EU: Shareholder Rights Directive Mk II

Flag of European Union

The EU’s council of permanent representatives has endorsed an agreement between the Slovakia, which holds the presidency of the European Council,  and the European Parliament that agrees revisions to the second Shareholder Rights Directive.

EU institutions agree on need for more shareholder engagement

Lucia Žitňanská, Minister for Justice of Slovakia said: “The financial crisis revealed that in many cases shareholders supported excessive short-term risk-taking by managers.Read the rest

BlackRock set to vote against RemCo Chairs

Charlotte Villiers

Investment giant, BlackRock, has indicated it will be toughening its stance on executive pay after giving evidence to the House of Commons’ Business, Energy and Industrial Strategy (BEIS) select committee. In future it will now hold remuneration committee chairmen to account for the decisions they have made; a move which Manifest recommended to the Committee at the previous session.… Read the rest

Revised Dutch Corporate Governance Code published

Dutch revised corporate governance code published

The Dutch corporate governance code monitoring committee has published a revised corporate governance code for the Netherlands replacing its previous 2008 code. The revisions follow earlier consultation and were at the request of Dutch company bodies, trade unions and shareholder organisations.… Read the rest

UK Pension Funds: “Executive Pay is too High”

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The Pensions and Lifetime Savings Association (PLSA), the membership body for UK’s pension funds, has published its AGM Season Report 2016, focusing on executive pay using data provided by Manifest. A survey of PLSA members for the report found that 87% of respondents believe executive pay is too high.… Read the rest

UK’s corporate governance green paper widely welcomed

The UK government’s widely trailed corporate governance green paper has focused, as expected, on executive pay and stakeholder representation at companies as well consulting on corporate governance rules for large privately owned companies. Manifest welcomed the consultation particularly the Government’s questions in relation to proxy advisors and other shareholder advisors who support investment managers and asset owners in their stewardship activities.… Read the rest

Sports Direct 2016 accounts to be investigated

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The Financial Reporting Council (FRC) has commenced an investigation into retailer Sports Direct’s accounts following reports earlier this year that there was an arrangement between Sports Direct and Barlin Delivery which was not disclosed as a related party in the company’s 2016 financial statements.… Read the rest

USS members campaign against cluster bomb investments

Members of the UK’s largest occupational pension fund, Universities Superannuation Scheme (USS) and the National Union of Students (NUS) have demanded an end to investments which breach the UN’s Controversial Weapons Convention, such as cluster munitions and landmines. The petition, signed by over 3,000 scheme members, was coordinated by Ethics for USS with support from ShareAction and the NUS.… Read the rest