CEO remuneration in Europe

After three years of decline, Proxinvest observed on the figures related to FY2010 published in 2011 a huge increase in the total CEOs (including stock options and shares valued at date of grant). The average total remuneration of the forty top French CAC 40 CEOs increased by 34% in 2010 to 4.11 million euros.

Fighting Corruption in Switzerland: Companies Need Strict Rules

The largest listed companies in Switzerland are committed to fighting corruption. However, major differences are observed in the implementation of anti-corruption policies. This particularly relates to issues not sufficiently regulated under Swiss law. In order to enable companies to strengthen their anti-corruption systems, this legal uncertainty should be lifted.

2012 Unicredit?s rights issue: a no way out situation for long term shareholders

On December 15th General Meeting, Unicredit’s Directors asked shareholders to approve €7.5 billion share capital increase to be carried on through a rights issue. A capital strengthening was requested by the EBA (European Banking Authority) and Unicredit actually needed it also following third quarter’s €10.16 billion devaluation of Unicredit’s investments.

Proxinvest publishes its 15th survey on French 2011 AGMs

Proxinvest’s annual study on general meetings finds a decrease of shareholders involvement with less protest on resolutions. Nevertheless, French shareholders are still some of the most challenging towards resolutions compared with their European counterpart with the level of opposition averaging 5.9% at companies within the main index, CAC 40 (6.3% in 2010).

ECGS responses to the Consob?s public consultation on Directors? remuneration transparency

The Italian market Authority, Consob, recently launched a new public consultation on proposed changes to market regulation to enhance Directors’ remuneration transparency. ECGS congratulates Consob as all proposed changes move into the right direction, encouraging issuers to a greater and more detailed disclosure of all remuneration components. Notwithstanding, ECGS, together with its local partner Frontis Governance, suggests further changes absolutely needed to improve fair treatment of all shareholders at every investee company.

Banco Popolare: the trade-off between dilution and egregious payout, an example of risky ?tick-boxing? approach

On January 2010 Banco Popolare launched a rights issue allowing its existing shareholder to subscribe to Banco Popolare’s convertible bonds with the following conditions: nominal value of € 6.15, fixed interest rate at 4.75%, maturity March 2014. Starting from November 2011, bondholders are able to redeem the convertible bonds receiving an amount of shares equivalent to note’s nominal value plus 10% premium.

Audit fees in Europe

Düsseldorf, 12 October 2011 – All roads in Europe lead to the “Big Four” (PwC, KPMG, Ernst & Young and Deloitte). This is confirmed by a study issued by ECGS (Expert Corporate Governance Service) which is specializing in proxy voting advice and whose German partner is DSW (Deutsche Schutzvereinigung für Wertpapierbesitz). Altogether 93 percent of the analyzed companies are audited by one of the Big Four.
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