White House on diversity & pay: “full disclosure”

On the seventh anniversary of the first piece of legislation signed into law by US President Obama, the White House has announced a series of  steps designed to promote work place diversity and equality.

According to a briefing produced to the Council of Economic Advisors, the U.S.… Read the rest

Denmark looks to Stewardship Code for growth

Troels Lund Poulsen, the Danish minister for business and growth has tasked the Komitéen for god Selskabsledelse (Committee on Corporate Governance) with preparing a set of recommendations for corporate governance for institutional investors. The Code will ask for investors to ensure they focus on “healthy, long-term business operations” to ensure that Danish companies are as driven as possible.… Read the rest

Corporate Governance in the spotlight

The relationship between the chairman and the chief executive of a company is absolutely fundamental according to Sir David Walker, former chairman of Barclays, speaking on Radio 4’s, The Bottom Line.

In a discussion about managing the boardroom, Michael Jackson, venture capitalist and former chair of Sage Group, said the main role of the chair is to back or fire the chief executive.… Read the rest

Tesco held to account for breaching Grocery Code

Tesco has been told to introduce significant changes to practices and systems after the Groceries Code Adjudicator, Christine Tacon, found the supermarket giant had seriously breached a legally-binding Groceries Supply Code of Practice (the Code) to protect groceries suppliers.

Tacon’s investigation covered the period 25 June 2013 to 5 February 2015 and in that time she found that the retailer had acted unreasonably when delaying payments to suppliers, often for lengthy periods of time.… Read the rest

31 countries agree to share tax data as Google comes under fire for its deal in the UK

An agreement has been reached between 31 countries for the automatic exchange of information on the taxes paid by, and the economic activity of, multinational businesses. This increase in transparency between countries should help tax authorities understand if multinationals are actually paying what is considered a fair rate of tax in the countries where they do business and make profits.… Read the rest

What do the world’s largest companies “Say on Sustainability”?

The Stewardship of Sustainabilitygreencity

The Manifest Say on Sustainability framework gives pension funds, asset managers and other interested stakeholders accessible reports and  data tools to understand how investee companies do (or do not) embed sustainability in their governance systems.

Sustainability – Investor Voice or Exit?Read the rest

The Red Lines Monitor – Your Chance to Get Involved

In December we wrote about the AMNT’s Red Lines Voting Policy and Manifest’s new service “Red Lines Monitor”  [link]. AMNT hopes that Red Lines Voting will foster better understanding of stewardship issues by lay pension trustees and encourage greater dialogue around sustainable governance for long-term success.… Read the rest

World Economic Forum: Action required on Climate Change deal and the 2030 Sustainable Development Goals

This year’s World Economic Forum (WEF) annual meeting in Davos gave political and business leaders an opportunity to take stock of the United Nations (UN) 2030 Sustainable Development Goals and the Paris Climate Agreement (COP21) agreed last year.

Ban Ki-moon, UN Secretary-General, told participants said now it is time to act.

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FRC reviews KPMG’s audit of HBOS

The UK’s accounting regulator, the Financial Reporting Council (FRC), is to consider whether the accountancy firm, KPMG, or any individuals require further investigation following a review of the report, published last November by the Prudential Regulatory Authority and the Financial Conduct Authority, into the failure of HBOS plc.

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Stelios Haji-Ioannou opposes easyHotel’s directors’ remuneration report

The founder of the Easy group of companies, Sir Stelios Haji-Ioannou, used his 49% stake in easyHotel, to vote against the company’s directors’ remuneration report leading to a majority opposing the resolution to approve the report at its recent AGM. Votes on the other resolutions were withheld.… Read the rest