Lewis loses BoA chair

Almost 14 years since European markets firmly embraced the concept of separating the role of Chair/CEO,  most US issuers are still contemplating what it means for them. That could be set to change following the success of trade union SEIU’s proposal to reform the Bank of America board.

The proposal to amend BoA’s bylaws requiring an independent chairman was passed More…

Fortis Shareholder Revolt

The Fortis shareholders’ meeting in Ghent, Belgium was stopped for half an hour, according to Radio Netherlands, after the Tuesday meeting descended into chaos. Shareholders angry at the proposed sale of Fortis Bank to French BNP Paribas threw shoes, coins and ballot boxes at management and demanded the board’s resignation.

The revolt was led Lawyer Mischael Modrikamen, who More…

SEC ponders proxy reform, SCC responds

The Shareholder Communications Coalition sent a letter to the Securities and Exchange Commission on Friday, April 24, 2009 in response to a recent article in the Wall Street Journal which suggested that the Commission may approve an amendment to New York Stock Exchange Rule 452 at staff level, instead of having the More…

Revealed: bosses’ huge pension pots

The Observer, Sunday 26 April 2009 Retirement top-up deals promise £1m a year to Britain’s leading executives despite the downturn as the gap between bosses and workers widens.

The research into the pensions of chief executives of stockmarket-listed companies was commissioned by the Observer and comes from benefits consultancy MM&K and investor agency Manifest.

Source: http://www.guardian.co.uk/business/2009/apr/26/executives-pensions-retirement-deals-recession

FairPensions research highlights ESG gaps

FairPensions, the UK-based campaign for responsible investment has published its 3rd annual survey of pension funds and their ESG arrangements.

The headline findings are that although major UK pension funds are now acknowledging the potential of ‘non-financial’ issues to affect the value of investments, many still lack key strategies to manage these risks. The report also raises questions about the More…