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Shareholder activism
CONVERGENCE OR DIVERGENCE IN UK-US BOARD PRACTICE?
...In the US shareholders have very few rights. Most votes are merely advisory, and the plurality system of director elections means anyone the board nominates will get elected, whatever shareholders think. In the UK, by contrast, shareholder votes are binding on management, and while investors have...
27 August 2010
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Board composition
SHORTAGE OF DIRECTORS, OR SHORTAGE OF INSIGHT?
...The ...Financial Times... published a news story with an alarming message: the new UK Corporate Governance Code would lead to an "acute short supply" of non-executive directors. The 2010 code makes quite a lot of changes from the version that has been in place, more or less the same, since 2003, ...
10 August 2010
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Governance codes
NO 'NO-GO' AREAS FOR EFFECTIVE BOARDS – ICSA
...What makes an effective board? There's a lot of anecdotal evidence and a few insightful academic studies. The stories you hear from directors are limited the handful of companies any individual could have managed to serve. Scholarly work presents problems of access in a different way: the ...reme...
06 August 2010
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Proxy voting
STRADDLING THE GOVERNANCE DILEMMA
...It's a well known but largely unstudied matter. Policy-makers – like those who wrote the new UK Stewardship Code and those who are studying it for possible use elsewhere – tend to write about the "institutional investor" as though it were a person needing to make up its mind about an investment. ...
06 July 2010
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Governance codes
UK STEWARDSHIP CODE RESTS ON GOODWILL OF INVESTORS
...The UK has its new Stewardship Code for institutional investors. It's more than a mere recasting of the old principles of the Institutional Shareholders Committee, but also less than meets the eye. That's not to denigrate its good intentions: good intentions are at the heart of stewardship, in wh...
05 July 2010
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Political economy
FOUR PILLARS OF FINANCIAL REFORM FROM G20
...The process of political summitry has a predictable, even inexorable logic. Aides draft communiqués and work during the evening and through the night of the summit itself changing words here and there. Leaders gather and discuss, helping them to understand each other, and resolving when necessary...
27 June 2010
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Banking and finance
REGULATORS LEARN EIGHT NEW LESSONS FROM CRISIS
...Sometimes you have to wonder. Since the financial crisis broke in 2007, everyone has been looking for someone to blame. Some blamed the regulators, saying they were asleep on the job, and had been for years, despite the convulsion in financial markets in the late 1990s (Asia, Russia) and early 20...
11 June 2010
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Governance codes
SCALES TIP TOWARDS BOARD EFFECTIVENESS, NOT INDEPENDENCE, IN UK CODE
...It's a matter of "tone", in the words of the new UK Corporate Governance Code. The financial crisis was brought about, at least in part, by the ...failure of the boards... of financial services companies to act responsibly as their management teams increased leverage, relied increasingly on compl...
28 May 2010
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Shareholder activism
STEWARDSHIP AND DIFFERENTIAL VOTING RIGHTS
...The word stewardship has become all the rage in corporate governance, even if we're not quite sure what it means. It has something to do with virtue, of course, and a lot to do with how shareholders engage with the companies in which they invest and then vote their shares for directors and corpor...
23 May 2010
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Governance codes
WHAT IS STEWARDSHIP? HOW SHOULD IT WORK? SUBMISSIONS TO UK CODE
...Those questions were implicit in the consultation over a new code of conduct for institutional investors in the UK. Organised by the Financial Reporting Council, the effort aims to put more teeth into custom and practice that applies in the relationship between companies and their largest shareho...
14 May 2010
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