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.

Frontis Governance?s analysis of Directors remuneration ? FTSE MIB 2011

Frontis Governance publishes its first report on Directors’ remuneration at main Italian companies, highlighting a real gap between the executives’ and the long-term shareholders’ interests:

The ECGS Dutch partner, Shareholder Support, conducts a study on KPIs and sustainable performance

An empirical analysis concerning the use and development of KPIs on sustainability performance reporting for the largest stock listed firms in the Netherlands.

The Italian ?shareholders? spring? is very late, but something is changing

A strongly concentrated ownership structure, local actors that are basically passive and its nature of peripheral market for large institutional investors contributed to keep Italian companies far from the “shareholders’ spring”. No relevant news came from the 2012 proxy season, or at least it seems so looking at the meeting minutes: remuneration policies, incentive plans and share buyback programmes (often needed to service incentive plans) obtained an average of almost 90% favourable votes, at Italian large companies.

Why ECGS turned down the Xstrata - Glencore merger?

Qatar Holdings, the second shareholder of the Swiss mining group with 10,4% du capital, in now asking for an increase of the exchange parity for Xstrata shareholders confirm the analysis of the ECGS-GIR analyst recommending shareholders to vote down the merger deal at the upcoming Xstrata EGM. The EGM was postponed, but the original case says a lot about the distortion of our financial markets.

 

Deutsche Bank: ECGS recommends to oppose the discharge

Deutsche Bank faced a lot of criticism at this years’ AGM in which traditionally only a small part of the company’s share capital participates (2012: 34.94%). ECGS recommended its clients to oppose the discharge of the supervisory board, the remuneration system for the executives as well as the election of two non-executive board members, among them the new chairman, Paul Achleitner.
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