CEO performance and pay – the weakest link

Remuneration Committees are struggling to maintain their independence from their CEOs and are adopting increasingly expensive, short-term reward strategies according to the latest Manifest and MM&K Total Remuneration Survey.

The Executive Director Total Remuneration Survey 2011 examines the latest crop of remuneration reports of UK companies finding little link between remuneration, performance and shareholder value. … Read the rest

Vote transparency – send in the marines

Specifically, one marine, Guy Wyser-Pratte to be exact.

As we reported back in March, Guy was determined to leave no stone unturned to find out why the votes on his proposals to shake up the governance at French media conglomerate Lagardère didn’t tally.… Read the rest

US union turns up heat on say on pay

AFSCME, the larges union for public service workers has turned the heat up under mutual funds with the publication of its fifth annual analysis of voting on compensation-related resolutions.

Tipping the Balance? Large Mutual Funds’ Influence upon Executive Compensation,”  takes a look at 26 of the largest US mutual fund families’ voting patterns.… Read the rest

Manifest in the news

Recent quotes by Manifest on topical corporate governance issues:

Protest vote against Prudential chairman >>
Financial Times, May 19 2011

Conservative MP leads charge for tougher audits >>
Financial News, May 18th 2011

Backlash grows over power of proxy >>
Financial News, May 17th 2011

Shareholders ignore proxy advisors on bank pay >>
Financial News, May 16th 2011

(Please note, some articles may be subscriber only)

Read the rest

Audit reform – a double win?

Advocates for audit and accounting reform made great strides this week. Although much of the attention will be directed at the OFT’s conclusion that the audit market isn’t working, a slightly less well covered but equally welcome development emerged from the back benches of the House of Commons.… Read the rest

Audit market distorted and restricted says OFT

The UK’s competition watchdog, the Office of Fair Trading (OFT) has concluded that the audit market is not competing effectvely and is now considering a referal to the Competition Commission.

Taking a lead from the House of Lords Economic Affairs select Committee’s work on audit, the OFT has decided that there are “reasonable grounds for suspecting that there are features of the market that restrict, distort or prevent competition in the UK”.  … Read the rest

Investors take aim at US classified boards

Fourteen companies in the US S&P 500 have agreed to repeal their classified board status thanks to the joint engagement efforts of The State Board of Administration of Florida (the “SBA”), the investment manager of the Florida Retirement System, the American Corporate Governance Institute (the “ACGI”) and the Nathan Cummings Foundation.… Read the rest