Archive | June, 2015

Recent Research for Shareholders in Corporate Governance: Part 2

Recent Research in Corporate Governance Part 2 2015Now that proxy season is finally winding down, I had a few minutes to take a quick glance at recent research on corporate governance and shareholders reported on SSRN. This is part 2 of 3. (Part 1) Below I am simply including a few citations and abstracts of studies useful to shareholder advocates in the US. I would welcome  guest posts on such research from authors, critics or other interested parties. Please contact me via e-mail or by leaving comments below. Continue Reading →

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Recent Research in Corporate Governance: Part 1

Recent Corporate Governance Research Part 1 2015Now that proxy season is finally winding down, I had a few minutes to take a quick glance at recent research reported on SSRN. Below I am simply including a few citations and abstracts of studies that might be useful for shareholder advocates in the U.S. I’m sure I included some that are strictly academic and missed many more that would be useful. I would welcome  guest posts on such research from authors, critics or other interested parties. Please contact me via e-mail or by leaving comments below. Continue Reading →

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Ticked Off at Proxy Season

Ticked Off

Ticked Off

Last year it was a judge telling me he didn’t think I should have the right to submit a proxy proposal even though I owned 3-4 times the required threshold.

Generally, I take the hassles of being a shareowner advocate with a grain of salt. I’m able to ignore it and forget it but here’s a short list of things that stuck in my craw. Continue Reading →

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Video Friday: Richard Leblanc on Proxy Access & CIRI 2015

Dr. Richard LeBlanc

Dr. Richard LeBlanc

Watch Dr. Richard Leblanc talk about Proxy Access for boards and how it could be a corporate governance game-changer.

CCGC has endorsed proxy access. Dr. Richard LeBlanc discusses democracy in corporate governance. Proxy access is the corporate governance game changer. Business organizations have pushed back but some companies have voluntarily adopted it. “This is the right thing to do as far as corporate governance.” Continue Reading →

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The Habit Restaurants: Proxy Score 33

The Habit RestaurantsThe Habit Restaurants, Inc. (HABT), one of the stocks in my portfolio, operates fast casual restaurants under The Habit Burger Grill name in California, Arizona, Utah, and New Jersey, offers charbroiled hamburgers, specialty sandwiches, fresh salads, and shakes and malts. Their annual meeting is coming up on 6/23/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/15/2015. I also located the vote of CalSTRS.  I voted with the board 33% of the time and assigned Premiere Global Services a proxy score of 33. Continue Reading →

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Premiere Global Services: Proxy Score 67

Premiere Global ServicesPremiere Global Services, Inc. (NYSE:PGI), one of the stocks in my portfolio, offers virtual meeting solutions. Its cloud-based solutions provides multi-point, real-time virtual collaboration using video, voice, mobile, web streaming and file sharing technologies. Their annual meeting is coming up on 6/17/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/14/2015. I also located the vote of CalSTRS.  I voted with the board 67% of the time and assigned Premiere Global Services a proxy score of 67. Continue Reading →

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Ellie Mae: Proxy Score 50

Ellie MaeEllie Mae Inc (NYSE:ELLI), one of the stocks in my portfolio, is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. Their annual meeting is coming up on 6/17/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/11/2015. I also located the vote of CalSTRS.  I voted with the board 50% of the time and assigned Ellie Mae a proxy score of 50. Continue Reading →

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DaVita HealthCare Partners: Proxy Score 50

DaVita HealthCare PartnersDaVita HealthCare Partners Inc (NYSE:DVA), one of the stocks in my portfolio, is a biopharmaceutical company focused on the development and commercialization of therapies to treat serious diseases for which there are limited treatment options. Their annual meeting is coming up on 6/16/2015. ProxyDemocracy.org had the vote of two funds when I checked and voted on 6/11/2015.  I voted with the board 50% of the time and assigned DaVita HealthCare Partners a proxy score of 50. Continue Reading →

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Who Says Activist Investors Have Struck Out?

The passing US proxy season made lots of business headlines as the most turbulent ever (which I’ve found happens every year). But 2015 was still notable for the flood of activist initiatives targeting company boards of directors. Activists sought “no” votes on directors who set executive pay, or said no to stock buyback, dividend, or spinoff plans. They nominated their own candidates for board seats, sometimes even whole board slates. They generally caused a ruckus. Continue Reading →

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Medivation: Proxy Score 55

MedivationMedivation Inc (NASD:MDVN) is a biopharmaceutical company focused on the development and commercialization of therapies to treat serious diseases for which there are limited treatment options.. It is one of the stocks in my portfolio. Their annual meeting is coming up on 6/16/2015. ProxyDemocracy.org had the vote of two funds when I checked and voted on 6/9/2015.  I voted with the board 55% of the time and assigned Caterpillar a proxy score of 55. Continue Reading →

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Genomic Health: Proxy Score 60

Genomic HealthGenomic Health, Inc. (NASD:GHDX), one of the stocks in my portfolio, is a molecular diagnostics company focused on the global development and commercialization of genomic-based clinical laboratory services that analyze the underlying biology of cancer allowing physicians and patients to make individualized treatment decisions. Their annual meeting is coming up on 6/11/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/9/2015. I also included CalSTRS vote in the table below.  I voted with management 60% of the time and assigned Genomic Health a proxy score of 60. Continue Reading →

