EU Shareholder Rights Directive II moves closer to adoption

EU Shareholder Rights Directi e

The revised EU’s Shareholder Rights Directive was approved by the European Parliament (EP) earlier this week and will be formally adopted by the European Council, made up of the member states, shortly. Once adopted member states have two years to put the directive into effect in their own countries.… Read the rest

EU needs to be more joined-up on corporate governance to make the Capital Markets Union work CFA Institute says

EU capital market union is being hampered by a  silo-ed approach to corporate governance policy, according to a report, Governance Policy in the European Union: Through an Investor’s Lens, published by the CFA Institute.

The report, the result of engagement with more than 30 investment practitioners, governance experts, and other stakeholders from across Europe, suggests that a joined-up approach to governance policy, encompassing the Capital Markets Union initiative, is now necessary to achieve meaningful reforms.… Read the rest

Cross-border Share Voting: Checkpoint Charlie

The simple but powerful statement of solidarity with the notion of a free society that articulated the public reaction to the recent horrific events at the offices of Charlie Hebdo in Paris shows just how important freedom is in our modern age.… Read the rest

Canada weighs in proxy analysts, more missing of “the point”

April is probably not the ideal month to launch a consultation for anyone involved in corporate governance, nevertheless the Canadian Securities Administrators (CSA) issued a call for comment on its proposed  best practice guidance for the proxy research industry. The consultation was scheduled to close on June 23rd,  however following representation from stakeholders, the CSA has granted a one month extensionRead the rest

Inundated with the wrong PRI-orities?

As we approach the busiest time of year for those of us involved in share voting, it will come as little comfort that the current round of PRI reporting is weighing heavily in investor in-boxes.

It includes requirements relating to vote confirmations and seeks to identify whether investors have:

  • obtained confirmation that votes have been lodged;
  • participated in project(s) to improve the voting trail and/or obtain vote confirmation; and
  • any other information about their vote confirmation efforts.
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Bananarama knows what gets results…

There’s no denying it: we work in a results-driven world. Financial results, investment return, engagement outcomes, meeting results. In fact, this is a good thing. Positive results we’ve contributed to are one of the things that make our work feel valuable (and shock horror, actually gets it valued sometimes as well!).… Read the rest

Deutsche Bank – why you actually might not want to vote at all

The upcoming AGM of Deutsche Bank AG is looming large in many shareholders minds now. With the long running succession planning debate at the company leading some proxy advisors to publicly recommend opposition to ratification of the supervisory board acts, combined with countermotions tabled for director elections, there’s plenty for shareholders to consider.… Read the rest

Commission threatens action on shareholder rights laggards

The European Commission has recently announced it intends to initiate processes for taking action against EU Member States over implementation of the Shareholders Rights Directive (SRD). The Directive, which was passed in 2007, establishes Europe-wide principles for ensuring certain basic rights of shareholders at European listed companies.… Read the rest

Countries drag their feet over Shareholder Rights Directive transposition

The European Commission has published a table detailing implementation of the Shareholder Rights Directive by the 27 member states (along with other directives). Member states were required to bring into force the laws, regulations and administrative provisions necessary to comply with the Shareholder Rights Directive by 3 August 2009 at the latest.… Read the rest

Italian proxy system “backward” and “third world” says shareholders

Although the EU Shareholder Rights Directive was meant to have been fully implemented by 3 August 2009 at the latest, Italy is only just now mulling over shareholder responses to its the second consultation which was launched on 24 July 2009 and closed on 18 September 2009.… Read the rest

Luxembourg publishes revised governance code

The  Luxembourg Stock Exchange has published a revised edition of its Ten Principles of Corporate Governance for listed companies. The new code has maintained the original structure of the ten principles by continuing to rely on three sets of rules: principles (“comply”); recommendations (“comply or explain”); and finally guidelines.… Read the rest

UK Government implements Shareholders’ Rights Directive

The Department for Business, Innovation and Skills has this week announced The Companies (Shareholders’ Rights) Regulations 2009 (to come into force on August 3rd), signalling completion of the final legislative stage of the European Shareholders’ Rights Directive. The Directive began life as a proposal and consultation by the European Commission back in 2004 and had been through many different forms and changes before adoption at the European level in 2007.… Read the rest