Australia’s Future Fund sends a message on pay as more remuneration reports defeated

The Australian Future Fund,  established in 2006 to assist future Australian governments meet the cost of public sector superannuation liabilities, has released its 2009/10 annual report. The report reveals for the first time how the Fund has cast its voting rights at shareholder meetings in Australia, having taken its voting at domestic …… continue reading >>

NZ company law to allow electronic voting

In a speech to the New Zealand Shareholders Association Conference and AGM, the NZ Commerce Minister, Simon Power, has pledged to include in the Regulatory Reform (Omnibus) Bill 2010, which is currently being drafted, provisions allowing for electronic participation in shareholder meetings. The reform will allow companies to opt-in to using electronic …… continue reading >>

Wyser-Pratte challenges outcome of Lagardère AGM

The activist shareholder Guy Wyser-Pratte has challenged the outcome of the AGM of Lagardère, held on 27 April, and requested the French market regulator, the AMF, to verify the procedures for the transmission of the votes submitted to the meeting.

In a letter dated 8 June 2010, Wyser-Pratte states that he has …… continue reading >>

When in Helsinki ... or the true meaning of 'Abstain'

When is an abstention not an abstention? A possible party-time trivia question for lawyers maybe, but a question with real consequences for shareholders which highlights yet again the importance of ensuring local knowledge is applied to voting decisions.

Most company law regimes have special provisions for dealing with ‘qualified majority’ issues. They may differ …… continue reading >>

Swedish buffer funds appoint global voting partner

Four of the Swedish buffer funds (AP1, AP2, AP3 and AP4) this week announced the appointment of a provider of global voting services:

“The First to Fourth AP Funds (The Funds) have carried out a procurement of a Global Voting Service.

After extensive evaluation of different suppliers and their systems, we …… continue reading >>

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.

Over 20 consultation responses have …… continue reading >>

What a difference a broker vote makes

Just to illustrate the impact of the reformed broker voting rules in the USA, it’s interesting to look at Bank of America’s proxy votes results which were released to the SEC on Friday, 7th August.

Last month, the SEC voted to exclude broker votes from all director elections starting 1st January 2010. Earlier this year …… continue reading >>

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