Manifest in the press

IR Magazine has been looking at shareholder activism in Europe and quotes Manifest:

A different style of activism?Historically, there have been obstacles to waging a successful activist campaign in much of Europe. Many markets are opaque, the proxy voting system has been leaky with votes often lost, and some countries still block …… continue reading >>

The role of asset owners in making the Stewardship Code work

If 2008 was the year of crisis and 2009 the year of survival and steadying the ship, 2010 was the year of longer-term policy response. If one word stands out more than any other from the policy debates of last year, it is “Stewardship”.

The word has so many aspects to its …… continue reading >>

Proof of ownership problems hit activism

Not for the first time, proof of share ownership is being used to stymie shareholder engagement and activism. This time it’s France where Franco-American Financier and Activist Guy Wyser-Pratte is attempting to bring about changes at Lagardère SCA.

With echoes of Apache v Chevedden, following a series of wrangles about …… continue reading >>

Barnier eyes up pan-European ownership regulation

The prospect of new regulation at the ownership end of corporate governance mechanisms in Europe is beginning to take shape.

The new Member of the European Commission responsible for Internal Market and Services, Michel Barnier, has recently been making increasingly clear his views on the future directon of regulation in response to …… continue reading >>

Tough self-questioning in Dublin

Whilst the future shape of shareholder engagement responsibility is debated in London, Brussels and across continental Europe, the debate in Dublin is a fierce as anywhere.

In what is traditionally a very close-knit investment and business community, the Irish Stock Exchange (ISE) and the Deputy Prime Minister participated in a full and frank …… continue reading >>

Norges Bank pushes four companies for independent chairs

Norges Bank Investment Management (NBIM), the investment arm of the Norwegian central bank and asset manager for the Norwegian Government Pension Fund and the Government Petroleum Insurance Fund managing over NOK1,000bn (£107bn) in equity investments, has filed shareholder proposals at four US companies calling for independent chairmanship.

Meetings at Harris Corporation (23rd OCtober), Parker …… continue reading >>

Takeover Panel aims to clarify “concert party” concerns

The FSA’s letter to the Institutional Shareholders Committee regarding shareholder engagement was initially welcomed by many commentators although concerns were raised in some quarters at the narrow focus of the letter.

In that letter, the FSA stated that they were “aware that concerns have been raised over the extent to which …… continue reading >>

Sir David Walker’s 39 Steps

Sir David Walker’s review of the governance of UK banks, commissioned by Prime Minister Gordon Brown, has published 39 recommendations aimed at improving the governance of  banks and other big financial institutions (BOFIs). The aim of the report was to find ways of minimising risky behaviour and improving the way companies and shareholder communicate and interact.

Many …… continue reading >>

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