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Perspectives on Cyber Risk
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Shareholder activism
July 17, 2017 1:30 PM |
Perpetual lose ten year battle against the two Millner family companies Washington H Soul Pattinson and Brickworks [read more]
June 5, 2017 4:45 PM |
62.2% of Exxon investors have voted for ExxonMobil to publish an annual assessment of the impact of climate policies on its business in face of board opposition [read more]
June 5, 2017 4:40 PM |
Investor proposals filed at Facebook and Alphabet Inc (the parent company of Google) urged the companies to issue a report reviewing the public policy issues associated with fake news [read more]
May 15, 2017 12:40 PM |
The Australasian Investor Relations Association has released a draft code aimed at improving engagement between listed companies and proxy advisers. [read more]
May 8, 2017 2:08 PM |
The Asset Owners Disclosure Project has asserted that its latest Global Climate Index shows that the world's biggest investors are 'rapidly scaling up action to protect their portfolios'. [read more]
May 8, 2017 1:53 PM |
At Santos’ AGM, activist shareholders failed in their bid to request the company to comply with the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures. [read more]
March 27, 2017 1:53 PM |
State Street Global Advisors has urged boards to focus on the risks a 'host of environmental and social sustainability issues' pose to long-term viability. [read more]
February 20, 2017 3:28 PM |
A study examining shareholder proposals at 198 ASX 300 companies over 10 years has found that 92% of the 877 proposals concerned the election or removal of directors. [read more]
December 12, 2016 3:21 PM |
The UK Pensions and Lifetime Savings Association has released its AGM season report, arguing that boards and asset managers must do more to address shareholder concerns over CEO pay. [read more]
November 14, 2016 1:45 PM |
The results of Activist Insight's latest survey reveal, among other things, that the activist selection process is 'a mixture of careful review and opportunism, not one or the other'. [read more]
October 17, 2016 11:14 AM |
Studies suggest that activism is spreading outside the US, and that Australia is becoming a key target (thanks in part to its corporate governance rules) [read more]
August 22, 2016 3:40 PM |
A research project exploring the impact of the 'two strikes' rule in Australia has found, among other things, that shareholders are not as upset about pay as the media suggests. [read more]
July 11, 2016 1:28 PM |
Activist Insight Monthly's half year review has asserted that 'activism is here to stay', while activist short sellers have become a 'growing force'. [read more]
June 20, 2016 12:57 PM |
MinterEllison's Sarah Barker and Maged Girgis have argued that recent international developments have raised the bar on climate change disclosure and governance. [read more]
June 14, 2016 2:36 PM |
The Full Federal Court has dismissed ACCR's appeal against the Federal Court's decision that CBA was entitled to exclude certain shareholder resolutions from its notice of AGM. [read more]
May 2, 2016 12:59 PM |
Following a 'first strike' against Woodside's remuneration report, chairman Michael Chaney has noted the 'impossible' challenge of structuring pay to satisfy all shareholders. [read more]
May 2, 2016 12:56 PM |
According to media reports, the UK is experiencing a second 'shareholder spring' as investors continue to protest against executive pay packages. [read more]
April 18, 2016 12:11 PM |
MinterEllison partners have predicted that activism may be on the rise (particularly in WA), and advise boards to engage with activists in a 'neutral and open-minded way'. [read more]
April 4, 2016 4:01 PM |
Shareholder activists, short-termism and culture (among other things) have been blamed for the recent events at Valeant Pharmaceuticals. [read more]
March 9, 2016 1:13 PM |
AMP Capital has released its 2015 full year Corporate Governance Report, which discusses AMP's proxy voting over the period as well as its approach to shareholder engagement. [read more]
February 17, 2016 12:39 PM |
Shareholder activists, particularly in the US, have reportedly been focusing their attention on financial institutions of all sizes – aiming to break up the large ones, and to consolidate the smaller ones. [read more]
February 3, 2016 1:18 PM |
Recent shareholder activist campaign developments: American International Group, SunEdison, Electra, United Continental Holdings, Xerox Corp, JKX Oil & Gas and Alcoa. [read more]
February 3, 2016 1:14 PM |
