US investors, companies back Paris climate change agreement

cop22 climate change logo

Climate change targets and a commitment to support the United Nations-led Paris Agreement have been agreed by US companies and investors at a press conference at the UN’s  COP 22 Climate Change meeting in Marrakesh, Morocco. Signatories want to send a strong message to US politicians, including President-elect Donald Trump, that, whatever the political stance, they would be working to cut greenhouse gas emissions.… Read the rest

GAO proxy advisor report goes to US Congress

The perceived influence of proxy advisors has grown in recent years, but the actual extent of that influence is still unclear. This is one of the findings from a new report produced by Government Accountability Office(GAO) at the request of US Congress members debating HR5311, the bill intended to roll back Dodd Frank reforms.… Read the rest

Tense Australian proxy voting season

Shareholders of Australian companies are showing their muscle in this year’s proxy season with significant opposition votes over the governance of retailer Harvey Norman and a rejection of executive pay at the Commonwealth Bank of Australia.

The Australian Shareholders Association has called on the chairman of  Harvey Norman, Gerry Harvey, to resign and for an independent non-executive director to replace him.… Read the rest

FRC Stewardship Code tiers show leaders and laggards

David Styles

The UK’s Financial Reporting Council (FRC) has revealed its first Stewardship Code tiering. For the first time, asset manager laggards have been threatened with de-listing; those in the lower tier 3 have been six months to improve.
There are nearly 300 signatories to the Code, more than 120 are in the top tier 1, an increase from approximately 40 at the beginning of the exercise.… Read the rest

Cyber-security – a material investor risk

Cybersecurity Concept

New Manifest research shows board cyber-security risk gaps

As global economies become more digitally dependent, the continuing rise of cyber-security threats and actual breaches raises serious questions for shareholders. If technology fails, it is no understatement to say that the impact can be immense. … Read the rest

Cyber risk tops finance industry risk concerns DTCC study finds

Cyber risk remains the top overall risk identified by senior staff within the global financial services industry. According to the latest results of a biannual survey published by the post-trade market infrastructure provider, the Depository Trust & Clearing Corporation (DTCC) 22% of respondents cite cyber risk as the single biggest threat to the financial services sector.… Read the rest

Cyber-security boost to UK as Tesco Bank suffers major attack

Cyber-security got a major boost from the UK government,  just as Tesco Bank – a subsidiary of supermarket giant Tesco plc ($TESO)  – became the latest public company to suffer millions of pounds of losses and dented customer confidence following an unprecedented cyber-heist.… Read the rest

Boosting the diversity pipeline: the Hampton-Alexander recommendations

Board diversity needs stronger pipelines

Sir Philip Hampton and Dame Helen Alexander have released their recommendations for boosting UK board diversity with a stronger pipeline of women. Their report follows on from the progress made by the Davies review by focusing on increasing the number of female executive directors and broadening the scope to the entire FTSE 350.… Read the rest

Parliament publishes corporate governance evidence

(c) Can Stock Photo / stoyanh

Huge response to BEIS Select Committee

The UK’s Parliament’s Business, Energy and Industrial Strategy (BEIS) select committee has reported a larger than usual response to its request for written submissions to its corporate governance inquiry. Responses by the main industry bodies and interest groups, firms – including Manifest – together with individual submissions from academics and fund managers have been published on the committee’s website.… Read the rest

Sustainable finance key to EU recovery say investor groups

US Paris Climate Change Agreement

A coalition of sustainability and investment groups including Share Action and led by the think tank E3G have published a Sustainable Finance Plan for the European Union. The group argues that arguing that to more investment in the EU could be achieved if there is a focus on responding to Europe’s social and environmental problems.… Read the rest