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.

We’re Reading

Icahn-dy: Shareholder rights (ab)used to the detriment of long termism?

Are better empowered shareholders egging companies on to return too much capital for our collective good? It’s a popular theory right now, but is this actually reason to rethink improvements in shareholder rights?

The theory goes that (activist) shareholders are taking advantage of better shareholder rights to cajole boards into returning ever more money through buy-backs and dividends; More…

Sustainability: A Blessing on Your (Investment) House - Muzzles Off!

The increase in relevance of sustainability factors in investment continues apace in 2015. Macro themes require commitment at the micro level to make the difference. Manifest steps up. More…

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…