ECGS is a joint venture of independent local market experts which have come together to provide specialist governance assessments and informed proxy voting advice, offering institutions access to unrivalled experience on corporate governance and responsible investment issues.
This year has seen a notable cooling of attitudes towards shareholder activism at Japanese companies. In previous years activism has been spearheaded by US investors who appear more willing to engage with the companies in which they are invested than their Japanese counterparts but also more willing to trade their shares for perceived underperformance. Although a quarter of Japanese shares are owned by non-Japanese investors they account for over 60% of the trades volumes. CalPERS and other influential US investors warned in June 2008 of the need for Japan to improve its system of corporate governance or risk further damage to investor confidence in investing in the country, and the economic costs associated with this.
Full story . . .Last week’s hot ticket was, of course, the annual M&S gig at Royal Festival Hall. A reported 1,500 shareholders turned up, many hoping for the chance to put a question to executive chair Stuart Rose. The Festival Hall was certainly buzzing, and inside M&S staff from around the country welcomed, fed and watered the faithful.
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