Parnassus Investments, the US’ biggest dedicated ESG manager, has failed to secure shareholder approval for the long-awaited acquisition by investment holding company Affiliated Managers Group (AMG) and will reconvene another shareholder meeting at the end of the month.
Investors in the Parnassus range of ESG mutual funds were due to vote on post-acquisition investment advisory arrangements at a special shareholder meeting on Monday as the current advisory structure would terminate upon completion of the sale to AMG.
However, the meeting was adjourned for a later date this month to allow more time for shareholders to vote due to the insufficient numbers of votes which had been cast by Monday’s deadline. Parnassus is looking at September 28 as a potential date for the next meeting.
“We’re complete on some of the items, but not on the others so the effort to get investors to vote is still underway. As you may know, voting proxies for mutual …