Activist Insight and Schulte Roth & Zabel have released their annual review of activist investing, finding among other things that the number of companies targeted in Australia in 2015 grew by 27%. [read more]
December 9, 2015 4:08 PM |
A recent academic paper has found that market mechanisms other than activist hedge funds seem, on average, more successful in turning poorly performing firms around. [read more]
November 25, 2015 12:22 PM |
A new survey suggests that activism 'continues to change', with activists holding shares for longer periods, increasing operational activism, and spending more time conducting due diligence. [read more]
November 25, 2015 12:19 PM |
Recent developments in US activist campaigns: AIG, Casella Waste Systems, Ethan Allen Interiors, DATATRAK International, Kobex Capital Corp, ITG and Yahoo. [read more]
September 23, 2015 12:52 PM |
A recent paper written by two internationally renowned American academics asserts that regulators, or failing that companies themselves, should take steps to protect longer-term shareholders from the potential downsides of hedge fund activism. [read more]
August 19, 2015 2:25 PM |
A recent study has found 'strong evidence' that in the US managerial skill, rather than reputation, is the reason behind the 'performance persistence' exhibited by hedge fund activists. [read more]
August 19, 2015 2:23 PM |
Activist Insight's Josh Black has suggested that activism has the capacity to 'upscale its ambitions' in the Australian market. [read more]
August 19, 2015 2:15 PM |
Activist campaign developments this week: American Express, Mondelez International, Baxter International, Hill International, Cinedigm Corp, MedAssets and Samsung C&T. [read more]
August 19, 2015 2:13 PM |
Columbia University's Professor John Coffee has discussed the growing impact hedge fund activism is having on US corporations, cautioning that Australian companies may be future targets. [read more]
August 5, 2015 2:38 PM |
The Federal Court has held that CBA was entitled to exclude from its notice of AGM certain proposals relating to greenhouse gas emissions put forward under s 249N of the Corporations Act. [read more]
July 15, 2015 5:51 PM |
A new EY report says there are four key takeaways from the US 2015 proxy season: proxy access, investor engagement, activist hedge funds and shareholder proposal. [read more]
July 8, 2015 1:42 PM |
A recent study conducted by Proxy Monitor found that shareholder-proposal activism by large US public pension funds has not generated share value for targeted companies. [read more]
July 8, 2015 1:42 PM |
A recent study conducted by Proxy Monitor found that shareholder-proposal activism by large US public pension funds has not generated share value for targeted companies. [read more]
June 17, 2015 1:14 PM |
Minter Ellison partner Alberto Colla has discussed the likely impact of increased shareholder activism on Australian M&A activity. [read more]
June 10, 2015 12:39 PM |
'There is no substitute for preparation': Martin Lipton articulates a checklist for US companies preparing for or responding to a hedge fund attack. [read more]
June 3, 2015 5:24 PM |
Australian, US and UK companies are holding back on capital expenditure, a trend attributed variously to investor pressure, risk management, shareholder activism and pay incentives. [read more]
May 27, 2015 11:52 AM |
US pension funds have adopted divergent views on shareholder activism as they 'grapple with how much risk to take to achieve promised returns'. [read more]
May 20, 2015 4:49 PM |
Trian Fund Management has failed in its bid to appoint its nominees to DuPont's board, which might inspire other companies to stand up to activists. [read more]
May 13, 2015 2:59 PM |
The proxy battle at DuPont raises questions as to whether giving activists the benefit of the doubt in the case of well-run companies is appropriate. [read more]
May 6, 2015 2:08 PM |
This week's US activist campaign developments: Myers Industries, Rovi, DuPont, Yum Brands, Macerich and Casella. [read more]
May 6, 2015 2:06 PM |
US commentators contend that anti-activist Martin Lipton's advice to companies to engage or even settle with activists is a turning point for shareholder activism. [read more]
April 29, 2015 5:02 PM |
At BP’s AGM, over 98% of votes cast were in favour of the resolution proposed by the ‘Aiming for A’ shareholder coalition requiring increased disclosure in relation to climate related issues. [read more]
April 29, 2015 4:57 PM |
This week's activist campaign developments: Legacy Oil + Gas, Gran Tierra Energy, iPass, Tempur Sealy International, Furmanite Corporation, DuPont, LSB Industries, Insperity, Alliance Trust and Fanuc. [read more]
