The chairman of the US Securities and Exchange Commission (SEC) Jay Clayton has used a speech on governance and transparency at the PLI 49th Annual Institute on Securities Regulation in New York to propose that the regulator reviews the proxy process. Clayton said that the important role the proxy process played in public company governance in the […]
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Sustainable investment specialist, Walden Asset Management, has withdrawn a resolution due to be voted on at a Vanguard mutual fund meeting in November. The resolution had challenged the proxy voting records on shareholder resolutions addressing significant social and environmental issues. As one of the largest fund managers in the world Vanguard’s proxy voting record has […]
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The Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board will be publishing its final recommendations on Monday (29th June). This follows a consultation on its initial report which was published in December which the TCFD said had generated 320 responses from respondents in 30 countries. The TCFD said it had […]
Read MoreShareholders back management on climate change Shareholders in oil giant Shell overwhelmingly gave their backing to management and its approach to planning for a transition to a low carbon economy at its AGM this week (23rd May). The voting results show that only 6.3% of investors supported the shareholder resolution calling for it to set and publish […]
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The Royal Bank of Scotland (RBS) has refused to back down on a decision not to allow a shareholder resolution, calling on the bank to establish a shareholder committee. The resolution, to be proposed at RBS’ AGM later this year, was proposed by 168 shareholders last December and is being coordinated by the ShareSoc, the UK Individual Shareholders […]
Read MoreMajor institutional investors were among those criticising retailer Sports Direct at its AGM this week and showed their disquiet about the company through their votes. The majority of independent shareholders voted against the re-election of the chairman Keith Hellawell and in favour of a shareholder resolution put forward by the Trade Union Share Owners (TUSO) group and Islington Council […]
Read MoreIn a surprise change of PR last Friday, (26 August 2016) Sports Direct announced that it would hold a public open day to coincide with its AGM on 7th September at its premises in Shirebrook. The event is said to “enable the board to engage with as many people as possible in an open discussion about the […]
Read MoreBesieged retailer Sports Direct has responded to further criticism of its governance practices. This time it is the poor standard of its board evaluation procedures which Manifest’s recent AGM report has flagged as a clear breach of the UK Governance Code. Last Friday, a regulatory news bulletin announced that “an external evaluation of the board is planned […]
Read MoreThe German investors’ association, DSW, has tabled a shareholder resolution to be considered at next month’s AGM of carmaker Volkswagen (VW), which is proposing a special audit into the actions of its directors in respect of the ‘dieselgate’ scandal. Last year the company admitted falsifying emissions test results in its diesel cars around the world. The appointment of the a special […]
Read MoreShareholder resolutions requesting reporting on how oil companies ExxonMobil and Chevron will adapt to climate change targets received record investor backing at their AGMs last week (25th May), according to US pressure group, Ceres. The resolution that would have required ExxonMobil to prepare an annual report examining the implications to the company’s business if world leaders follow […]
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