Kay Review Recommendations

Professor John Kay has published his review of equity markets and long-term decision making which was commissioned by the UK’s Business Secretary Vince Cable.

Here are the key recommendations, source: Kay review – Final Report July 2012

1. The Stewardship Code should be developed to incorporate a more expansive form of stewardship, focussing on strategic issues as well as questions of corporate governance.… Read the rest

More Regulation or Better Stewardship?

Optimising the Means and Ends of Good Governance

Manifest is proud to sponsor the 4th Cambridge International Regulation and Governance Conference on September 6th, at Queens College, Cambridge.

In a timely intervention given recent consultations at national and supra-national level on both sides of the Atlantic touching on stewardship processes, the conference will address regulatory responses to aspects of the global financial crisis.… Read the rest

AMF releases proposals for French General Meetings

The AMF has this week (2nd July) released its final report on improving the exercise of shareholders rights at French general meetings.  Following consultation during 2011, the proposals are expected to be in place in time for meetings on or after 1st January 2013, subject to the adoption of legislative amendments where necessary.… Read the rest

Rules, Regulations, Codes and Cultures

Another week, another consultation deadline in the world of responsible investment – last week the FRC’s consultation on the Stewardship Code. With so many column inches being taken up with coverage of scandals which have shaken the very bedrock of financial and investment services, we might well wonder if fine tuning the way that investors report their Stewardship activities is a little like fiddling while Rome burns.… Read the rest

Empty Voting: ESMA call for evidence finds …

….no evidence.

Last year, ESMA conducted a consultation on the topic of empty voting, designed to find out the nature and extent of the decoupling of voting rights from economic ownership. Last week, they published the responses received, and concluded that no regulatory action is necessary – possibly because the overwhelming majority of respondents could cite no concrete evidence of empty voting.… Read the rest