Ardent Leisure’s AGM held days after theme park fatalities

Ardent Leisure Logo

Australian entertainments group, Ardent Leisure, held its AGM just two days after an accident at its theme park Dreamworld in which four people died and two children were injured on a river rapids ride. The out-going chairman, Neil Banaves, offered sincere condolences to the victims and their families but said that despite the seriousness of the incident they were still required to convene the AGM as planned.… Read the rest

Proxy Votes: Mortgage Choice Chairman loses it

Peter Ritchie

Mortgage Choice (ASX:MOC) chairman, Peter Ritchie, has resigned abruptly, raging at proxy advisors for “damaging Australian business” after another bruising shareholder revolt at last week’s AGM.

Close to 80% of the Australian firm’s independent shareholders voted against the remuneration report, the third such vote, leading Ritchie to blame the outcome on analysts.… Read the rest

Global Governance Regulatory Round-up

Governance codes around the world

Governance codes around the world

Taiwan

Corporate Governance Best-Practice Principles update

In response to the latest G20/OECD Principles of Corporate Governance, Taiwan has updated its Corporate Governance Best-Practice Principles for companies listed on its stock exchanges.

Key changes include allowing investor engagment; creation of a company secretary position to handle corporate governance matters; electronic voting; eliminating cross-border voting barriers and shareholder meeting information to be published in both Chinese and English.… Read the rest

Inclusive workplaces: CBI lays out business case

Inclusive workplaces and effective staff engagement will boost the country’s economy as well as creating better places for work according to the Confederation of British Business (CBI). In a new report, CBI backs diverse and inclusive workplacesTime for Action: The Business Case for Inclusive Workplaces the CBI defines inclusion as: “an approach to running organisations which focuses on ensuring that every aspect of the business – from its leadership and management, to its workplace policies – contributes to helping employees perform at their best.”

The CBI’s report suggests that investment in training of staff and improved employee engagement would provide a boost to productivity and performance is an area of weakness in the UK economy.… Read the rest

Sky AGM: independent shareholders vote against James Murdoch

Over half of the Sky’s (LON: SKY) independent shareholders  rebelled against the election of James Murdoch as a non-executive director at last week’s AGM following his appointment as chairman earlier this year.

Overall Murdoch received 71.6% support for his re-election, the lowest vote in favour of any of the AGM’s resolutions.… Read the rest

Nevsun faces Eritrean forced labour trial in Canada

Nevsun Resources, (TSX: NSU / NYSE MKT: NSU) will face charges of forced labour in the Canadian courts, even though the allegations of  slavery by its Bisha Mining Share Company subsidiary occurred in Eritrea. However, the three Eritrean men will have to pursue their cases individually rather than as a class action as they had planned.… Read the rest

Wells Fargo’s Stumpf resigns as shareholders re-state demand for reforms

John Stumpf, the chairman and chief Executive (CEO) of  troubled US bank Wells Fargo, has quit following admissions of fraudulent activities, including the opening of customer accounts without permission. Stumpf’s replacement as CEO is Tim Sloan, the company’s president and chief operating officer.… Read the rest

UK lays out post-Brexit #corpgov strategy

brexit-flags It is important for the UK to continue to retain its reputation across the globe for the trustworthiness of corporate reports and for audit quality which attracts investment, Sir Win Bischoff, the Financial Reporting Council’s (FRC) chairman said at the recent Financial Services Brexit Summit.… Read the rest

Canada launches major governance overhaul

Canada has introduced a bill aimed at improving its corporate governance framework. An Act to amend the Canada Business Corporations Act (CBCA), the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act includes proposals to increase shareholder democracy and participation, support the push to increase women’s board participation, improve corporate transparency and business certainty.… Read the rest

Theresa May outlines far-reaching governance reforms

UK Prime Minister Theresa May has committed her government to tackling what she sees as corporate irresponsibility by a small number of companies and to improving board diversity by including workers and consumers.

Speaking at the Conservative Party Conference May emphasised the role of citizenship that companies should also embrace, “That means a commitment to the men and women who live around you, who work for you, who buy the goods and services you sell.  … Read the rest

EU needs to be more joined-up on corporate governance to make the Capital Markets Union work CFA Institute says

EU capital market union is being hampered by a  silo-ed approach to corporate governance policy, according to a report, Governance Policy in the European Union: Through an Investor’s Lens, published by the CFA Institute.

The report, the result of engagement with more than 30 investment practitioners, governance experts, and other stakeholders from across Europe, suggests that a joined-up approach to governance policy, encompassing the Capital Markets Union initiative, is now necessary to achieve meaningful reforms.… Read the rest

Emerging markets governance – IOSCO seeks to strengthen standards

Governance standards in emerging markets are coming under closer scrutiny. The International Organization of Securities Commissions’ (IOSCO) has published a report seeking to strengthen corporate governance frameworks within emerging markets.

The report from IOSCO’s growth and emerging markets committee identifies possible measures and regulatory approaches aimed at strengthening corporate governance in emerging market jurisdictions and aligning regulatory frameworks with internationally recognised standards.… Read the rest