Manifest-I

Welcome to Manifest-I the blog of Manifest, the proxy voting agency. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate.

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Dimonising Business

On 20th May it was announced that five of the world’s largest banks are to pay fines totaling $3.6bn for charges which include manipulation of the foreign exchange market. These fines are a new high (low?) watermark for regulatory penalties imposed on financial sector companies but it is notable that news headlines about the fines focused on the More…

UK unitary boards - the beginning of the end?

The  announcement by FTSE 100 copper miner Antofagasta that there will no longer be any executive directors on its board means the unitary board system is no longer synonymous with UK corporate governance and is a first for a UK listed company (investment trusts aside). This ground breaking announcement means that no other FTSE All Share board (ex More…

FCA: Miss Piggy, you are cleared for take-off

Back in September 2011, the FT ran a story exploring the frustrations felt by investors over complexity and opacity in the voting chain (“Call for clarity in proxy voting process”, FTfm, 12th September 2011). In many ways the article was no different to More…

Repeal the Decree asks leading Italian academics

Following on from a public statement issued last week by a group of leading Italian academics and legal experts, international institutional investors and their trade associations have been invited to add their voice to a call for the Italian Ministry of Finance to roll back a highly criticized legal measure that would strip longstanding investor protections and enable the More…

Proxy access - war war not jaw jaw

The US proxy access debate took a fresh turn recently with the attempt by seasoned governance commentator James McRitchie (www.corpgov.net) to get a shareholder proposal on the ballot at US organic food retailer Wholefoods. He submitted a proposal under which one or more shareholders owning 3% or more of outstanding shares for at least three years More…