Tag Archives | survey

CalSTRS Best Place to Work: Survey Could Cinch Fourth Honor

CalSTRS was named a Best Place to Work in Money Management for 2017 by Pensions & Investments magazine. This year’s honor is the third CalSTRS has garnered—the only public pension plan to do so. They could cinch a fourth such honor by surveying member values.

Pensions & Investments, a global news source for money management, created the survey and award program, which is dedicated to identifying and recognizing the best employers in the money management industry. Continue Reading →

Continue Reading ·

ISS: Vote Against Directors Adopting Lite Proxy Access

Vote Against Directors

Vote Against Directors Adopting Lite

ISS’s 2015-2016 global voting policy survey indicate investors are prepared to vote against directors at companies that ignore shareholders wishes and adopt proxy access mechanisms with overly burdensome ownership requirements.

An overwhelming majority of investors said ISS should issue negative director recommendations if a shareholder proposal to provide proxy access receives majority support and a board adopts proxy access with material restrictions not contained in the shareholder proposal. 90% said an against or withhold vote in a director election would be warranted if a provision had an ownership threshold in excess of 5% or an ownership duration in excess of three years. From the ISS press releaseContinue Reading →

Continue Reading ·

Participate in the ISS Annual Policy Development Process

ISSInstitutional Shareholder Services Inc.(ISS), a leading proxy advisor, kicked off its annual global policy formulation process in July 2013 by inviting institutional investors, corporate issuers, corporate directors and various other governance market constituents to participate in its 2014 proxy voting policy survey.  This year, the survey has been streamlined to encourage global market participants to provide regional input on corporate governance issues that are pertinent to all capital markets worldwide. I encourage all investors to participate.  ISS influence the vote; you should influence them.  Continue Reading →

Continue Reading ·

Expect a More Active Proxy Season

The 2012 edition of Shareholder Activism Insight sees increasing opposition from shareowners during the next proxy season, according to 78% of respondents. Fully 84% predict an increase in the number of shareholder proposals with the financial services sector hit the hardest. One quarter of corporate executives think 30% or more of shareowner proposals will obtain a majority vote.

In the second quarter of 2012, Schulte Roth & Zabel commissioned mergermarket to interview senior corporate executives and activist investors regarding their experience with shareholder activism and their expectations for the upcoming 12 to 24 months. Continue Reading →

Continue Reading ·

CorpGov Trends at Largest US Public Companies

2010 Corporate Governance of the Largest US Public Companies General Governance Practices (Shearman & Sterling LLP, pdf) The survey provides a wealth of data concerning board practices at the top 100 companies. A few highlights with a focus on issues of significance to shareowners:

  • 82 have implemented some form of majority voting in uncontested director elections, up from 75 last year. In light of the fact that the Reform Act does not include a majority voting requirement with respect to uncontested elections, it is likely that majority voting will receive a great deal of attention during the 2011 proxy season.
  • Independent directors constituted 75% or more of the directors on the boards of 88 of the Top 100 Companies surveyed this year. The CEO was the only non-independent director at 59 of the Top 100 Companies.
  • Fifteen of the Top 100 Companies have a Chief Risk Officer. In addition, the boards of directors of eight of the Top 100 Companies have a risk committee, and nine of the other Top 100 Companies have a risk committee generally comprised of members of management.
  • Separate individuals serve as CEO and chair of the board at 30 of the Top 100 Companies, but of these companies only 11 have adopted an explicit policy of splitting the two offices. The chair is independent at 17 of the 30 companies with a separate chair. All 70 of the Top 100 Companies that have combined the offices of CEO and chair of the board have appointed a lead independent director.
  • Of the Top 100 Companies, only six have a Shareholder Rights Plan or “Poison Pill.”
  • Of the Top 100 Companies, 20 have a Classified or Staggered Board of Directors.
  • Of the Top 100 Companies, 69 disclosed transactions in which the company was a participant and in which a related person had a direct or indirect material interest.

Shareholder proposals for Removal of Supermajority Voting Requirement, Director Elections by Majority Vote and Shareholder Action by Written Consent all had an average level of support of over 50%. Most frequently submitted shareowner proposals:

  • Independent Board Chair
  • Two Nominees for Each Director Position
  • Cumulative Voting for Directors
  • Annual Election of Directors
  • Redemption of, or Shareholder Vote on, Poison Pill
  • Director Elections by Majority Vote
  • Removal of Supermajority Voting Requirement
  • One Vote Per Share
  • Certain Shareholders Can Call Special Meetings
  • Reincorporate in North Dakota
  • Shareholder Action by Written Consent
  • Succession Policy
Continue Reading ·

Powered by WordPress. Designed by WooThemes