In a recent edition of The Times, Financial Editor Patrick Hosking wrote an item entitled “Adviser is accused of mafia‑style shakedown” in which the business community raised concerns about the potential conflicts of interest in the governance services industry. It explained how ISS, the largest proxy voting adviser had developed a service which helps companies draft governance and voting disclosures in a way which improves the chances they will get the nod from shareholders.… Read the rest
The UK’s corporate governance landscape could be set for set for a wholesale changes after the Financial Reporting Council (FRC) announced a wide-ranging review of the corporate governance code. This will take into account the regulator’s recent work on corporate culture and succession planning, as well as the issues raised in the government’s green paper and the Business, Energy and Industrial Strategy parliamentary select committee inquiry.… Read the rest
The UK’s Work and Pensions Select Committee has used its response to the government’s green paper on corporate governance to emphasise that public and private companies need to ensure that their pension fund forms part of their corporate thinking.
President Donald Trump signed an executive order on Friday (3rd February) seeking a review of the 2010 Dodd-Frank financial regulatory framework. At the same time President Trump has rescinded the Fiduciary Rule which was designed to eliminate investment advisor conflicts-of-interest in respect of retirement plans.… Read the rest
The Insurance Regulatory and Development Authority of India (IRDAI) has published a draft stewardship code for insurers in their role as institutional investors managing funds on behalf of policyholders.
The IRDAI said: “Considering the fiduciary role played by the insurance companies as investors on behalf of the policyholders, it is felt that greater transparency is needed as regards the manner in which the investments are managed by them.… Read the rest
A project to help boards understand and factor in the views of their employees and other stakeholders led by the ICSA: The Governance Institute and the Investment Association, has been welcomed by the UK’s Financial Reporting Council (FRC).
The project follows the lead of the government’s green paper on corporate governance reform which explores how employees and other stakeholders could be better represented at the top of UK’s listed companies.… Read the rest
Tax transparency campaigners are looking to the European Parliament to continue to have a strong stance on public tax disclosure after EU member states agreed in December on a position that weakened European Commission proposals contained in the latest draft of the Anti-Money Laundering Directive (AMLD).… Read the rest
The Financial Reporting Council (FRC) has said it is ready to make further changes to the UK’s corporate governance code to reflect concerns about the role of companies within society and to improve public trust in its annual report, Developments in Corporate Governance and Stewardship 2016.… Read the rest
US regulators have responded to concerns that employee pension plans have not been exercising their shareholder rights by issuing updated guidance on proxy voting for 2017.
The Department of Labor’s Employee Benefits Security Administration (EBSA) agency said that it is has long believed that it is important for plan administrators to know what their responsibilities are when they vote proxies on those shares or exercise other shareholder rights.… Read the rest
A revised corporate governance code came into effect on 1st January 2017 in the Philippines. The code has been developed by the IFC, a member of the World Bank Group, and the Philippine Securities and Exchange Commission (SEC) with the aim of improving the competitiveness of listed companies in the country and their ability to attract foreign investment.… Read the rest
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