April 29, 2015 4:56 PM |
ISS approves activist hedge fund Third Point's controversial ‘golden leash’ for two of its director candidates at Dow Chemical, which may provide some guidance to other activists on how to structure such arrangements. [read more]
April 22, 2015 10:34 AM |
Blackrock's CEO Laurence Fink has urged America's CEOs to focus on long-term growth. [read more]
April 22, 2015 10:33 AM |
French media conglomerate Vivendi has introduced double-voting rights for long-term shareholders, while reaching consensus with US hedge fund P. Schoenfeld Asset Management. [read more]
April 22, 2015 10:30 AM |
The latest developments in US activist investor campaigns. [read more]
April 15, 2015 3:05 PM |
Commentators in the US are continuing to debate the effectiveness of activist hedge funds, with critics claiming they have an adverse impact on target companies and their creditors. [read more]
April 15, 2015 12:14 PM |
To effectively prepare for potential activist campaigns in any country, a PwC report advises companies to 'put themselves in the shoes of an activist'. [read more]
March 31, 2015 8:58 AM |
ASIC responds to claims that it is hampering activists' efforts to propose a board spill. [read more]
March 25, 2015 11:59 AM |
General news in shareholder activism. [read more]
March 18, 2015 2:14 PM |
Chief Justice Strine of the Delaware Supreme Court advises that advocates for social responsibility accept the law for what it is. [read more]
March 18, 2015 2:08 PM |
Computershare report summarises meetings trends, noting that less companies are receiving a 'second strike' on their remuneration reports, online voting is on the rise and attendance is declining. [read more]
March 18, 2015 2:06 PM |
Directors should consider both the long and short-term objectives of the company and shareholders, asserts an article by US lawyers. [read more]
March 11, 2015 10:45 AM |
Global shareholder activism campaigns. [read more]
March 4, 2015 2:09 PM |
Shareholder activism campaigns in the US. [read more]
February 25, 2015 10:55 AM |
An increasing number of US corporations are employing external advisers to evaluate boards and help tough decision-making. [read more]
February 18, 2015 8:39 AM |
Senate Economics Legislation Committee releases report discussing submissions on the Corporations Legislation Amendment (Deregulatory and Other Measures) Bill which seeks to abolish the '100 members' rule and indicates its satisfaction with the proposed amendments. [read more]
February 18, 2015 8:37 AM |
Nasdaq report reveals trends in the activism industry, noting exponential growth and a shift in focus. [read more]
February 11, 2015 11:38 AM |
Shareholder group Interfaith Center on Corporate Responsibility targets Citigroup and Fargo to publish reviews of their business standards as Wall Street struggles to define 'culture'. [read more]
February 11, 2015 11:36 AM |
More activist campaigns in the US. [read more]
February 11, 2015 11:33 AM |
Activist campaigns in the US. [read more]
February 3, 2015 4:52 PM |
Ousting of McDonalds' CEO signifies a change in boardroom attitude towards succession, asserts Fortune. [read more]
January 28, 2015 10:32 AM |
Additional activist campaigns running in North America. [read more]
January 28, 2015 10:30 AM |
Activist investor Carl Icahn pushes for takeover-friendly governance structures at eBay and Gannett spinoffs. [read more]
January 28, 2015 10:27 AM |
A survey of institutional investors reveals strong support for activism, primarily due to its capacity to drive change, and commentators expect activist hedge funds to target Australia [read more]
January 19, 2015 9:58 AM |
Activist Nelson Peltz wages proxy war against chemical giant DuPont, asserting underperformance and outdated governance of spinoff. [read more]
December 10, 2014 2:44 PM |
A 'landmark' activism victory reignites debate as to who is Wall Street's 'most feared activist'. [read more]
December 3, 2014 11:53 AM |
Brickworks to face-off with Perpetual in the Federal Court. [read more]
November 26, 2014 9:01 AM |
The Murdoch family retains control of News Corp after a protest vote against the dual-class share structure narrowly loses. [read more]
November 12, 2014 12:22 PM |
Delaware Court finds that representatives of investors who sit on corporate boards are at risk of personal liability for breach of loyalty if their decision-making is found to be advantageous to the represented investor or hedge fund but contrary to the interests of shareholders generally. [read more]
November 12, 2014 12:14 PM |
