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Manifest-i - May 06

Governance

Companies

Trading in Eurotunnel shares suspended in London

Shares in Eurotunnel have been suspended on the London Stock Exchange as a result of Channel Tunnel operator failing to file its accounts on time. The suspension was the decision of the Financial Services Authority and will be in effect until the publication of the accounts. 

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Activism

AFSCME asks UK investors to help curb US executive pay

Manifest has circulated an open letter to UK shareholders of US companies, Home Depot (AGM 25 May) and Countrywide Financial (AGM 14 June) from the American Federation of State County & Municipal Employees’ (AFSCME) pension plan written as part of the trade union’s campaign to rein in executive pay. More >>

Standards & Guidance

US companies oppose parts of executive pay disclosure plans

There was corporate opposition to the proposal, from the US Securities and Exchange Commission (SEC), that companies should disclose the pay of up to three employees who were not executive officers but whose total pay for the year was greater than the executives. More >>

Research

Study underlines domination of big four auditors

The big four audit firms – Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers – audit all but one of the FTSE 100 companies and represent 99% of audit fees in the FTSE 350, according to research by economic consultancy, Oxera. 
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People

Patientline shuffles board to appease shareholder rebel

Derek Lewis stepped down as chairman and as a director of Fledgling-listed Patientline, the hospital communications company, ahead of an EGM called by rebel shareholders with the intention of ousting him, which meant the meeting no longer needed to be conducted. More >>

Academic Round up

Manifest-I presents a summary of recently released academic papers on international corporate governance issues. More >>

Conferences

Topical governance and CSR-related conferences.

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Corporate Social Responsibility

Socially Responsible Investment

Investors sign UN principles for responsible investment

Heads of institutional investors from 16 countries, representing over $2trn in assets, have signed the United Nations’ (UN’s) principles for responsible investment. The principles are the result of a year-long process convened by the UN and in collaboration with over 20 pension funds, foundations and special government funds.

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Environment

Nigeria's Federal Court renews call for oil firms to end flaring

The Federal High Court of Nigeria has ordered Shell’s Nigerian subsidiary and the Nigerian National Petroleum Corporation (NNPC) to end flaring in the Iwherekan community by April 2007. Shell Nigeria and the NNPC have been ordered to present on 31 May a detailed plan to the court on how this will be accomplished. More >>

Health & Safety

Market risk to DuPont shareholders identified

Perfluorooctanoic acid (PFOA) has the potential to cause cancer, liver damage and birth defects, and DuPont’s continued use of it in products is placing the US chemical company at financial risk, warned a report commissioned by DuPont Shareholders for Fair Value (DSFV).

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Best Practice & Ethics

PwC identifies sustainable development trends

PricewaterhouseCoopers (PwC), the accountancy firm, has named the trends it believes will drive and shape sustainable development over the next ten years. This includes global market forces significantly overtaking government policy in the decision making process, and the revision of the current financial model to take into account new data, risks and non-financial issues. More >>

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