Some 55.44% of the votes cast on the resolution to approve the remuneration report at the AGM of Punch Taverns voted against the remuneration report, condemning the report to defeat. The company joins a select list of five companies in the FTSE All-Share to have lost this vote in 2009. Shareholders were upset at the […]
Read MoreThe activist shareholder Guy Wyser-Pratte has challenged the outcome of the AGM of Lagardère, held on 27 April, and requested the French market regulator, the AMF, to verify the procedures for the transmission of the votes submitted to the meeting. In a letter dated 8 June 2010, Wyser-Pratte states that he has serious doubts about […]
Read MoreNew research from Manifest’s US partner ProxyGovernance Inc reveals just how rapidly support is growing for E&S votes at US companies. For the first time, E&S resolutions have represented the largest portion of shareholder proposals. Although the number of resolutions has remained below 200, those resolutions with more than 30% support have seen an 8 fold […]
Read MoreChanges to SEC disclosure rules effective Feb. 28, 2010 require US listed companies to disclose the results of their meetings within four business days. This means that we are able to provide an overview of the season in a more-timely manner. PGI has put together a summary of the results for some of the more common shareholder […]
Read MoreWith the AGM season for June-year end companies in Australia now all but complete, one of the last meetings of the season proved to be one of the most contentious in terms of shareholder voting. Shareholders at Goodman Group opposed the re-election of Jim Sloman in large numbers, with 42.2% of votes cast against. The […]
Read MoreWhile the AGM season is now mostly behind us as far as the biggest European blue chips are concerned, it’s now the turn of the mid-caps to face their shareholders. A quick review of the data so far shows that overall turnout, based on 74 of the top 100 UK meetings is holding steady at 68% (2009: 67%). […]
Read MoreThe nickel producer and explorer, Western Areas, saw its remuneration report defeated at its AGM on 6 November, as Australia’s stormy AGM season continues.The voting saw 52.5% vote against with a further 2.3% in abstentions. Four other remuneration-related resolutions were withdrawn in light of overwhelming opposition (by more than 2 to 1) from those voting […]
Read MoreThe first big week of Australian proxy season has seen a number of revolts on executive pay, with one ASX 100 company losing the remuneration report vote and two others seeing very significant dissent. At Downer Edi, the remuneration report was defeated, with investors reacting to reduced performance hurdles for the long-term incentive plan and […]
Read MoreIn early September, Manifest filed a complaint with the Irish Stock Exchange against Ryanair regarding a breach of their obligations under the Listing Rules. We noted that while Provision D.2.2 of the Combined Code recommends disclosure of the proxies lodged at general meetings on a website, that Ryanair had failed to do so. Manifest’s complaint […]
Read MoreManifest is pleased to announce the release of its latest publications: The Executive Director Total Remuneration Survey Unlike many other pay surveys, the Total Remuneration Survey takes into account the changing mix of compensation from just salary and bonus to a total mix of pay where 80% is performance related. As schemes and disclosures have […]
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