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SciClone Pharmaceuticals: Proxy Score 78

SciClone PharmaceuticalsSciClone Pharmaceuticals, Inc. (NASD:SCLN) is one of the stocks in my portfolio. Their product portfolio of therapies includes oncology, infectious diseases and cardiovascular disorders.discovers, develops, manufactures, and markets therapies for the treatment of neurological, autoimmune, and hematologic disorders in the United States and internationally. Their annual meeting is coming up on 6/11/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/9/2015.  I voted with management 78% of the time and assigned SciClone Pharmaceuticals a proxy score of 78. Continue Reading →

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Facebook: Proxy Score 0

FacebookFacebook Inc (NASD:FB) operates as an online retailer in North America and internationally. It is one of the stocks in my portfolio. Their annual meeting is coming up on 6/10/2015. ProxyDemocracy.org had the vote of three fund families when I checked and voted on 6/8/2015. I added the votes of CalSTRS in the table below. Like ALL the pre-disclosing funds, I voted with management 0% of the time. I assigned Facebook a proxy score of 0. Continue Reading →

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Biogen (BIIB): Proxy Score 47 – Proxy Access Victory

Biogen IdecBiogen Inc. (BIIB) discovers, develops, manufactures, and markets therapies for the treatment of neurological, autoimmune, and hematologic disorders in the United States and internationally. It is one of the stocks in my portfolio. Their annual meeting is coming up on 6/10/2015. ProxyDemocracy.org had the vote of five funds (removed 2nd Calvert from table below, since it was duplicative) when I checked and voted on 6/4/2015.  I voted with management 47% of the time and assigned Biogen a proxy score of 47. Continue Reading →

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Caterpillar (CAT): Proxy Score 39

CaterpillarCaterpillar Inc. (NYSE:CAT) manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. It is one of the stocks in my portfolio. Their annual meeting is coming up on 6/10/2015. ProxyDemocracy.org had the vote of two funds when I checked and voted on 6/4/2015.  As I was writing, CalSTRS also announced their vote. They voted against the board more than me. I voted with the board 39% of the time and assigned Caterpillar a proxy score of 39. Continue Reading →

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Netflix: Proxy Score 11

NetflixNetflix, Inc. (NFLX), an Internet television network, engages in the Internet delivery of TV shows and movies directly on TVs, computers, and mobile devices in the United States and internationally. It is one of the stocks in my portfolio. Their annual meeting is coming up on 6/9/2015. ProxyDemocracy.org had the vote of two funds when I checked and voted on 6/3/2015.  I voted with management 11% of the time and assigned Netflix a proxy score of 11. Continue Reading →

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Bay Area Workers/Unions Unwittingly Finance Fracking Boom

anti-fracking-marchBay Area workers and unions are increasingly joining the climate justice movement, but their pension funds have been quietly investing in the oil and natural gas boom.

Deep in the heart of Texas, the oil industry is still going strong. Take Navitas Midstream, a private corporation that specializes in transporting fossil fuels. Navitas is currently laying a pipeline that, when completed later this year, will funnel natural gas fracked from the Eagle Ford Shale into a processing plant that’s also under construction. Called the “La Bahia System,” the pipeline and plant will handle 120 million cubic feet of natural gas per day. La Bahia is part of a labyrinth of fossil fuel infrastructure that’s growing and will generate billions in profits for its owners — even with the current slump in oil prices. But it also is fueling the fracking boom and climate change. Continue Reading →

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Tesla Motors: Proxy Score 100

Tesla MotorsTesla Motors, Inc. (TSLA) designs, develops, manufactures, and sells electric vehicles, electric vehicle powertrain components, and stationary energy storage systems in the United States, China, Norway, and internationally. It is one of the stocks in my portfolio. Their annual meeting is coming up on 6/9/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/2/2015.  I voted with management 100% of the time and assigned Tesla Motors a proxy score of 100. Continue Reading →

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Kite Pharma: Proxy Score 50

Kite PharmaKite Pharma Inc (NASD:KITE), a clinical-stage biopharmaceutical company, focused on the development and commercialization of novel cancer immunotherapy products and is one of the stocks in my portfolio. Their annual meeting is coming up on 6/8/2015. ProxyDemocracy.org had the vote of one fund when I checked and voted on 6/1/2015.  However, I also picked up the votes of CalSTRS. I voted with management 50% of the time and assigned Kite Pharma, Inc. a proxy score of 50. Continue Reading →

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Governance, Disclosure and Share Price

Correlation

Correlation from XKCD.com

Good corporate governance means quicker, more frequent disclosures to the stock market. Or does it? The evidence varies by country, and in our research we wanted to check the relationship.

We used cross-country data from 23 OECD countries, firms with financial years ending between 1 January 2003 and 31 December 2008. We looked at company announcement information from more than 2,000 different firms, and share prices relating to 5,800 different firms. Continue Reading →

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