Manifest-I

Welcome to Manifest-I the blog of Manifest, the proxy voting agency. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate.

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Allergan & Darden cases highlight missing shareholder protections in the US

The Listing Rules of the UK Listing Authority have for many years included a requirement for shareholder approval of significant transactions. Whether or not a transaction is considered “significant” is set out in the Class Tests, defined in the Listing Rules. The recent cases in the US of the cash sale by Darden Restaurants of its Red Lobster More…

UK Governance Code Moves On

After what has probably been the most exhausting proxy season for investors and issuers alike, the regulatory momentum shows no sign of easing. The new UK Corporate Governance Code goes live for all companies reporting to shareholders on or after 1 October 2014.

Regarding the changes, the Financial Reporting Council (FRC) CEO Stephen Haddrill commented that the updated More…

A poison pill by any other name would taste as bitter

Or: “one person’s economic stimulus might be another’s entrenchment opportunity”.

On 25 June 2014, as part of its ongoing recovery plan, the  Italian Government adopted Law Decree no. 91/2014 the so-called “Development Decree” or “DECRETO sviluppo imprese”. Like the USA’s “Jump-start our Business Startups Act” (JOBS Act), the Decree More…

So, how DID Marks & Spencer gain £145 million from sustainable business?

This week’s guest post comes from Tobias Webb of the Innovation Forum and first appeared in Toby’s blog, The Smarter Business Blog (in theory)

If you are familiar with the concepts of sustainable business (actually it should be “more sustainable”) and corporate responsibility then you More…

Sustainability gets the vote

When Dale Wannen of US investment advisor Sustainvest Asset Management wanted Irish pharmaceuticals company Actavis to publish an annual sustainability report he didn’t just write a letter to the directors, or lobby a regulator for a rule change, he took matters into his own hands and proposed a shareholder resolution.

More…