Tesco renewable electricity target by 2030

Tesco renewable electricity

Tesco, the UK’s largest retailer by sales, to commit the company to use 100% renewable electricity by 2030, which the responsible investment pressure group, ShareAction, said was partly due to the influence of investors.
Tesco has become one of the latest major companies to join the global RE100 initiative and  ShareAction has been among those engaging with Tesco to encourage it to take this step.… Read the rest

Shell faces shareholder resolution for greenhouse gas targets

Shell shareholder resoluution

Oil giant Shell is facing a shareholder resolution at its AGM next week (23rd May) calling for it to set and publish targets for reduction of its greenhouse gas emissions (GHG) that are aligned with the Paris Climate Agreement goal of reducing global warming to two degrees celsius.… Read the rest

CtW urges shareholders a vote against Catepillar’s directors

Caterpillar AGM tax scheme

CtW Investment Group, the US corporate governance adviser to trade union pension funds (Taft Hartley funds), has suggested that investors should vote against the re-election of three of Caterpillar’s directors and in favour of a shareholder resolution proposing that the company’s clawback policy to include events that may result in reputational damage to the company at its AGM next month.… Read the rest

US institutional investors campaign against Financial CHOICE Act

The US Council Institutional Investors (CII) and individual institutional investors have voiced their continued opposition to the Financial CHOICE Act, which has been proposed and passed by the House of Representatives’ Financial Services Committee.

The CII and over 50 institutional investors delivered letters opposing the provisions of the Financial CHOICE Act that they believe would hurt investors.… Read the rest

UK General Election: Theresa May pledges boost in workers rights

UK General Election workers rights

The UK’s general election campaign highlighted workers rights and representation as well as executive pay.

With the main parties launching their manifestos this week the Conservative Party reiterated its commitment, that appeared in the government’s corporate governance green paper, to improve worker representation on company boards.… Read the rest

Accor: Double voting rights dissapointment

Accor double voting rights

Minority shareholders in Accor, were disappointed when their resolution was not passed at its AGM (5th May) meaning double voting rights continue for large investors in the hotel chain.
French social investment firm, Phitrust Partners, advised by corporate governance and proxy voting specialists Proxinvest, submitted the resolution – calling for the principle of “one share – one vote” to be adopted at Accor  – with the support of other minority shareholders.… Read the rest

Hermes calls for vote against VW boards and pay policy

vw remuneration pay policy

In the lead up to the AGM of the carmaker, Volkswagen (VW), last week (10th May) activist investor Hermes EOS recommended a vote against re-electing members of the management and supervisory boards and the revised remuneration policy.

Hermes believes that VW had made unsatisfactory progress in uncovering the corporate governance and culture problems which contributed to the 2015 emissions scandal.… Read the rest

NZX’s revised Corporate Governance Code Published

New Zealand corporate governance code

The NZX’s revised corporate governance code (the NZX Code) and its supporting rule amendments have been published. The New Zealand Stock Exchange (NZX) which administers the code said this was the first substantial update since 2003 and represented a significant step forward for corporate governance reporting requirements in New Zealand.… Read the rest

UK Pre-Emption Group reviews Statement of Principles implementation

The Pre-Emption Group has published a monitoring report looking at implementation of the 2015 Statement of Principles and the template resolutions. The principles relate to the when considering the case for disapplying pre-emption rights
Pre-Emption Group:

Robert Swannell, Chairman of Marks & Spencer Group plc and the Pre-Emption Group

Over the course of the year, the template resolutions and the Statement of Principles have generally been followed.… Read the rest

Trump puts off decision on Paris climate change agreement

US Paris Climate Change Agreement

Following recent concerns that US could pull out of the Paris climate change agreement, President Trump has put off his decision on this until he returns from the G7 group meeting being held at the end of the month.

Sean Spicer, the White House Press Secretary, said recently that the President had been meeting with his team for quite a while and wanted to continue to meet with them.… Read the rest