Responsible Investor

US faith shareholders to pressure Amazon, Boeing and GE over potential tax danger

ICCR publishes its proxy resolutions for 2012.

RI Governance, Feb. 2: MSCI’s governance earnings slip in fourth quarter

RI’s regular review of governance developments

Ontario Teachers fund writes to 665 companies outlining exec pay expectations

Canada’s Teachers gets specific on remuneration

RI Governance, Jan. 26: New proxy consultant launches in UK

RI’s regular round-up of govenrance and engagement news

Shareholders withdraw Pfizer lobbying resolution as company agrees to dialogue

Pharma giant commits to “future dialogue”

Major US corporate lobby groups tells SEC to regulate proxy firms as investment advisers

US regulator to issue ruling in coming months.

Vedanta Wal-Mart and Freeport most excluded companies in European investor sample: Novethic

15 most blacklisted companies listed by large investors.

FREE UK confirms binding shareholder votes on future executive pay

Government issues measures to address pay “disconnect”

New Dutch class action pay-out could lead investors to chase US claims in the Netherlands

Lawyers exploit Dutch Court of Appeals to get shareholder damages.

FREE Major investor coalition seeks disclosure of US corporate lobbying expenditure

Shareholder resolutions tabled at 40 blue chip companies

RI Governance & Engagement, Jan. 19: Tokyo exchange planning governance changes

RI’s regular round-up of governance and engagement news

Siemens faces investor call at Jan 24 AGM to quit US Chamber of Commerce over bribery issue

German company faces ‘reputation risk’ say investors as DoJ reviews Foreign Corrupt Practices Act.

Investors braced for key UK executive pay proposals next week as Fidelity enters debate

Long-awaited government pay proposals to be unveiled by Business Secretary Vince Cable

UK investors meet with government and warn that binding pay vote could backfire

Proposal to vote on ‘forward-looking’ pay policy floated.

Bank of America seeks to omit NY funds’ proposal on mortgage foreclosures

RI Governance & Engagement, Jan. 12: CalSTRS votes against entire Aberdeen AM board

RI’s regular review of governance and engagement developments

British Columbia investment giant hires corporate engagement manager

Canadian investor hires engagement specialist from mutual fund firm

UK government indicates binding pay vote on the way: but will it work?

PM Cameron says there is a market failure on pay, so let the ‘market’ decide!

FREE €3trn investor group sets out to improve quality of engagement

Goal to make engagement “more rewarding” for investors and companies

RI Governance & Engagement, Jan. 5: Funds take legal action over failed brokerage MF Global

SEC planning rules on disclosure of investors’ executive pay votes

New provisions under the Dodd-Frank Act

Bob Monks hits out at SEC plans to clamp down on shareholder voting advisers

ISS founder says proxy firms are the only service sector not “suborned” by corporate management.

FREE Dutch pension giant excludes Wal-Mart and PetroChina

Divestments over non-compliance with Global Compact

Olympus scandal highlights need for tighter focus on corporate governance in Japan

Increased levels of accountability and transparency are needed if Japanese companies are to attract long-term shareholders.

RI Governance & Engagement, Dec. 22: New York City funds hold big banks to account

RI’s regular review of governance and engagement news

FREE ESG USA keynote: Thomas Di Napoli, New York State Comptroller, Trustee, New York State Common fund

State finance chief talks ESG, engagement, BP, fracking and climate change.

SEC says proxy voting firms face US legal clampdown

Regulation advice follows suggestion of rules in the EU last month.

FREE US pension fund starts class action against Bank of New York Mellon

Investor suit over foreign exchange trading controversy

RI Governance & Engagement, Dec. 15: US pension funds take on drilling firm Nabors over pay

RI’s regular look at governance and engagement news

FREE €9bn Church investors to exclude high interest-rate lenders

Ethical advisory group “not prepared to sanction” investment

Asset owners seeking stewardship assurance from fund managers - watchdog

Stewardship becoming integral to investment mandates, says FRC

Investors should examine their exposure to companies linked to Western Sahara

Investors have responsibilities to ensure that they don’t sustain or aggravate conflict

RI Governance & Engagement, Dec. 8: Australian govt looks at role of AGMs

RI’s regular round-up of governance and engagement news

NAPF survey says 72% of UK’s biggest pension funds to use RI criteria in manager hires

Trade body says funds also becoming more ‘hands on’ with investee companies.

