NEST renews Manifest contract for proxy voting and engagement support

NEST has renewed its contract with the proxy voting and analysis firm Manifest as part of its ongoing commitment to act as a responsible steward of members’ money.

Commenting on the relationship between NEST and Manifest, NEST’s Paul Todd said, ‘Auto enrolment is creating millions of new shareholders.… Read the rest

LGIM to use vote to put pressure on firms to take climate change action

LGIM climate change

Legal & General Investment Management (LGIM) will be using its shareholder vote at company AGMs to put pressure on companies to take action to respond to climate change and demonstrate they are taking measures to move to a low carbon economy.… Read the rest

UK businesses and government should do more on human rights

UK human rights business

The UK government should impose a duty on all companies to prevent human rights abuses with the failure to do so becoming an offence, the parliamentary joint committee on human rights has recommended in its report on human rights and business.… Read the rest

BP reduces CEO remuneration and proposes a simpler pay policy

BP remuneration policy

Oil giant BP, which last year lost its advisory vote on its remuneration report at its AGM,  has reduced the pay of its chief executive, Bob Dudley, and will propose a simpler pay policy to shareholders at this year’s meeting on 17th May.… Read the rest

Bombardier back tracks on executive pay rises

An outcry from politicians and the public has forced Canadian train and aeroplane manufacturer Bombardier to back track on planned pay rises for executives after it had announced job losses and accepted a loan from its government.
Bombardier pay rises

Canadian PM Justin Trudeau forced to defend Bombardier pay rises

Following the release of the notice of its annual general meeting in May and its annual disclosure of executive remuneration there were public protests outside the Bombardier headquarters in Quebec against the pay rises.… Read the rest

US senators suggest acting SEC chairman is overreaching his authority

SEC chair Michael Piwowar

In a sign of disquiet about the acting chair of the US Securities and Exchange Commission (SEC), Michael Piwowar, Democratic Senators have suggested that he has overreached his authority in a letter to the regulator’s inspector general, Carl Hoecker.

The Senators point out that Piwowar’s position is temporary until President Trump’s nominee for the position, Jay Clayton, has been approved by Congress.… Read the rest

MPs call for toughening up of UK corporate governance rules

Iain Wright MP BEIS Select Committe

Directors should be required to take their corporate governance and legal duties more seriously the House of Commons Business, Energy and Industrial Strategy select committee believes. The committee’s report on corporate governance was published this week.

While the MPs state that there is no need for a radical overhaul of corporate governance in the UK, “We do believe that there is scope for significant improvements in order to address the changing nature of company ownership in a globalised economy.”

Iain Wright MP, Chair of the BEIS select committee, said: “The UK corporate governance system is recognised throughout the world as of high quality.Read the rest