Countries drag their feet over Shareholder Rights Directive transposition

The European Commission has published a table detailing implementation of the Shareholder Rights Directive by the 27 member states (along with other directives). Member states were required to bring into force the laws, regulations and administrative provisions necessary to comply with the Shareholder Rights Directive by 3 August 2009 at the latest.… Read the rest

Bank of Ireland EGM paves way for say-on-pay vote

The Extraordinary General Court of Bank of Ireland held today (Jan 12) approved important changes to the Bye-Laws of the company, with 99% of shareholders voting in favour. Bank of Ireland was established by Charter and thus is subject to a somewhat different regulatory structure than companies incorporated under the Companies Act.… Read the rest

Eight Swiss companies to offer say-on-pay votes

Ethos have announced that eight of the 20 companies included in the Swiss SMI Index have now agreed to implement a vote on remuneration issues.

In the autumn of 2008, Ethos and eight Swiss pension funds filed a “say-on-pay” resolution requesting an advisory vote on the remuneration reports of five of the largest listed companies in Switzerland.… Read the rest

Second Irish company proposes say-on-pay vote

United Drug has followed the lead of DCC in proposing a vote on its remuneration report as a separate voting item at its upcoming AGM on 9 February. The notice of meeting acknowledges that there is no legal obligation on the company to put such a resolution to shareholders, so this is an ‘advisory’ resolution and is not binding on the company.… Read the rest

PGI Previews the 2010 US Season

Early 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.… Read the rest

Wall Street Journal: Shareholder Revolts Over Pay Still Rare

The Wall Street Journal and Financial News have picked up Manifest’s recent article on remuneration report defeats. As highlighted in our posting on the Punch Taverns they joined a select list of five FTSE All Share companies to have seen their remuneration reports defeated.… Read the rest

Former iSoft directors summonsed

The Financial Services Authority (FSA) has confirmed that it has commenced criminal proceedings against four former directors of iSoft Group Plc. Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan have been summonsed to appear at City of Westminster Magistrates Court on 29 January 2010 to face charges of conspiracy to make misleading statements contrary to section 397 (1)(a) and (2) of the Financial Services and Markets Act 2000 and section 1 of the Criminal Law Act 1977.… Read the rest