Index June 2002
Governance
Remuneration regulations
Shareholders win new rights
Shareholders are to gain an annual advisory vote on directors salaries following changes to the Companies Act which apply to companies reporting from the end of this year.
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Nasdaq/NYSE
Financial markets keen to reassure investors
Two US-based financial markets - the New York Stock Exchange (NYSE) and the Nasdaq - have proposed new corporate governance and disclosure rules for companies which list on them.
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Cross-border voting
ICGN backs reform
The International Corporate Governance Network (ICGN) has welcomed the consultation on cross-border voting by shareholders just completed by the justice ministry of the Dutch government.
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European Commission
Auditor independence rules recommended
The European Commission has issued a recommendation on auditor independence in the European Union (EU) addressing issues raised by the collapse of the energy company, Enron.
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CBI president
Fund managers should not police corporate governance
Sir Iain Vallance launched an attack on institutional shareholders and questioned their ability to properly monitor corporate governance in his final speech as CBI president - instead he called for the principle of one-man-one vote on ordinary
resolutions at company meetings. More >>
Unocal
US shareholder resolution gains large backing
A shareholder resolution calling for US company, Unocal, to address employment practices in Burma won 31.3% support while abstentions accounted for a further 10.2% of votes.
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Corporate Social Responsibility
UKSIF
SRI group looks to Europe to spread message
With the backing of the government and widespread media
coverage, it seems corporate social responsibility (CSR) has a mainstream part
of business and something companies must recognise to compete successfully.
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Hymans Robertson on SRI
Growth in market has stalled
A recent survey by consultants Deloitte & Touche suggested that fund managers believed the socially responsible investment (SRI) market would grow driven by demand from their clients. While pension fund trustees may not be enthusiastic they were
requesting that SRI was part of the services offered by fund managers.
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Morley Fund Management
First sustainability matrix produced
Morley Fund Management has produced its first
Sustainability Matrix – FTSE 100 companies based on social and environmental
criteria.
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Co-operative movement
CIS to develop environmentally-friendly products
The Co-operative movement continues to be positive
about the benefits of taking an ethical stand with recent company announcements
from the Co-operative Insurance Society (CIS) and the Co-operative Bank
announcing success in the social and environmental fields.
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Government’s second CSR report
Progress achieved through partnership
The government has reiterated its commitment to corporate social responsibility (CSR) with the launch of its second report reviewing various perspectives of the issue last month.
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Echo Research
Ford and BP top CSR index
Corporate Social Responsibility (CSR) has entered the
consciousness of the board room and of governments according to Echo Research,
an international reputation analysis firm.
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Global CSR reporting
Japanese firms top ranking
Just under half (45%) of the Fortune global top 250 companies (GFT250) are issuing environmental, social or sustainability reports as well as financial reports according to a survey by the consultancy KPMG in collaboration with the Graduate Business
School of the University of Amsterdam. More >>
FTSE4Good
New environmental criteria introduced
New environmental criteria has been introduced as a result of FTSE4Good’s first review of its selection standards.
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Royal Dutch/Shell
Renewable Energy – Hydrogen likely to play a big role
Shell is likely to invest more in developing hydrogen as a viable fuel following a speech by one of its bosses at the 14th World Hydrogen Energy Conference.
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Government’s wind farm approval
Good time to invest in renewable energy
The government’s approval of the UK’s first commercial-scale offshore wind farm has been welcomed by a major SRI fund manager.
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Transparency International
Bribery & Corruption – Multinationals still failing
Corporations are paying large sums in bribery in developing countries according to a report by anti- corruption pressure group, Transparency International (TI).
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House of Lords ruling
Insurers forced to pay out to asbestos victims
The House of Lords has ruled that victims of the asbestos-related disease, mesothelioma, should receive compensation from insurance companies.
More >>
June, 2002
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