Companies should prepare to protect themselves against activist campaigns by regularly engaging shareholders and assessing their strategy, governance and other topical issues such as executive pay on an ongoing basis, argues an American lawyer. [read more]
October 29, 2014 3:26 PM |
Globe International Limited is set to hold a second board spill meeting as its remuneration report was rejected for the fourth year in a row. [read more]
October 29, 2014 1:02 PM |
A study by Deutsche Bank reportedly indicates that attitudes towards activist investments have changed substantially. [read more]
October 22, 2014 10:15 AM |
Abandonment of the '100 members rule' should save the corporate sector $14.2million annually [read more]
October 22, 2014 10:14 AM |
The contentious 'two-strikes' rule continues to divide opinion among corporate directors [read more]
October 9, 2014 10:44 AM |
Survey reveals corporate governance practices of top 100 US companies. [read more]
September 8, 2014 4:24 PM |
Shareholders, creditors and litigation funders are increasingly seeking access to D&O policies, with premiums predicted to rise as a result. [read more]
September 8, 2014 4:22 PM |
HKEx publishes concept paper on weighted voting rights. [read more]
September 8, 2014 4:20 PM |
There is speculation that a court ruling on a class action funding arrangement may fuel further growth in litigation, says The AFR. [read more]
August 27, 2014 9:12 AM |
US companies are favouring buybacks over dividends to reward shareholders, but not all commentators agree with this approach. [read more]
August 13, 2014 11:29 AM |
The world's largest sovereign fund, Norway Pension Fund Global, will reveal its voting intentions prior to corporate meetings. [read more]
August 6, 2014 9:45 AM |
Woodside-Shell selective buyback plan defeated by institutional opposition to the unequal treatment of shareholders. [read more]
July 7, 2014 10:33 AM |
The Law Commission for England and Wales has found that pension trustees should take into account environmental, social or ethical factors where they are financially material, but where they are not such factors are only relevant in limited circumstances. [read more]
June 24, 2014 4:06 PM |
In the US, shareholder activist proposals have 'crept back up' according to analysis by The FT, but business is mounting. [read more]
June 4, 2014 4:34 PM |
Australian superannuation funds are playing an increasing role in the outcome of 'key corporate decisions'. [read more]
May 23, 2014 2:31 PM |
Academics argue that political leaders need to acknowledge effective corporate governance involves the consideration of a variety of parties. [read more]
May 20, 2014 8:56 AM |
Treasury Wine asks court to suspend class action. [read more]
May 19, 2014 1:39 PM |
A new article criticises 'crude' good/evil divide in shareholder democracy debate. [read more]
April 28, 2014 10:27 AM |
US Securities and Exchange Commission (SEC) commissioner Daniel Gallagher has criticised the SEC's shareholder proposal rules and called for reforms. [read more]
April 11, 2014 12:14 PM |
The head of Credit Suisse's global Contested Situations team has said that Australia offers an 'attractive opportunity' for activist investors, who are apparently doing their due diligence here. [read more]
March 31, 2014 10:38 AM |
Delaware Chief Justice says curb shareholder powers. [read more]
March 24, 2014 12:26 PM |
The federal government is reportedly planning to amend the '100-member rule' under s 249N and perhaps s 249D of the Corporations Act as part of its deregulation agenda: Tony Boyd argues it will be 'a loss for retail shareholder. [read more]
March 18, 2014 12:10 PM |
'Long suffering' Barclays' investors say the 'bonus issue is on a collision course with shareholders again' after the bank's decision to increase the staff 'bonus pot' by 10% despite profits falling by a third. [read more]
March 10, 2014 2:31 PM |
Chanticleer claims that Australian boards are preparing for 'what is expected to be a wave of US-style shareholder activism hitting our shores'. [read more]
March 10, 2014 2:23 PM |
Billabong faces potential class action. [read more]
March 7, 2014 3:52 PM |
Another instalment in the disagreement between Professor Bebchuk and Martin Lipton on the long-term effects of shareholder activism. [read more]
March 7, 2014 3:49 PM |
Coalition committee pushes for employee share scheme reform. [read more]
March 7, 2014 3:46 PM |
The Governance Institute of Australia, together with governance expert Sandy Easterbrook, has launched draft guidelines for public consultation on 'improving engagement between ASX-listed entities and their institutional investors'. [read more]
March 7, 2014 3:27 PM |