NYC funds withdraw Hewlett-Packard sustainability proposal after engagement

Pension fund meeting with HP’s sustainability chief

FREE Norwegian Finance Ministry puts France’s Alstom on watch over corruption

FMC Corp. and Potash Corp. excluded over Western Sahara operations

Norwegian government fund seeks to nominate directors at big US firms

Norges makes its first ever ‘proxy access’ move

NBIM to publish written expectations on board accountability

One of six strategic focus areas for influential investor

MP warns investors about News Corp. computer hacking allegations

Local Authority Pension Fund Forum conference told of risks

RI Governance & Engagement, Dec. 1: Class action lawyers looking at Olympus

RI’s regular round-up of governance and engagement news

Giant UK coal mining pension funds sign up to Stewardship Code

Latest asset owners to issue compliance statement

FREE New Zealand Super Fund rejects media criticism of Grasberg mine investments

Investor says engagement is working at world’s largest gold mine

FREE BSkyB AGM: 19% of shareholder votes go against James Murdoch

Shareholders make their views known at media company

The risks of failing to act effectively on executive remuneration

It is worth considering the High Pay Commission’s proposals in detail.

RI Governance & Engagement, Nov. 24: New engagement on Canadian oil sands

The regular round-up of governance and engagement developments

California pension giant votes against entire BSkyB board

Investor pressure ahead of next week’s AGM

FREE Hermes Fund Managers’ CEO Clarke steps down

Change at the top of major responsible investor

US sustainable investment forum raises concerns over integrated reporting (amended)*

US SIF fears diminished ESG reporting

FREE Singapore panel calls on shareholders to vote responsibly at AGMs

Engagement guidance released alongside new Corporate Governance Code

UK High Pay report recommendations look set to influence govt. action on investors

Shareholder/pay consultation ends this Friday as commission cites ‘deeply damaging’ excesses.

AEGON makes major new RI statement for €413bn group assets

Insurer to make third party managers RI compliant.

EU issues resumé of responses to corporate governance green paper

Document indicates thinking of industry respondents on the main reform questions.

RI Governance & Engagement, Nov. 17: US manager targets Cisco on freedom of expression

RI’s regular round-up of governance news.

TUC: manager voting survey indicates shareholders “not doing their job properly”

Challenge comes as UK government reiterates exec pay legislation threat.

LAPFF opposes James Murdoch’s re-election as BSkyB chairman

Voting alert follows engagement and evidence before Parliament

FREE Proxy firm ISS names Aviva’s Marshall as European research head

Asset manager’s regional head joins influential advisory firm

RI Governance & Engagement, November 10: NBIM takes on Goldman over mortgage securities

RI’s regular review of governance news

UK MPs suggest Stewardship Code improvements in anniversary report

ABI, TUC and BlackRock all contribute to Stewardship thought papers.

BSkyB shareholders add to Murdoch pressure by declaring no vote for Chair re-election at Nov 29 AGM

UK parliamentary hearing takes place today.

FREE CalSTRS wants yearly reports on political contributions

Vote at giant fund’s investment committee formalises procedure

RI Governance & Engagement, Nov. 3: €10bn UK fund tenders proxy voting

RI’s regular round-up of governance and engagement developments

RI Governance & Engagement, Oct. 27: Australia pilots Extractive Industries Transparency Initiative

RI’s regular round-up of governance news

FREE HSBC, Microsoft and Coca-Cola back integrated reporting pilot project

More than 40 global corporations named as participants by IIRC

GMI’s CEO departs less than a year after merger

Executive Chairman steps in as interim CEO.

Dutch pension giants vote against Murdochs as CalPERS hails “winds of change”

“Strong signal” to directors pushing for change, says CalPERS’ Simpson

Investor group calls for James Murdoch to leave Sotheby’s and GSK boards

Union-affiliated CtW widens scrutiny on News Corp. director

FREE RI blog: Why we need to engage with the 147 most important companies right NOW!

