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Welcome to Manifest-I the blog of Manifest Information Services Ltd. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate. Sign up to receive free weekly updates.

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RLAM’s Glencore governance worries flagged in AGM results

Glencore Royal London Asset Management

Royal London Asset Management (RLAM), voiced concerns about the unusual remuneration and board structure of Glencore ahead of its May 24 AGM.

The voting results show RLAM’s concerns may have been shared by other shareholders. While all Glencore’s resolutions were carried,  the figures showed dissatisfaction with the board with the nomination committee chairman Peter Grauer polling 13.92% vote against.… Read the rest

Japan – governance code compliance strengthens

Compliance with the  Japanese corporate governance code of 2015 shows strong compliance according to research published by the  Tokyo Stock Exchange (TSE).

The Code contains five general principles, 30 principles, and 38 supplementary principles and like the UK code a “comply or explain”approach has been adopted in respect of how companies comply.… Read the rest

Shell climate change resolution defeated

Shell

Shareholders back management on climate change

Shareholders in oil giant Shell overwhelmingly gave their backing to management and its approach to planning for a transition to a low carbon economy at its AGM this week (23rd May). The voting results show that only 6.3% of investors supported the shareholder resolution calling for it to set and publish targets for reduction of its greenhouse gas emissions (GHG) aligned with the Paris Agreement targets.… Read the rest

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

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