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.

Better governance - not tin ears


Set against a backdrop of stagnant economic growth and societal discontent with the political status quo, global investors and corporations face ever growing risks and challenges. Having initially stabilised the sinking ship in the immediate aftermath of the GFC, governments, regulators and institutions around the world are now turning their attention to the role of business More…

Proxy Votes: Mortgage Choice Chairman loses it

Peter Ritchie

Mortgage Choice (ASX:MOC) chairman, Peter Ritchie, has resigned abruptly, raging at proxy advisors for “damaging Australian business” after another bruising shareholder revolt at last week’s AGM.

Close to 80% of the Australian firm’s independent shareholders voted against the remuneration report, the third such vote, leading Ritchie to blame the outcome on analysts.

The key issues were standard red More…

Regulatory round up

Governance codes around the world

Taiwan Corporate Governance Best-Practice Principles update

In response to the latest G20/OECD Principles of Corporate Governance, Taiwan has updated its Corporate Governance Best-Practice Principles for companies listed on its stock exchanges.

Key changes include allowing investor engagment; creation of a company secretary position to handle corporate governance matters; electronic voting; eliminating cross-border voting More…

CBI: the business case for an inclusive workforce

CBI backs diverse and inclusive workplaces

Inclusive workplaces and effective staff engagement will boost the country’s economy as well as creating better places for work according to the Confederation of British Business (CBI). In a new report, Time for Action: The Business Case for Inclusive Workplaces the CBI defines inclusion as: “an approach to running organisations which focuses on ensuring that More…

Sky AGM: independent shareholders vote against James Murdoch

giving evidence before the culture, media and sport select committee in July 2011

Over half of the Sky’s (LON: SKY) independent shareholders rebelled against the election of James Murdoch as a non-executive director at last week’s AGM following his appointment as chairman earlier this year.

Overall Murdoch received 71.6% support for his re-election, the lowest vote in favour of any of the AGM’s resolutions. However, when 21st Century Fox shareholdings are More…

Nevsun faces Eritrean forced labour trial in Canada

Bisha Mining

Nevsun Resources, (TSX: NSU / NYSE MKT: NSU) will face charges of forced labour in the Canadian courts, even though the allegations of slavery by its Bisha Mining Share Company subsidiary occurred in Eritrea. However, the three Eritrean men will have to pursue their cases individually rather than as a class action as they had planned.

The Supreme More…

Wells Fargo's Stumpf resigns as ICCR demands reforms


John Stumpf, the chairman and chief Executive (CEO) of troubled US bank Wells Fargo, has quit following admissions of fraudulent activities, including the opening of customer accounts without permission. Stumpf’s replacement as CEO is Tim Sloan, the company’s president and chief operating officer. Stephen Sanger, formerly lead director, will now serve as non-executive chairman while independent director Elizabeth More…

UK lays out post-Brexit #corpgov strategy


It is important for the UK to continue to retain its reputation across the globe for the trustworthiness of corporate reports and for audit quality which attracts investment, Sir Win Bischoff, the Financial Reporting Council’s (FRC) chairman said at the recent Financial Services Brexit Summit.

Bischoff said that as the UK moves towards Brexit More…

Canada legislates to improve governance, diversity


Canada has introduced a bill aimed at improving its corporate governance framework. An Act to amend the Canada Business Corporations Act (CBCA), the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act includes proposals to increase shareholder democracy and participation, support the push to increase women’s board participation, improve corporate transparency and business certainty.


Governance Fact Check: Chairman Independence


The UK Governance Code 2016 & Chairmen

In its 2016 AGM results announcement, Sky plc suggested that shareholders voted against James Murdoch because of proxy analysts rather than facts surrounding Murdoch’s appointment.

As a UK incorporated Plc, Sky’s governance arrangements fall under the remit of the UK Governance Code which is maintained by the More…