The current sub-optimal engagement process needs to change.

Alberta fund dumps millions in tobacco stocks ahead of proposed lawsuit

Decision on legal action expected shortly as fund sells off holdings.

RI Governance & Engagement, Oct. 20: OTPP votes against News Corp.’s James Murdoch

RI’s regular Thusday review of corporate governance and engagement news

Al Gore suggests ‘loyalty shares’ for long-term investors

L-shares a “useful mechanism for investors”

CalPERS to back innovative floor resolution calling for separate CEO/Chair at News Corp.

Giant pension fund to attend AGM and back Christian Brothers’ motion

Hermes EOS the latest investor body to line up against News Corp.

Pressure intensifies on embattled media giant

New York City funds trigger Microsoft supply chain commitment

Software giant says it appreciates discussions with shareholders

RI Governance & Engagement, Oct. 13: Pension suit over Goldman pay gets thrown out

RI’s regular roundup of governance news

News Corp. hits back at proxy firms as California pension giant votes against directors

Major institution rejects director candidates as company fights back

Pressure mounts on News Corp board as US proxy firms weigh in

ISS and Glass Lewis recommend director no votes.

UK voting advisor Manifest teams up with Australia’s SIRIS

Melbourne branch office for corporate governance firm

£100bn UK pension fund group opposes Murdochs at News Corp AGM

Decision follows engagement with company

RI Governance & Engagement, Oct. 6: Pension case vs. ratings agencies gets go-ahead

RI’s regular round-up of governance and engagement news

Oil sands: a policy engagement role for responsible investors

An incomplete or uncertain regulatory environment can increase risk for both companies and investors.

The future of fish: investors get active on unsustainable fishing practices

Engagement could be a turning point for marine engagement.

RI Governance & Engagement, Sept. 29: Ethos calls for removal of UBS chairman

RI’s regular review of governance and engagement news

Australian super funds urged to vote against News Corp directors

ACSI recommendations follow phone hacking scandal

RI Analysis: How judge rejected pension fund claim over Goldman bonuses

Investment bank defeats investors over bonus billions

California funds’ corporate director database starts accepting candidates

Milestone for CalPERS/CalSTRS’ Diverse Director DataSource

RI Governance & Engagement, Sept. 22: Malaysia seeks to boost corporate disclosure

RI’s regular round-up of governance and engagement developments

UK considers introducing binding shareholder votes on executive pay

“Engaging shareholders and empowering them to take action on executive pay”

Institutional Shareholder Services gets new president

MSCI’s corporate secretary Gary Retelny takes over from Stephen Harvey

FREE CBI chief suggests changing tax regime to encourage long-term investment

Something to be looked at by Kay Review says CBI President

RI Governance & Engagement, Sept. 15: new European corporate governance head at BlackRock

RI’s regular look at governance and engagement news

UK Kay review on investor short-termism outlines public comment questions and promises “action”

Report to look along the chain of investment decision making.

$2trn global investor group urges SEC to bring in new director election rules

Some of world’s largest pension funds in plea over proxy access

EU to push on with tougher ‘comply-or-explain’ corporate governance reporting, while UK pushes back

UK Business Secretary says government will seek EU support to block any changes.

Railpen votes against asset management remuneration

Investor signal on fund management pay

FREE Bob Monks calls on ICGN to set up ‘muscular’ shareholder activism body

Future of democratic capitalism under threat, says governance guru.

Sweden’s AP3 voted against exec pay deals at 75% of international companies

Number of against votes rises year-on-year

UK banking giant RBS cuts links to cluster bomb clients

Chief executive sends email response to campaigners

$18trn International Corporate Governance Network backs corporate political spending disclosure

Investor group supports academics’ petition to SEC

Influential EU corporate governance advisory forum disbanded ahead of Green Paper evaluation

Decision follows changes to EU rules on expert groups.

New Zealand Green Party continues attacks on ethical policy of NZ$19.2bn sovereign Super Fund

Fund accused of potential breach of government cluster bomb treaty commitment.

