The proxy season is far from over, writes Allie Monaco, Head of Research at ProxyGovernance. In the last two weeks of May, nearly 170 shareholder proposals will come to a vote at 75 U.S. companies. Of these proposals, 35% relate to social and environmental issues (including climate change, sustainability, and political contributions); 25% deal with […]
Read MoreAmendments to ‘Broker Voting Rule’ yield unexpected results The long-awaited change to NYSE Rule 452, effective Jan. 1, 2010, reclassifying uncontested director elections as ‘non-routine’ items, thereby eliminating the discretion of brokers to vote uninstructed shares, also makes it more difficult for companies with no routine matters on the ballot to achieve a quorum. Under […]
Read MoreWhile shareholder resolutions and countermotions are still relatively rare in Europe, they are a core feature of the US market. Here Allie Monaco of ProxyGovernance has highlighted some of February and March’s more interesting proposals.
Read MoreThe governmental responses to the financial crisis have been many and varied with markedly different approaches being taken on both sides of the Atlantic. One common strand between the European and US administrations has been the role of institutional shareholders and their use – or otherwise – of voting rights to discipline management. In the […]
Read MoreUS president Barack Obama took his fight for financial reform to the heart of Wall Street this week and described the role of shareholders as “the last key component”. As the US administration faces up to a tough fight in the Senate on Monday, Obama outlined his vision of a financial system that did not “have to choose […]
Read MoreNorges Bank Investment Management (NBIM), the investment arm of the Norwegian central bank and asset manager for the Norwegian Government Pension Fund and the Government Petroleum Insurance Fund managing over NOK1,000bn (£107bn) in equity investments, has filed shareholder proposals at four US companies calling for independent chairmanship. Meetings at Harris Corporation (23rd OCtober), Parker Hannifin (28th October), […]
Read MoreEarly indications are that the 2010 proxy season will be at least as busy, if not more so, than last year when more than 640 shareholder resolutions were voted on at U.S. companies writes Mike Ryan of Manifest’s US partners, ProxyGovernance. Labor unions, public pension funds and other corporate governance advocates, having seen support for […]
Read MoreAn analysis of company-selected compensation peer groups at S&P 500 companies reveals some clear favorites. 3M Co. tops the list, selected as a peer by 11% of the 374 companies that disclosed in their 2009 annual proxy statements a peer group of up to 35 companies. Six other firms – Johnson & Johnson, General Mills […]
Read MoreThe US Supreme Court’s ruling in Citizens United v. the Federal Election Commission, has sent shockwaves through the US corporate governance community and re-awakes concerns that companies will use shareholder funds to influence US political elections. Nearly all restraint on corporate political spending has been lifted by the ruling, prompting the Center for Political Accountability to launch a […]
Read MoreAs previously reported, the SEC is proposing that US proxy voting results should be published within 4 days rather than waiting for the next quarterly return to be lodged, which is the majority practice at the moment. In many parts of the world we now take it for granted that we can see scrutineered voting results […]
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