Meggitt CEO’s underwater options to have exercise period extended

At the AGM of Meggitt plc, shareholders will be asked to amend the period following the cessation of employment during which options under Part B of the plan (the part not Inland Revenue approved) may be exercised. It is proposed to increase the period from the existing six months to two years.… Read the rest

Joint Chair/CEO – UK shareholders push for change

Two notable shareholder resolutions on both sides of the Atlantic have put the role of UK investors in pressing for change at quoted companies firmly in the spotlight.

Texas Instruments (TI) has come under close scrutiny from RailPEN, the investment arm of the UK’s Railways Pension Fund and one of the UK’s largest pension investors.  … Read the rest

What’s happening to ownership?

Tomorrow’s Company has announced an investigation into the ownership of companies and how it is changing. Hermes Equity Ownership Services will be supporting the study which will be examining:
  • Future ownership trends;
  • Key trends and their meaning for companies; and
  • The impact of trends on companies ability to develop and grow.
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EGMs on 14 Days Notice – Dissent at Capital & Regional

With the United Kingdom due to implement the EU Shareholder Rights Directive by 3 August 2009, many companies have included on their AGM agendas a resolution to allow them to continue to hold EGMs on 14 days notice, as currently permitted.… Read the rest

Regime change at Independent News & Media

Today’s announcement regarding the directorate changes at Independent News & Media largely focuses on the retirement of Sir Anthony O’Reilly, after 36 years leading the Company. His son, Gavin, will take over the reigns as his father’s distinguished career at the newspaper group comes to a close.… Read the rest

Fiat extends Board slate nomination deadline

Fiat has extended the deadline for the submission of slates of candidates for its Board of Directors and Board of Statutory Auditors, to be elected at the AGM on 27 March.

With reference to the forthcoming General Meeting of Shareholders, the Company hereby reports that, according to law and the By-laws, candidate lists for election of the Board of Directors and the Board of Statutory Auditors have been presented by Exor SpA only.

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Audit & Conflicts of Interest

The UK’s audit watchdog, the Auditing Practices Board (APB) has issued its latest consultation paper with a view to updating its ethical guidelines on the vexed issue issue of auditor consultancy services.

In the UK regulatory construct, the audit is produced for the benefit of shareholders and consulting for the benefit of management.… Read the rest

EU Surveys ‘Comply or Explain’

The European Commision has commissioned  a €350,000 research study to assess the effectiveness of monitoring and enforcement mechanisms concerning Member States’ corporate governance codes.

Four researcb partners have been selected to underake the review: BUSINESSEUROPE (the Confederation of European Business); RiskMetrics Group; ecoDa (the European Confederation of Directors’ Associations) and Landwell & Associés, a European law firm.… Read the rest

Board slate nominations open at Fiat

Fiat has released its notice of AGM, with the first call due to be on 26 March and the meeting expected to be held on the second call on Friday 27 March. With the board structure following the traditional Italian model, the AGM will include the election of both the Board of Directors and the Board of Statutory Auditors.… Read the rest

UNPRI calls for investment in oversight

UNPRI’s Board has this week issued an eight point action plan calling for more investment in active ownership and oversight.

In an open admission that investors have had a role to play in current difficulties, Donald MacDonald, Chair of the PRI Initiative and a Trustee of the BT Pension Scheme called for PRI signatories to “lead from the front” in rebuilding trust and confidence in markets.… Read the rest

OECD’s Governance Lessons

The financial crisis has revealed severe shortcomings in corporate governance. When most needed, they often failed to provide the checks and balances that companies need in order to cultivate sound business practices. That’s the conclusion from the OECD’s latest report: Corporate Governance Lessons from the Financial Crisis.… Read the rest

Parmalat Damages Agreed

U.S. judge, Lewis A. Kaplan, has ruled that two lawsuits brought by Parmalat Finanziaria SpA bond and share holders and Parmalat SpA CEO Enrico Bondi, can proceed against auditing firm Grant Thornton International in relation to the collapse of Parmalat Finanziaria in 2003.… Read the rest