The Truth Behind the $1 CEO

$1 Salary Still Adds up to Millions for Ellison at Oracle

Despite voluntarily slashing his own salary to $1 last year, Oracle’s founder and CEO Larry Ellison remains one of the highest paid executives in corporate America. Based on estimates from ProxyGovernance Inc (PGI), Ellison’s fiscal 2010 compensation topped $66 million, with all but $8 million delivered through stock option grants – the perennial driver of a lucrative compensation arrangement that has led the Wall Street Journal to dub Ellison the “Pay King” in its survey of the best-paid executives of the past decade.… Read the rest

Cause of the Crash #39

The BBC’s Robert Peston has picked up on founding FSA chairman, Howard Davies’ critique on the causes of the Crash. According to Davies there were a total of 38 reasons. Peston goes on to argue that there were probably 39 if you take into account the proposition forwarded by Tim Bush, former fund manager for the Hermes Focus Fund and member of the Urgent Issues Task Force of the Accounting Standards Board (ASB) that is was untested accounting standards which undermined prudent bank financial governance.… Read the rest

US Proxy Plumbing – the lobbying gets serious

Just as the governance community is beginning to feel it might explode if another consultation comes its way, the battle for regulatory attention over the parlous state of the proxy system is hotting up in the US.

Computershare, the global securities service provider has weighed in with the launch of a website to raise awareness about what’s at stake.… Read the rest

NYSE Euronext Governance Report – a move to principles

NYSE Euronext has flagged a move away from a prescriptive rules-based governance regime to a market-based, principles approach. After a year long investigation headed by Larry Sonsini, chairman of Wilson Sonsini Goodrich & Rosati, the NYSE Commission on Corporate Governance has published ten key principles for what it calls “solid governance”.… Read the rest

Manifest & Partners Stewardship Code Disclosure

 

Manifest and strategic partners GES Investment this week submitted their joint Stewardship Code disclosure to the UK’s Financial Reporting Council.

Here is the full text of our Stewardship Code Disclosure, together with a PDF copy:

Read the rest

Manifest forms strategic ESG partnership

Two of Europe’s leading independent investment service providers within their fields, GES Investment Services and Manifest Information Services, today announce that they have formed a strategic partnership. Bringing together specialist research in environmental, social and governance issues with global proxy voting services, they present a fully-fledged European solution for Responsible Investment.… Read the rest

French companies improve corporate governance disclosures

The findings of the 2010 AMF report on the corporate governance of listed companies, based on a sample of 60 companies (34 in the CAC 40 and 26 in the SBF 120), show improvements both in practices and in transparency with regard to corporate governance and executive compensation.… Read the rest

“Healthy tension” best for executive remuneration?

Just what is the most appropriate level of executive pay and what is the best approach to aligning interests between executives and shareholders? This little gem of an extract comes from a submission to Australia’s Productivity Commission made in 2009 by Ian Crichton of CRA Plan Managers, a remuneration consultant, may provide some insight.… Read the rest

Ireland’s Financial Regulator publishes corporate governance consultation responses

Some responses to the Consultation Paper on Corporate Governance Requirements for credit institutions and insurance undertakings have now been published on the website of the Irish Financial Regulator. The Consultation Paper proposed a regulatory framework for corporate governance for credit institutions and insurance undertakings, setting out minimum standards to be met.… Read the rest

NZ company law to allow electronic voting

In a speech to the New Zealand Shareholders Association Conference and AGM, the NZ Commerce Minister, Simon Power, has pledged to include in the Regulatory Reform (Omnibus) Bill 2010, which is currently being drafted, provisions allowing for electronic participation in shareholder meetings.… Read the rest

Annual director elections – is there another way?

The debate around comply or explain as a concept took an interesting turn last week when three of the UK’s largest pension fund investors publicly broke ranks on the issue of annual director elections. In a letter published in the Financial Times, Railpen, USS and Hermes, the three largest UK pension funds with £106bn assets under management outlined their concerns that the UK Governance Code’s recommendation for annual director elections could foster a short-termist approach.… Read the rest

South African Stewardship Code being drafted

The South African Times has reported that a ‘group of stakeholders within the investor community have with the assistance of The Institute of Directors in Southern Africa (IoDSA) convened a committee for the drafting of a code for responsible shareholder investing’.… Read the rest