Capital Shopping Centres: another example of shareholders clout

 

ECGS just reformed its assessment of the merger between Capital Shopping Centres and Trafford Centre Group, a situation which once again demonstrates the merits of well-informed proxy voting.

ECGS response to the European Consultation on Legal Certainty of Securities Holdings and Disposition

 

23/12/2010

ECGS provided some comments to the recent E.C. consultation on Legal Certainty of Securities Holdings and Disposition, greeting the action of Brussels aiming at improving the legal framework for investment management and the protection of investors.

ECGS survey on Executives Remuneration in French listed companies

 
14/12/2010 : Proxinvest 12th survey on  Executives Remuneration in French listed companies
 
Proxinvest, Managing Partner and responsible for the French market within ECGS, publishes a summary of remuneration practices in French listed companies and calls for the increase of the shareholder voice on the remuneration issue by the introduction of the "Say On Pay" principle in France.
 

Women on the Board

by Jella Benner-Heinacher, ECGS chairwoman

The higher representation of women on the boards of listed companies is a corporate governance issue that is also taking on significantly greater importance for both companies and shareholders in Germany.

Only 7.2 percent of all shareholder representatives on the supervisory boards of the 30 largest listed German companies (the DAX 30) are women. Compared to other industrialised countries, Germany is a ‘poor performer’. But what are the reasons for this?

The creeping venue of LVMH

It was finally revealed on October 22 that LVMH had rolled over equity swaps on Hermès International stock price and, at the final settlement, decided to ask for shares up to 14% and soon 17% of the French most prestigious fashion and leather goods house. LVMH had thereby a wise tactic to hide its buying position using tax heaven countries subsidiaries with the excuse of a an efficient treasury management at work, in the end a perfectly legal process! Hermès International saw this as an unfriendly venue and requested LVMH withdrawal...

ECGS responds to the UK Stewardship Code

ECGS (European Corporate Governance Service) announces its full support to the UK Stewardship Code for institutional shareholders published in July 2010.

ECGS believes that the Stewardship Code principles should not only apply to UK based institutional investors but also to institutional investors outside the UK. For this reason, ECGS intends to promote the Stewardship Code with international clients in order to ensure their adherence to its principles.

Change in ECGS members

On the basis of the development of vote advisory service businesses since European Corporate Governance Service (ECGS) was established, one founder member, PIRC, ceased its involvement with ECGS on a basis agreed by all ECGS members from 30 of September 2010, and PIRC’s role will be assumed by continuing members. ECGS, an international partnership of independent local experts will continue to provide a high quality service for institutional shareowners.
 

DSW's 7th International Investors' Conference

 

ECGS German partner, DSW, hosts an International Investors' Conference which especially addresses foreign institutional investors and other organisations from all over the world.

The conferences give information on recent developments in the Corporate Governance System in Germany and in Europe. Speeches are held in English. DSW invitates keynote speakers from Germany and abroad.

The highly interesting topics of this year will include e.g. the new Stewardship Code, Say-on-Pay and Diversity.

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