In a pre-trial debate, AWB has stated that it does not consider “transport fees” paid to a Jordanian transport company, which had close connections to the Iraqi government, to be a bribe. The Age has reported that the pre-trial debate focused on whether the Office of National Assessments was entitled to avoid producing documents to […]
Read MoreThe 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 more active shareholder engagement […]
Read MoreLeading US investors and business leaders have joined with government, academia, and labour representatives to endorse a public policy paper published by the Aspen Institute which calls for an end to value-destroying short-termism in the financial markets. The paper, “Overcoming Short-Termism: A Call for a More Responsible Approach to Investment and Business Management,” is the work of […]
Read MoreA regulator’s lot is not a happy one by all accounts. While the UK’s Conservative Party has promised to close the FSA and transfer its duties to the Bank of England if it wins the next election, US regulators at the SEC are having an equally tough time. The Securities and Exchange Commission’s inspector general, H. […]
Read MoreThe top five executives at the 20 US banks that have accepted the most bailout support averaged $32 million each in personal compensation in the period 2006 -2008, according to a new study published by the Washington-DC based Institute for Policy Studies. At the same time more that 160,000 employees have lost their jobs. In 2008, the […]
Read MoreA bizarre proxy fight at US life sciences company CNS Response Inc appears to hinge on the validity of a special meeting, writes Scott Fenn of ProxyGovernance. In one of the stranger US proxy contests witnessed in recent years, Leonard J. Brandt, the co-founder and former CEO of CNS is claiming victory in the election of […]
Read MoreThe Australian Prudential Regulation Authority (APRA) has today released a second consultation package on remuneration at financial institutions. This second package comprises a response paper to the submissions, together with revised draft versions of the relevant governance standards and an associated draft prudential practice guide (PPG). PPG 551, a Prudential Practice Guide on remuneration, is […]
Read MoreThe Netherlands Bankers’Association (Nederlandse Vereniging van Banken or ‘NVB)’, has published a provisional banking code which is in response to the report entitled ‘Restoring Trust’ (‘Naar herstel van vertrouwen’), which was published by the Advisory Committee on the Future of Banks (Adviescommissie Toekomst Banken) on 7 April 2009. The recommendations from chapters 1 and 2 […]
Read MoreYet again Ryanair stands out amongst its peers as being one of Europe’s most shareholder unfriendly companies. Since the introduction of the 2006 Combined Code recommendations that companies should provide their shareholders with a detailed breakdown of voting results, Ryanair has refused all such requests. At the same time its annual reports for 2009 gives […]
Read MorePreliminary data from the 2009 proxy season compiled by Manifest’s US partner, PROXY Governance, show that the number and percentage of votes withheld for director nominees continue to increase — with the percentage of director nominees who had at least 30 percent of shareholder votes withheld doubling in 2009 to 5 % of nominees from 2.5 […]
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