Pension funds in class action over banks’ LIBOR price fixing

US institutional investors in potential multi-billion dollar case

RI Governance & Engagement, August 25: Investors urge SEC to pursue proxy access case

RI’s regular review of governance and engagement news

FREE McGraw-Hill replaces S&P chief amid Canadian pension fund engagement

Investors’ meeting with management as S&P President steps down

RI Governance & Engagement, August 18: ABP hits snag in Countrywide legal action

RI’s regular review of governance and engagement news

Clean Investor, August 16: Church investor group welcomes Niger Delta oil spills report

RI’s regular Tuesday round-up of clean investing developments

FREE NZ Super Fund facing questions over stake in tobacco-linked Chinese conglomerate

Holding revealed by Finance Minister contravenes tobacco investment policy

FREE NBIM withdraws request for special audit at Porsche

Two-year engagement relating to VW acquisition

RI Governance & Engagement, August 11: Australian super funds release new governance guidelines

RI’s regular review of governance developments

Clean Investor, August 9: Trillium, Calvert muster shareholders for climate motion at US food group

RI’s regular Tuesday review of clean investing news

NBIM wants “market-wide rethink” on how investors tackle remuneration

Voting on executive pay a “distraction” says giant investor

RI Governance & Engagement, August 4: MSCI’s governance segment earnings slip 7.7%

RI’s regular round-up of governance and engagment developments

Ontario Teachers pension fund takes activist stance at McGraw-Hill

OTPP teams up with activist hedge fund JANA at S&P owner

RI Governance & Engagement, July 28: Manifest survey finds FTSE 100 CEOs’ pay soars

RI’s regular review of governance and engagement news

Swiss pension investor Ethos excludes commodities giant Glencore from its portfolios

Allegations include so-called ‘transfer pricing’ of tax receipts out of Africa.

RI Governance & Engagement, July 21: CalSTRS hails successful proxy season

RI’s regular review of governance and engagement news

UK funds advisor withdrew Murdoch succession AGM filing at News Corp. just before crisis hit

Fund manager withdrew proposal after dialogue with company.

Listed Dutch firms improving ESG disclosure says Eumedion

But more transparency still needed, says governance forum

Bob Monks: Say-on-Pay is a well publicized side-show with no impact

We’re playing the equivalent of regulatory ‘Whack-a-mole’.

RI Governance & Engagement, July 14: PIRC calls for new chair at BSkyB

RI’s regular review of governance and engagement news

FREE Giant US pension fund votes against Marks & Spencer CEO

Florida’s SBA casts vote against re-election of Marc Bolland at today’s AGM

Dutch engaged share ownership guidance launched by Eumedion

New “stewardship” guidance from €1trn investor forum

FREE Editor’s comment: Murdoch and News Corp, hacked to bits?

Shareholders can’t say they weren’t warned!

UK’s £5bn church asset chief expects top News Corp. executives to be tried in court

Media giant “not a place where shareholders come first” says Church Commissioners’ Whittam Smith

FREE RI Governance & Engagement, July 7: ISS launches annual policy consultation

RI’s regular review of governance and engagement news

£4bn London Pension Fund Authority goes Dutch for voting and engagement on £1bn in equities

Appointment follows major internal review.

The RI Interview: Lord Myners on governance - practising what he preaches

The former UK Financial Services Secretary talks activism, engagement and converting sceptics on the value of better stewardship.

FREE The World Bank’s IFC to integrate corporate governance into all deals

The first development finance institution to fully integrate governance

RI Governance & Engagement, June 30: ISS in proxy voting deal with Deutsche Börse’s Clearstream

RI’s regular review of governance and engagement news

Asset owners, fund managers to sit on UK’s new Kay Review panel

Government confirms role of asset owners in major systemic review

Ethos calls for sweeping revision to Swiss corporate governance regime

Pension fund-backed group’s dismay over executive pay rises

FREE RI Academic Digest, June 2011: Investor protections improve corporate governance and returns.

Review of Bebchuk, L. A. and Weisbach, M. S.. (2010) “The State of Corporate Governance Research.” The Review of Financial Studies, 23 (3): 939-961.

RI’s regular digest of research published by the PRI Academic Network, June 2011.

