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Shareholder voting is one of the pillars of effective corporate governance. It is the single most important legal mechanism for shareholder control over investee companies, their boards and management. The voting rights attached to shares give shareholders influence over matters that can affect company performance, stock price, and shareholder value.

This study assesses the voting process in 18 European markets in order to determine the average amount of time available to institutional investors to make informed voting decisions.

Key issues covered:
>> Major impediments to the voting process in Europe;
>> Contrasting statutory requirements and best practice provisions in each European market with the practices of issuers incorporated in that market;
>> Identifying the problems associated with the use of the chain of intermediaries as the predominant model for cross-border voting in Europe;
>> Comparing voting deadlines set by issuers/tabulators in each European market with vote cut-off dates set by intermediaries in the chain; and
>> Identifying the underlying causes of existing vote cut-off dates for institutional investors, and establishing what factors influence the setting of an ultimate cut-off date.

Proposals to discharge directors of liabilities routinely appear on shareholder meeting agendas in many European markets. But what do they mean? What are the implications for shareholders. This report takes an in-depth look at 13 markets to highlight the key issues for concerned investors.

Published: June 2008, 48 pp, 487KB

This report is the full European survey of shareholder voting trends covers the 15 national blue-chip indices in continental Europe as well as the UK main market and AIM.

Readers who have an interest in understanding comparative levels of turnout and the reasons for them, or who are the major players as shareholders in European markets should obtain this report as a priority. Shareholder turnout levels are identified, with anecdotal explanations of specific cases of high and low turnout. The report identifies trends in controversial meeting issues, then explains them against a backdrop of regulatory updates relating to the holding of shareholder meetings and company law. Analysis of levels of foreign ownership and an introduction as to who are often major investors in each market puts into context further commentary on the influence of proxy advisors in meeting business.

The report reveals patterns in dissent against different types of resolutions, placed in the context of patterns of meeting business in each country – a valuable introduction to local markets for foreign investors and corporate advisors alike. The report takes both a pan-European and national perspective, in order to identify the dynamics of engaged, responsible ownership and voting across borders, as well as identifying the most contentious types of meeting business of the 2007 UK and European season at the national level, complete with analysis of the actual resolutions themselves as well as their poll results, the case of some of the most contentious resolutions of the season.

In addition, the practical challenges of voting are explored both from an investor and an issuer perspective, following on from Manifest’s detailed report on the challenges of cross-border voting earlier this year. The report is therefore required reading for institutional investors, advisors, issuers and academics alike, who place value in understanding the nature and quality of voting on meeting business across corporate UK & Europe.

“This report helpfully brings into focus some of the structural challenges to constructive engagement between boards and their shareholders.”

Sir Christopher Hogg
Chairman,
Financial Reporting Council & Board

Manifest reviews 20 European indices to give readers the clearest possible view of governance trends at shareholder sentiment.

Why you should buy this report

* Save time carrying out detailed and complex research
* Spot emerging trends and developments
* Inform your investment and governance decisions
* Add weight to presentations and policy documents

What’s covered

* Governance Issues & Trends
* Number of Events
* Distribution of Events
* Meeting Results Disclosure
* Meeting Turnout Levels & Distribution
* Shareholder Resolutions
* Dissent Levels (Against and positive Abstain/Votes Withheld)
* Highly Contested Management Proposals
* Defeated Resolutions
* Year on year changes

The Manifest Voting Review is the most detailed and authoritative analysis of its kind and offers invaluable insights into shareholder engagement.

Manifest reviews the voting results from the Nordic Region markets:
OMXC20 (Denmark) | OMXH25 (Finland) | OBX25 (Norway) | OMXS30 (Sweden)

Manifest reviews the voting results from seven major Northern European markets:

AEX 25 (Netherlands) | ATX (Austria) | BEL 20 (Belgium) | CAC 40 (France) | DAX 30 (Germany) | ISEQ 20 (Ireland) | SMI (Switzerland)

Manifest reviews the voting results from four major Southern European markets:

ATHEX 20 (Greece) | Italy | PSI 20 (Portugal) | IBEX35 (Spain)

Manifest reviews the voting results from over 800 UK companies to give readers the clearest possible view of governance trends.
FTSE100 | FTSE250 | SMALLCAP | FLEDGLING | AIM100

The Manifest/MM&K Total Remuneration Survey 2010 uses Manifest’s unparalleled and unique corporate governance research database. It is the most authoritative and best value report on Board level remuneration in the UK. Expert commentary and analysis is provided by leading independent remuneration advisor, Cliff Weight of MM&K. Read the full brochure to find out more: PDF Brochure

The Full Survey comes in two sections (Large Cap and Small Cap/AIM). To purchase click ‘Add To Cart’ and and pay securely with your credit card via Paypal (VAT will be added at Checkout).

If you prefer to purchase offline or would like to buy the Large Cap or Small Cap editions individually (for only £500 each), use this Order Form which can be faxed, emailed or posted.