The US Treasury has announced the appointment of a “special master” to oversee executives’ compensation at U.S. companies receiving large amounts of government aid, with the power to reject pay plans deemed excessive. Kenneth Feinberg, a lawyer who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks, will review the compensation […]
Read MoreThe public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under Australia’s Corporations Act continues and a draft report is in preparation. Some 79 initial submissions have received by the Productivity Commission inquiry. Public hearings will be held in Sydney, Melbourne and Brisbane during June and July 2009. Some […]
Read MoreSeveral banks are cutting back their analysis of companies’ socially responsible policies, according to Thomson Reuters, which does a regular survey of equity analysts …… Sarah Wilson, the chief executive of shareholder adviser Manifest, was more concerned about the impact of the financial crisis on responsible investing and good corporate governance. She said: “Investment banks […]
Read MoreShareholders in European banks are making their presence felt after being criticised for their failure to raise the alarm over risky practices or oppose management in the period before the financial crisis. The average proportion of shares represented at the annual meetings of 12 of Europe’s largest banks rose from 46% last year to 52% […]
Read MoreThe results of the voting at the AGM and GM of Lloyds Banking Group held today have now been released by the Company and show that, after the Government holding of 7,277,204,386 shares is excluded, over a third of the remaining shareholders who cast their votes at the AGM failed to vote in favour of […]
Read MoreManifest responds to the European Commission consultation on potential legislation covering the processing of rights flowing from securities by “securities accounts providers” (largely, custodians). Ever prior to the Shareholder’s Rights Directive publication 2007, Manifest has highlighted that the role of intermediaries in the chain is just as important, if not more so, in enabling shareholders to […]
Read MoreAccording to a new paper published today by the Institutional Shareholders Committee (ISC), UK investors have been too reluctant to make better tactical use engagement and voting and is looking for ways to make it easier for investors to come together to share their concerns. Manifest has pointed out a number of times over the past decade that […]
Read MoreThe Swiss Financial Markets Supervisory Authority (FINMA) has opended the consultation period for the Circular on Remuneration Systems, which is expected to enter into force on 1 January 2010. The Circular will have a direct impact on the remuneration systems of the financial institutions concerned. The Circular will aim to ensure that remuneration systems do […]
Read More“We believe that active ownership can help enhance long-term shareholder value and are therefore supportive of pension funds being more active.” That’s the message from a recent study published Watson Wyatt U.K., “No Action No Option,” which concludes that pension funds worldwide will come under increasing pressure to use their ownership rights to push for improved […]
Read MoreManifest’s annual review of executive remuneration trendshas now been published and has received a positive response from a variety of market commentators including Robert Peston for BBC’s News at 10 and the BBC World Service’s European Business News. This year’s survey has been extended to included pensions data as well as detailed narrative on trends […]
Read More