes non-existent. As the debate on performance-related pay rumbles on, many investors are […]

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The high-profile takeovers of ABN AMRO (by a consortium of Royal Bank of Scotland, Fortis and Banco Santander) and of Alcon by Rio Tinto have seen the acquirers scrambling to raise funding in recent months. Former RBS Chairman, Sir Tom McKillop, admitted to the Treasury Select Committee that the acquisition was “a bad mistake”, while […]

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The Board of Satayam is understood to be taking steps to remove the Company’s auditor, PriceWaterhouseCoopers, following the failure by the audit firm to detect the €1.5bn fraud. The Company has not however confirmed the move, although The Times of India reported that the President of the Institute of Chartered Accountants of India, Uttam Prakash […]

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The chief executives of the country’s largest public companies saw their pay rise by more than a third last year, far faster than most wages across the nat-ion, according to a report. The CEOs of Britain’s 30 richest companies – those with a market value of more than £10bn – received pay rises of 33 […]

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The average executive at one of the UK’s top 102 companies can retire at 60 on a final salary pension worth over £3m – enough to provide, at a pension of £193,000 a year, more than 25 times the average occupational pension, research by the TUC has revealed. The union group’s survey revealed that the […]

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Vernon Sankey has stepped down as chairman of Photo-Me International with immediate effect, prompting the photo booth operator’s principal shareholders to withdraw an EGM requisition seeking his removal.   Cycladic Capital and Principle Capital were seeking the immediate removal of both Sankey and the company’s chief executive, Serge Crasnianski.   Sankey will be replaced on […]

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Aer Lingus has rejected an EGM requisition request from Ryanair, stating that the aim of the meeting request was to “interfere with and frustrate the commercial and operational performance of Ryanair’s most resilient competitor”. Earlier this month Ryanair made a second call for an EGM at which shareholders would consider asking Aer Lingus’ board and […]

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Hedge fund investor activism and takeoversRobin Greenwood and Michael Schor, Harvard University Hedge fund activism has limited scope to bring about far-reaching effects on corporate governance, this paper has found. The authors examined long-term stock returns around hedge fund activism, and find hedge funds are better suited to identifying undervalued targets and prompting a takeover […]

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Chief executives are more important in driving governance change at their companies than either chairmen or directors, a survey by the Australian Institute of Management (AIM) has found. Of those surveyed, 83% said chief executives are highly or very highly involved in championing corporate governance change. Chairmen came in second place with 69%. Furthermore, despite […]

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