ECGS against any German share blocking


In order to put an end to the German 'share blocking tale' DSW, the German ECGS member,  requested the German Financial Markets Authority (BaFin) to clarify as early as possible the most recent discussions on the OLG Köln court decision.  This court ruling had led to a wave of confusion at some German custodian banks and as a consequence was also misinterpreted by institutional investors abroad.


ECGS welcomes the ESMA Final Report on The Proxy Advisor Industry

Expert Corporate Governance Service Ltd. (ECGS), a joint-venture of
European proxy advisors, welcomes the ESMA Final Report on The Proxy
Advisor Industry published on February 19th. The report confirmed there is no
“market failure” related to proxy advisors’ interaction with investors and issuers
in the European Union (EU) that would require regulatory intervention.

ECGS takes note that ESMA recommends that the proxy advising industry

Pubicis Groupe wrote to Proxinvest about the Maurice Levy record pay.

Pubicis Groupe wrote to Proxinvest about the Maurice Levy record pay. Following the publication of the ECGS pay survey for 2011 with Maurice Levy of Publicis groupe on top of the European 2011 CEO remunerations, Publicis groupe wrote to Proxinvest and AGEFI resquesting an answer.

Ethos Study on Executive remuneration: Positive impact of ? Say on Pay ?

The aggregate board and executive pay in the companies of the financial sector fell by 23% in 2011, while it rose by 5% in the other sectors. Ethos' study of the 2011 board and executive remuneration in the 100 largest Swiss listed companies also shows that 49 companies put their remuneration report to the advisory vote of the shareholders in 2012. Despite the positive impact of these votes on the transparency and structure of board and executive remuneration, more than half of the companies still do not abide by self regulation.

Proxinvest and Ethos have joined the investors coalition on the auditors rotation

Will the European Parliament install auditors in a 25 years long comfortable journey ?

Supporting most of the EC Commission proposals on auditors responsibility and rotation Proxinvest and Ethos have joined an important investors coalition on this thema of audit tasks.

A fairly soft rereading of the British Governance and Stewardship codes

The Financial Reporting Council (FRC) announced mid-September 2012 some "limited changes" to its UK Corporate Governance and Stewardship Codes intended to increase accountability and engagement through the investment chain. Both Codes will continue to apply on a “comply or explain” basis.

Proxinvest replied to the Government consultation on CEO pay

The French Government intends to introduce soon a bill on compensation practices and modernization of corporate governance.

These issues are organized around three themes: 1) The framework for different forms of executive compensation; 2) The governance rules relating to the fixing of the remuneration; 3) Other provisions of corporate governance not specifically related to compensation.

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