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Financial Times (March 2)

2021/ 03/ 03 by jd in Global News

“ExxonMobil appointed two new board directors yesterday, its latest move to placate activist shareholders pushing for an overhaul after the US oil super-major suffered its worst year on record.”

 

New York Times (March 1)

2021/ 03/ 01 by jd in Global News

Four decades of private equity “financial bonanza” may be coming to an end after Judge Jed Rakoff ruled that “the former directors and officers of Jones Group could be held liable for approving the [highly leveraged] sale of the company, since it later went bankrupt.” Going forward, “officers and directors had better think twice before agreeing to sell a company to a buyout firm. What had for decades been considered a virtue — selling a company for a market-clearing price to the benefit of existing shareholders — might have become a vice.”

 

Financial Times (June 1)

2020/ 06/ 02 by jd in Global News

“Shareholders have ramped up pressure on companies to tackle global warming even as businesses grapple with the fallout of the coronavirus pandemic.” Their targets have included JPMorgan and Rio Tinto and through May 20, “climate change resolutions at annual meetings received average shareholder support of 23 per cent,” up from “16 per cent during all of 2019.”

 

Korea Herald (March 15)

2020/ 03/ 16 by jd in Global News

Despite COVID-19, AGMs will go on in South Korea. “A total of 314 South Korean companies, including Samsung Electronics, Hyundai Motor and SK hynix, will hold shareholders meetings this week.” They are taking special “measures to counter concerns over potential spread of the coronavirus at the meetings.” For example, Samsung has moved the meeting from its headquarters to a convention hall and “asked shareholders to make extensive use of online voting” whereas SK hynix “will increase the distance between shareholders’ seats to 2 meters to minimize physical contact.”

 

New York Times (December 12)

2019/ 12/ 13 by jd in Global News

“If there is one singular issue that defines the intersection of business and policy at this moment, it is a deepening trust deficit…. Businesspeople and policy leaders are scrambling for new ways to engender trust with constituents, including shareholders, employees and regulators. Some are trying to be more transparent. Others are diving into political and social issues that used to be verboten. Perhaps more than anything, they’re speaking publicly more about their thinking.”

 

Fortune (August 19)

2019/ 08/ 20 by jd in Global News

“Given the immense power large companies exercise in society, the new social consciousness of business surely should be seen as a step in the right direction. At a time when the nation’s political leadership is tied in knots…business leadership is filling the leadership vacuum.” The Business Roundtable, which always prioritized shareholders, “has redefined its mission” to include all stakeholders. In fact, shareholders aren’t even mentioned until word 250 of the 300-word Statement on the Purpose of a Corporation.

 

Wall Street Journal (June 2)

2019/ 06/ 02 by jd in Global News

“Climate-change activists are relentless, and in recent years they’ve been trying to take over corporate boardrooms. So it was good to see shareholders last week overwhelmingly vote down resolutions forcing Chevron and Exxon Mobil to hurt their business.”

 

Bloomberg (February 7)

2019/ 02/ 09 by jd in Global News

Stock buybacks are under attack in Congress, but the market has already “soured on the strategy. Last year’s trillion-dollar splurge didn’t stop the stock market from falling for the year.” Furthermore, the S&P 500 Buyback Index shows that firms conducting buybacks have been outpaced by the market two years in a row. “With stocks expensive, using shareholders’ money to buy at inflated prices is a bad deal. The buyback phenomenon could die a natural death.”

 

The Economist (January 12)

2019/ 01/ 14 by jd in Global News

“Analysts reckon that the number of smartphones sold in 2018 will be slightly lower than in 2017, the industry’s first ever annual decline.” “Peak smartphone” may be “bad news for Apple shareholders,” but the apparent “levelling off at around 1.4bn units a year is good news for humanity.”

 

Institutional Investor (April 19)

2018/ 04/ 21 by jd in Global News

“Targeted by an activist hedge fund? Try calling in the influencers.  A new study of institutional investor relationships found that how shareholders vote—and if they vote—is deeply impacted by who they know. Among major investors, networks move markets.”

 

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