Sweden’s AP7 seeks proxy voting service provider

State fund issues RFP for 2,500-company portfolio

RI Governance & Engagement, June 23: Record 109 proxies in 2011

RI’s regular review of governance and engagement news

Canadian pension fund starts C$6.5bn class action against Sino-Forest, Ernst & Young

Investor takes on crisis-torn Toronto-listed Chinese forestry firm

UK institutional investment groups set up “mechanism for collective engagement”

Institutional Investor Committee sets up new high-powered Advisory Council

FREE ISS announces comprehensive new executive pay database

“Major data initiative” comes as scrutiny on executive pay intensifies

Norwegian govt fund embroiled in Indonesia illegal logging allegations

Investor facing scrutiny from NGO

RI Governance & Engagement, June 16: Call for Shell to exit Syria

RI’s regular review of governance and engagement news

Responsible investors flagged governance concerns at Sino-Forest

Shareholders engaged with forestry firm before scandal

Singapore introduces guidance on shareholder engagement

Monetary Authority consultation calls for “constructive relationship” with companies

Asset owners who fail to engage may be “abrogating fiduciary duty”

High-level study looks at barriers to engagement

RI Governance & Engagement, June 9: NY Common tables sustainabililty proposal at Freeport

RI’s regular review of governance and engagement news

Norway’s KLP excludes three new companies over tobacco and environmental damage

Influential responsible investor now blacklists 63 firms

Freeport McMoRan hits back at ISS over say-on-pay

Mining giant blasts “flawed” analysis

Google facing sustainability proposal at annual meeting

Internet giant argues against board sustainability committee

RI Governance & Engagement, June 2: Proxy Governance chief joins NYSE

RI’s regular review of governance and engagement news

Active ownership specialist Cevian hires Myners for UK role

€3.5bn firm nabs ex-government minister

UK share voting advisor avoids wind-up order over tax debt

Proxy firm reaches voluntary arrangement with creditors for repayment.

RI Governance & Engagement, May 26: SocGen CEO opposed by 15% at AGM

RI’s regular review of governance and engagement news

Ernst & Young buys Proxy Governance assets

Global firm sets up governance team for market “in flux”

RI Interview: NYC pension funds, the country’s most active shareholder resolution filers

The funds are lodging fewer resolutions but driving deeper to get better value for money.

RI Governance & Engagement, May 19: Investors target companies over human trafficking, slavery

RI’s regular review of governance and engagement news

Investors and advisers at odds in SEC probe of compensation committees

Dodd-Frank consultation also covers executive pay advisers

UK mainstream investor association, IIC, calls on bank fees challenge, but drops Stewardship role

Relaunched shareholders group issues guidance on underwriting but rows back from original investor engagement statement.

Japan nuclear crisis firm TEPCO removed from sustainability indices

Deleted over environmental management and health & safety failings

Norwegian government fund assesses 432 companies on water risk

Investor says just 50 firms report on supply chain water risks

RI Governance & Engagement, May 12: CalPERS’ annual director election proposal gets 69% support

RI’s regular review of governance and engagement news

Is the EU Green Paper the end for ‘comply and explain’ corporate governance?

Regulators may start to challenge corporate ‘explanations’.

European fund association puts forward own version of Stewardship Code

EFAMA also seeks role in responsible investment standards

Australian Future Fund divests from defence companies

Exclusions amid treaty ratification and increased ESG focus

RI Governance & Engagement, April 29: Robeco, Ethos, Coca Cola, RWE

RI’s regular review of governance and engagement news

Co-op invests in West Bank-linked Veolia and Alstom despite misgivings

Investor takes “pragmatic” view of companies’ operations

Dutch pension giants voted against BP safety chief

Influential asset owners refused to back Sir William Castell

RI Round-up: Key ESG shareholder proposals at US AGMs

A look at some of the most important environmental, social and governance (ESG) resolutions at forthcoming US shareholder meetings, in chronological order.

We will update it as the proxy season progresses.

