Loading ...Let it not be said that the geeky world of governance doesn’t have its lighter moments….
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The market for US compensation consultants is looking increasingly concentrated according to new research by ProxyGovernance. Based on data for annual meetings held between Jan. 1, 2009 and July 1, 2009, five consulting firms – Towers Perrinand Watson Wyatt (now combined as Towers Watson & Co.), Frederic W. Cook & Co., Inc. Mercer LLC Amendments to ‘Broker Voting Rule’ yield unexpected results The long-awaited change to NYSE Rule 452, effective Jan. 1, 2010, reclassifying uncontested director elections as ‘non-routine’ items, thereby eliminating the discretion of brokers to vote uninstructed shares, also makes it more difficult for companies with no routine matters on the ballot to achieve a quorum. While shareholder resolutions and countermotions are still relatively rare in Europe, they are a core feature of the US market. Here Allie Monaco of ProxyGovernance has highlighted some of February and March’s more interesting proposals. Despite tumbling stock market valuations the impact of overseas shareholders in the UK stock market is greater than ever. This could have far reaching implications for the UK government’s attempt to beef up corporate governance. According to figures released this week by the Office of National Statistics, non resident shareholders now account for 41.5% of The governmental responses to the financial crisis have been many and varied with markedly different approaches being taken on both sides of the Atlantic. One common strand between the European and US administrations has been the role of institutional shareholders and their use – or otherwise – of voting rights to discipline management. In While it is good news to see that Siemens’ shareholders have resolved to put the past firmly behind them, it is interesting to note the priorities of the Siemens’ PR team. In most markets, proxy voting disclosure has reached a high standard enabling analysts to see the turnout trends. A high quality disclosure would typically include the From Polly Peck to Satyam, recurring audit failures have undermined investor confidence in corporate governance. The Institute of Chartered Accountants in England and Wales and the Financial Reporting Council hope to address those concerns through its newly published “Audit Firm Governance Code”. This comply or explain Code will apply to the eight largest U.K. accounting firms which collectively are European companies fail to link executive pay to environmental, social, and governance (ESG) performance according to new research published by Eurosif (European Sustainable Investment Forum). The report, produced in association with an investor-led steering committee including Groupama Asset Management, Henderson Global Investors, MACIF Gestion, PhiTrust Active Investors, Robeco and Société Générale Gestion, highlights what EUROSIF sees as ”critical challenges Shell will be asked to justify its involvement in the controversial Tar Sands oil extraction project later this year following the involvement of 142 investors who have co-filed a shareholder resolution for the company’s AGM in May. The oil sands are the second largest oil resource in the world comprising some 173Bn barrels in reserves. Converting |
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