governance in brief

Governance in Brief – July 22, 2021

Prosus NV shareholders approved a voluntary share exchange offer for parent company Naspers. The deal seeks to decrease both companies’ significant NAV discount, particularly with regard to Prosus’ 28.9% stake in China’s Tencent.

governance in brief

Governance in Brief – July 15, 2021

The OECD will review the G20/OECD Principles of Corporate Governance aiming to adapt these “to the post-COVID-19 reality.” The organization noted that the pandemic aggravated structural weaknesses in the “corporate sector” and concluded that strengthening corporate governance should be a priority to promote economic recovery.

governance in brief

Governance in Brief – July 8, 2021

Sportswear retailer JD Sports Fashion’s annual general meeting concluded with the resolution to oust the remuneration committee chairman.

governance in brief

Governance in Brief – July 1st, 2021

Toshiba’s annual general meeting concluded with the resolution to oust the board chairman and an audit committee member after an independent probe into potential vote manipulation.

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Governance in Brief – June 24, 2021

The Activision Blizzard non-binding say-on-pay resolution was approved during the latest annual general meeting with only a 54% majority.

governance in brief

Governance in Brief – June 17, 2021

Netflix ‘s shareholders expressed discontent over the streaming giant’s governance structure and unresponsiveness towards past shareholder proposals.

governance in brief

Governance in Brief – June 10, 2021

The U.S. SEC will not enforce the changes to its proxy advisory regulations that it adopted in July 2020. Moreover, it will consider “further regulatory action” following a review of both these rules and related guidance documents issued in 2019.

governance in brief

Governance in Brief – June 3, 2021

A Dutch court has ordered Royal Dutch Shell (“Shell”) to reduce its CO2 emissions by net 45% by the end of 2030. The lawsuit was filed in April 2019 by NGO Milieudefensie and claims that Shell is “misleading the general public with regard to the (un)sustainability of its policies” and set “insufficient” climate ambitions.

governance in brief

Governance in Brief – June 3, 2021

A Dutch court has ordered Royal Dutch Shell (“Shell”) to reduce its CO2 emissions by net 45% by the end of 2030. The lawsuit was filed in April 2019 by NGO Milieudefensie and claims that Shell is “misleading the general public with regard to the (un)sustainability of its policies” and set “insufficient” climate ambitions.

governance in brief

Governance in Brief – May 20, 2021

Mizuho Financial Group, Japan's third largest bank by assets, will cease financing new thermal coal mining projects starting June 1.

governance in brief

Governance in Brief – May 12, 2021

The US 2021 proxy season has seen an early surge in failed say-on-pay votes amidst greater scrutiny on executive compensation.

governance in brief

Governance in Brief – May 06, 2021

The Hong Kong Stock Exchange has issued a consultation paper covering proposed amendments to its Corporate Governance Code and related listing rules

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Governance in Brief – April 29, 2021

Canadian National Railway (“CN”) has made an unsolicited bid to acquire U.S. rail carrier Kansas City Southern (“KCS”), sparking a bidding war with its largest domestic competitor Canadian Pacific Railway (“CP”).

governance in brief

Governance in Brief – April 22, 2021

Royal Dutch Shell’s May 18 AGM agenda includes an advisory vote on the company’s “Energy Transition Strategy,” which sets a goal of net-zero emissions by 2050.

governance in brief

Governance in Brief – April 15, 2021

Credit Suisse has announced far-reaching changes following the collapse of U.S. hedge fund Archegos Capital Management and UK supply chain finance company Greensill Capital. Archegos’ failure to meet margin commitments will cost Credit Suisse USD 4.7 billion, with the lender having liquidated USD 10 billion worth of funds managed with Greensill.

governance in brief

Governance in Brief – April 08, 2021

The shares of UK-based food delivery firm Deliveroo Holdings Plc dropped around 30% in their trading debut on the London Stock Exchange (“LSE”), on the back of investor concerns over the company’s business model and ownership structure.

governance in brief

Governance in Brief – April 01, 2021

The UK Government has launched a public consultation on proposed measures to improve the audit and governance regimes of public interest entities. The process was prompted by a spate of corporate failures such as those seen at Carillion and Thomas Cook. The proposals address audit purpose and scope, auditing market competitiveness, director accountability, and the creation of a new regulator with increased powers

governance in brief

Governance in Brief – Mar 25, 2021

Starbucks shareholders revolt over executive pay Starbucks faced a rare rebuke at its 2021 AGM, where its advisory say-on-pay resolution was rejected following opposition by 53% of votes cast. The executive pay proposal included two special one-time retention awards granted in December 2019

governance in brief

Governance in Brief – Mar 11, 2021

A recent review commissioned by HM Treasury recommends a slew of measures aimed at boosting the attractiveness of the post-Brexit London Stock Exchange as an IPO destination. Under the recommendations, the LSE premium listing segment would allow dual class share structures with a maximum 20:1 voting rights differential for up to five years post-IPO.

governance in brief

Governance in Brief – Mar 11, 2021

A Delaware court has invalidated a poison pill that had been adopted by U.S. energy firm The Williams Companies in March 2020. While poison pills have been traditionally conceived of as takeover protections, Williams’ pill is meant to deter activist campaigns by imposing substantial dilution on any shareholder acquiring a specified stake without prior board approval.