Shareholder-focused capitalism beginning to fray

Banks holding shares on behalf of clients are still responsible for human rights due diligence at the companies whose shares they hold, according to the UN.

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banking

Australia has toughened up banking regulation after its upper house, the Senate, passed a law which gives its financial regulator, the Australian Prudential Regulatory Authority new powers, including the ability to cap bankers’ pay. Under the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018 individual bank executives can be held to account for non-compliance […]

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Achieving good corporate governance and behaviour must go beyond codes and towards developing the right culture across organisations and the leaders of companies must be integrated into that culture, according to Sir Wim Bischoff chairman of the Financial Reporting Council (FRC) speaking recently at the Financial Times Banking Standards Conference (8th March). Bischoff said, “Codes put forward […]

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The relationship between the chairman and the chief executive of a company is absolutely fundamental according to Sir David Walker, former chairman of Barclays, speaking on Radio 4’s, The Bottom Line. In a discussion about managing the boardroom, Michael Jackson, venture capitalist and former chair of Sage Group, said the main role of the chair […]

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The chairman and chief executive of Brazilian investment bank, BTG Pactual, Andre Santos Esteves, has been forced to resign following his arrest amid accusations of bribery. According to press reports, Esteves was accused of allegedly conspiring with Delcidio Amaral, head of the government coalition in the Senate, who was also arrested, to hide evidence. Prosecutors have also alleged that […]

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Whilst the future shape of shareholder engagement responsibility is debated in London, Brussels and across continental Europe, the debate in Dublin is a fierce as anywhere. In what is traditionally a very close-knit investment and business community, the Irish Stock Exchange (ISE) and the Deputy Prime Minister participated in a full and frank exchange of views […]

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The top five executives at the 20 US banks that have accepted the most bailout support averaged $32 million each in personal compensation in the period 2006 -2008, according to a new study published by the Washington-DC based Institute for Policy Studies. At the same time more that 160,000 employees have lost their jobs. In 2008, the […]

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A research study by Manifest’s US partners, PROXYGovernance Inc(PGI), reveals some interesting trends about US board governance. PGI’s review of Russell 3000 companies holding their 2009 annual meeting prior to July 1 reveals that boards of financial services firms have added fewer new directors since the sub-prime credit crisis began than boards in any other major sector. […]

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Any choral singer will be familiar with the concept: a choir singing an acapella section will often naturally go ‘flat and lose pitch’, only to have to painfully re-adjust pitch when the orchestra joins in. Conversely, if the orchestra were to be playing in the wrong key (as a violinist and singer, a cruel but amusing […]

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Sir David Walker’s review of the governance of UK banks, commissioned by Prime Minister Gordon Brown, has published 39 recommendations aimed at improving the governance of  banks and other big financial institutions (BOFIs). The aim of the report was to find ways of minimising risky behaviour and improving the way companies and shareholder communicate and interact. Many of the […]

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