Shareholders back independent chair at ratings agency Moody’s

“Landmark” shareholder vote at company meeting

Swedish AP funds call for Motorola to withdraw from West Bank

AP funds’ Ethical Council also in dialogue with France’s Veolia and Alstom

RI Governance & Engagement, April 15: Shell holds briefing for SRI investors

RI’s regular review of governance and engagement news

Investors register protest over BP’s safety committee chairman

43% of votes against Castell – CBIS

Norwegian investor KLP votes against BP chairman

Environment committee chief and remuneration also rejected

Giant US pension funds weigh into BP AGM protest

CalPERS and Florida SBA also vote against environmental committee chief

UK’s NEST awards ethical mandate to F&C Asset Management

New workplace scheme to screen human rights, environment and corporate governance

Index firm STOXX launches global ESG indices with Sustainalytics data

New “fully transparent” offering mapped to KPIs for ESG 3.0

Wal-Mart could face shareholder resolution on supply chain sustainability

SEC gives OK to New York Pension Funds’ AGM proposal

RI Governance & Engagement, April 8: Pennsylvania amends proxy guidelines to boost diversity

RI’s regular review of governance and engagement news

EU wants a “critical mass” of shareholders taking engagement seriously

Long-awaited Green Paper on Corporate Governance from European Commission

€5trn investor group presses global top 500 companies on greenhouse gases

Change in empahsis by Carbon Disclosure Project

Goldman Sachs facing six ESG resolutions at annual general meeting

Investors table questions on pay and climate change

RI Governance & Engagement: April 1: RWE, BP, US proxies, fifth analyst call

RI’s round-up of the most important corporate governance and shareholder engagement news.

Government guidance needed to clarify fiduciary responsibility, says FairPensions

Companies Act-style provision recommended for institutional investors

BP faces pressure from world’s biggest investor proxy voting firms ahead of AGM

Influential advisors take oil major to task over remuneration and safety.

UK’s new NEST confirms ethical fund and signs up to UN PRI

New fund seeks to be a “responsible and vigilant asset owner”

RI Governance & Engagement, March 25: BP to meet with SRI investors

RI’s regular review of governance and engagement news

RI Governance & Engagement, March 18: Renault facing shareholder resolution on CEO pay

RI’s regular review of governance and engagement news

Call for “thorough investigation” into monitoring role of shareholders

Belgian governance chief’s intervention ahead of EU Green Paper

RI Interview: Wolfgang Engshuber: the new Chair at the helm of the UNPRI

Munich Re chief to step down from his current corporate position in October to focus more time on PRI role

Norwegian Government Fund excludes Chinese conglomerate over tobacco

US industrial group L-3 Communications readmitted

We need to re-examine what makes bankers happy

High pay may be causing harm across the economy.

BlackRock names new global corporate governance and RI head

Responsible investment leadership change at €2.5trn asset giant

RI Governance & Engagement, March 11: Latest legal moves in US proxy access battle

RI’s regular review of governance and engagement news

New asset owners worth €23bn back UK Stewardship Code

Number of asset owner supporters has doubled since launch

F&C says boardroom turmoil cost it institutional mandates

“We did miss some business,” says CEO

Shell cuts executive bonus link to Dow Jones Sustainability Index

Decision follows exit from index in 2010

RI Governance & Engagement, March 4: UK panel reviewing BP reporting

RI’s regular review of governance and engagement news

US oil majors petition SEC to write off environmental shareholder resolutions from AGM votes

Companies seek SEC OK for omitting investor filings from the proxy.

UK panel sees investors’ role in boosting women on boards

Government review suggests changes to corporate governance code

Australia legislates to give shareholders more say on pay

Shareholders get opportunity to remove directors over remuneration

Almost 40% of shareholders vote down Novartis board package at AGM after first ever say-on-pay

AGM is first ever advisory vote on remuneration following investor campaign.

Merseyside puts ESG at heart of €1.6bn passive fixed income and equity manager search

Fund wants managers to monitor ESG risk and engage with companies

Backdrop to an investor campaign to regulate deadly arms trade

Major hurdles remain to clear before international agreement can be reached.

Investors and NGOs aim for biggest ever signatory campaign to back global arms trade treaty

Initiative ahead of UN discussions to kick off next month.