New York Attorney General has announced 'interim agreements' with 18 prominent Wall Street firms to stop their practice of cooperating with analyst surveys administered by 'elite… clients at the expense of others'. [read more]
March 7, 2014 3:24 PM |
According to the latest GPS-Melbourne Institute Leading Index of Shareholder Confidence, a 'significant majority' of retail investors support the introduction of a corporate governance rating system. [read more]
February 24, 2014 12:42 PM |
Bentham IMF Limited has announced a potential shareholder class action against the failed Forge Group Limited, 'alleging misleading and deceptive conduct and breach of continuous disclosure obligations'. [read more]
February 6, 2014 2:06 PM |
A group of American company directors, institutional investors and advisory firms have launched the Shareholder-Director Exchange to provide guidance on shareholder engagement and 'counter the growing influence' of activists. [read more]
December 13, 2013 5:01 PM |
'[I]ncreased shareholder governance reduces firm value', reveals a new academic paper from the US. [read more]
December 13, 2013 10:24 AM |
Bob Austin and John Steven discuss the trend of shareholder activism, examining what it is, where it came from and how it applies in Australia. Video | Shareholder activism [read more]
December 10, 2013 2:53 PM |
Perpetual and Carnegie are reportedly preparing a cross claim to the Federal Court action brought by Brickworks' independent directors against them, alleging oppression of Brickworks' shareholders. [read more]
December 10, 2013 2:48 PM |
US Securities and Exchange Commission chair, Mary Jo White, extols the virtues of shareholder activism. [read more]
December 6, 2013 2:59 PM |
Leading American lawyer, Martin Lipton, has written about some of the corporate governance challenges facing US boards in the year ahead. [read more]
December 5, 2013 4:49 PM |
Activist funds said to increase corporate and performance, but at the expense of workers. [read more]
November 27, 2013 3:51 PM |
Brickworks has commenced legal proceedings in the Federal Court of Australia alleging inadequate disclosure by Perpetual and Mark Carnegie of their proposal to unwind the cross-ownership structure between Brickworks and Washington H Soul Pattinson. [read more]
November 27, 2013 3:48 PM |
US lawyer Martin Lipton has provided insights on the tactics of shareholder activists and strategies for dealing with activist campaigns. [read more]
November 19, 2013 11:58 AM |
Improvements in Hong Kong’s corporate governance standards may impact on the city’s economy, as some industry participants argue the changes have deterred some companies from listing there. [read more]
November 12, 2013 3:20 PM |
The Australian Institute of Company Directors has urged the Productivity Commission to impose regulatory restrictions on litigation funders and class actions. [read more]
November 11, 2013 11:43 AM |
The UK Financial Conduct Authority is proposing reforms to the UK listing regime in order to 'promote appropriate' corporate governance standards in companies with a controlling shareholder and better protect the rights of minority shareholders.    [read more]
November 5, 2013 4:46 PM |
Activist hedge funds are multiplying and spreading across the globe in a bid to exploit new opportunities, says a recent Citibank report.  [read more]
November 5, 2013 4:41 PM |
The UK Government is proposing fundamental changes to some duties owed by the directors of major UK banks.  [read more]
November 1, 2013 4:36 PM |
APRA has warned banks to 'maintain adequate capital buffers' by limiting dividends. [read more]
November 1, 2013 4:29 PM |
CAMAC is reviewing crowd sourced equity funding. [read more]
October 7, 2013 2:32 PM |
Allegations of corruption against Leighton Holdings reduces the company's market capitalisation by nearly $1 billion. [read more]
October 7, 2013 2:31 PM |
A new study suggests that short-selling can be used to improve corporate governance. [read more]
September 27, 2013 1:50 PM |
American experts argue for the break-up of proxy advisory firms. [read more]
September 27, 2013 1:46 PM |
The Hong Kong Stock Exchange turns down the biggest IPO in three years. [read more]
September 16, 2013 11:25 AM |
Some of the UK's largest institutional investors have demanded less frequent revisions of executive rewards schemes, claiming too much time is taken up responding to remuneration consultations. [read more]
September 12, 2013 11:22 AM |
Increasingly stringent capital requirements may mean lower bank dividends in the future. [read more]
September 10, 2013 11:07 AM |
A major UK investor issues edict to FTSE CEOs on remuneration. [read more]