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Uber chief executive resigns following pressure from shareholders

Travis Kalanick Uber

Uber’s founder and chief executive Travis Kalanick, who last week said he would take indefinite leave, has now resigned from his post although he remains on the board of the technology-driven ride-hailing company, following pressure by shareholders, reports state.

Kalanick’s resignation was first reported in the New York Times which stated that five of Uber’s major investors demanded that the chief executive resigns immediately.… Read the rest

US pension funds urge for opposition vote at Mylan over executive pay

Mylan director pay vote

A coalition of institutional investors is gathering support for a campaign for a vote against six directors and executive pay at the pharmaceuticals company, Mylan which has faced controversy over raising prices for its EpiPen product. Its AGM is due to take place on 22nd June.… Read the rest

Anbang boss is caught up in Chinese corruption allegations

Chinese Anbang corruption

Wu Xiaohui, chairman of insurer Anbang, has been arrested, according to widespread reports, due to a crackdown on alleged corruption in the financial sector by the Chinese government. Reports of the arrest first appeared in the Chinese news magazine Caijing, although the Guardian newspaper said this report was then deleted which highlighted the sensitivity of the case.… Read the rest

Uber CEO takes indefinite leave as firm vows to improve corporate culture

Travis Kalanick Uber

The board of the technology-driven ride-hailing company, Uber, has vowed to improve its corporate culture following a report which recommended sweeping reforms. However, it has been widely reported that its chief executive Travis Kalanick has taken indefinite leave.

Despite talk about a possible listing Uber remains a private US-headquartered company but is now an international brand and is valued at $68bn.… Read the rest

Upcoming Renault AGM results will be closely watched by investors

Renault governance pay

French carmaker Renault will be holding its AGM on 15th June and its voting results will be closely watched due to longstanding concerns about its governance and after its vote on pay was defeated last year.

The pay of Carl Ghosn, chief executive and president, was under scrutiny last year and only received 46% of votes in favour of his pay package. … Read the rest

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

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

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