Welcome to Manifest-I

Welcome to Manifest-I the blog of Manifest Information Services Ltd. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate. Sign up to receive free weekly updates.

Manifest is a signatory of the Best Practice Principles for Shareholder Voting Research

Delivering Diverse Viewpoints

In the pursuit of secure investment returns, diverse viewpoints based on high-quality data and varied information are critical for portfolio construction. We believe that share ownership is no different. Manifest intelligently navigates the complexities of global governance and voting delivering actionable and defensible stewardship insights.

Manifest: showing, not telling

Get in touch to find out more about Manifest's governance research, data and advisory services

Novel resolution seeks to opposition votes count

A new shareholder resolution, debuting at NYSE-listed General Electric Co.’s April 28 meeting, is asking the board to adopt a policy prohibiting any director receiving more than a 20% opposition vote from serving on a key board committee (audit, compensation or nomination) for at least two years.

In his supporting statement, shareholder Gerald Armstrong (who is affiliated with John Chevedden) pointed out that two directors who received opposition votes of over 25% in 2009 continued to serve on key board committees. While it is unclear whether other filings are planned, research by ProxyGovernance notes that given that 10% of total nominees in 2009 received oppositional votes of at least 20% (more than double the level of prior years), the resolution has plenty of possible targets. Moreover, the recent change to NYSE Rule 452 regarding broker voting in director elections could well tip more directors over the 20% threshold.


John Chevedden Biography >>

What do you think?