Shareholders Archive

Shareholders

SEC proposal highlights differences on shareholder proposals

Nov 08, 2019
Ben Maiden
SEC proposal highlights differences on shareholder proposals
The SEC on Tuesday voted to propose amendments to Rule 14a-8, which governs the process for determining which shareholder proposals wind up in a company’s proxy statement, in a move highlighting the differing views companies and investors have on the process. At present, a proponent must hold at least $2,000 or 1 percent of a company’s shares for at least one year to be eligible to submit a propo...
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Shareholders

Canadian shareholder activism increases in scope, says Laurel Hill

Nov 07, 2019
Mike Schnitzel
Canadian shareholder activism increases in scope, says Laurel Hill
Shareholder activism in Canada is evolving and becoming more sophisticated. While down in terms of volume, it has ‘grown in prominence, scale and momentum,’ according to Laurel Hill’s fifth annual Trends in Corporate Governance report. So far in 2019, 44 companies have been subject to activist demands in Canada, compared with 69 in all of last year. ‘When people think of activism, they generally think of board battles,’ says David Salmon, president ...
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Shareholders

SEC investor advocate seeks action on dual-class shares

Oct 23, 2019
Ben Maiden
SEC investor advocate seeks action on dual-class shares
SEC investor advocate Rick Fleming has urged the commission and US exchanges to take action against dual-class share structures. Speaking at an International Corporate Governance Network event in Miami recently, Fleming noted that SEC efforts to essentially ban the creation of super-voting share classes had been thwarted in court some years ago. ‘[B]ut there is still a lot the SEC can do,’ he said. ‘For example, the SEC’s investor advisory committee, on whic...
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Shareholders

‘Anyone can be an activist now,’ warn Canadian governance advisers

Oct 22, 2019
Ben Ashwell
‘Anyone can be an activist now,’ warn Canadian governance advisers
Shareholder activism hit record highs in Canada during 2018 and, while the activity has trailed off somewhat this year, speakers at the inaugural Corporate Secretary Think Tank – Canada cautioned that there is an increase in first-time activists. In 2018 there were 78 activist campaigns in Canada, 57 of which had taken place by July, according to data from Activist Insight. In 2019, 28 companies had been targeted by July – marking a 40 percent year-on-y...
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Shareholders

Groups reject revised 14a-8 no-action approach

Sep 24, 2019
Ben Maiden
Groups reject revised 14a-8 no-action approach
Groups including Ceres and the Council of Institutional Investors have called for the SEC’s division of corporation finance to drop its recently revised approach to handling shareholder proposals that companies want to exclude from AGMs. The groups argue in a letter to division director William Hinman that the altered process ‘reduces transparency and ...
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Shareholders

Kraft Heinz shareholders reject meat-alternatives proposal

Sep 20, 2019
Ben Maiden
Kraft Heinz shareholders reject meat-alternatives proposal
Shareholders in The Kraft Heinz Company have overwhelmingly rejected a proposal that would have pressed the food firm’s board to disclose its plans regarding meat-based protein alternatives as such products grow in popularity. The vote took place against a background where companies selling meatless proteins have been attracting a great deal of attention. Beyond Meat launched a high-profile IPO in May and Impossible Foods announced this week that its Impossible Bu...
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Shareholders

CFA Institute: Mifid II causing ‘tectonic shifts’ in US

Sep 05, 2019
Andrew Holt
CFA Institute: Mifid II causing ‘tectonic shifts’ in US
Europe’s Mifid II regulation has had a profound impact on US research, according to new analysis from CFA Institute. ‘Mifid II is also causing tectonic shifts in the competitive balance between asset managers, brokers and research providers,’ the institute’s report states. ‘Sophisticated asset owners, for example, have long called for disclosure of research costs paid through client brokerage, but with little success. ‘Sensing the change in compet...
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