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Mega Asset Owners Form Investor Stewardship Initiative

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A collective of institutional investors have formed the Investor Stewardship Group to establish a framework of basic standards of investment stewardship and corporate governance for U.S. institutional investor and boardroom conduct.

“In markets around the world, there are well-established governance and stewardship codes. The Investor Stewardship Group’s goal is to codify the fundamentals of good corporate governance and establish baseline expectations for U.S. corporations and their institutional shareholders,” said Anne Sheehan, Director of Corporate Governance at the California State Teachers’ Retirement System (CalSTRS), in a press release. “The Group brings all types of investors together and enables us to speak with one voice on these fundamental issues.”

Founding Members
California State Teachers’ Retirement System BlackRock ValueAct Capital
RBC Global Asset Management State Street Global Advisors Wellington Management
Florida State Board of Adminstration Washington State Investment Board Vanguard
TIAA Investments MFS Investment Management  
Endorsers
GIC Private Limited PGGM MN
Legal & General Investment Management  

 

For more information: Go here

This institutional framework is targeted to go into action on January 1, 2018 to give U.S. companies time to adjust to its standards in advance of the 2018 proxy season.

STEWARDSHIP PRINCIPLES FOR INSTITUTIONAL INVESTORS

Principle A Institutional investors are accountable to those whose money they invest.
Principle B Institutional investors should demonstrate how they evaluate corporate governance factors with respect to the companies in which they invest.
Principle C Institutional investors should disclose, in general terms, how they manage potential conflicts of interest that may arise in their proxy voting and engagement activities.
Principle D Institutional investors are responsible for proxy voting decisions and should monitor the relevant activities and policies of third parties that advise them on those decisions.
Principle E Institutional investors should address and attempt to resolve differences with companies in a constructive and pragmatic manner.
Principle F Institutional investors should work together, where appropriate, to encourage the adoption and implementation of the Corporate Governance and Stewardship principles.

 

CORPORATE GOVERNANCE PRINCIPLES FOR U.S. LISTED COMPANIES

Principle 1 Boards are accountable to shareholders.

Principle 2 Shareholders should be entitled to voting rights in proportion to their economic interest.
Principle 3 Boards should be responsive to shareholders and be proactive in order to understand their perspectives.
Principle 4 Boards should have a strong, independent leadership structure.
Principle 5 Boards should adopt structures and practices that enhance their effectiveness.
Principle 6 Boards should develop management incentive structures that are aligned with the long-term strategy of the company.

 

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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