Connect with us

NBIM Makes the Case Against Bundled Board Votes

Published

on

norway3

Norges Bank Investment Management (NBIM), manager of Norway’s massive sovereign wealth fund, publicly issued a position paper titled, “Individual Vote Count in Board Elections.” The paper thoughtfully presents a case, arguing in favor that corporate board directors “should be elected with an individual vote count at the shareholder meeting, and the vote tally published.”

Baby Steps

As asset owners like Norway’s Government Pension Fund Global (GPFG), CPPIB, OTPP, CalPERS, CalSTRS and APG (an alphabet soup of public institutional investors) continue to grow in size and invest directly into listed equities, the rules of corporate governance are in for slight modifications. Globally, the majority of listed company board elections go uncontested, becoming more of a recognized approval process. JPMorgan & Chase CEO Jamie Dimon won his pay plan, but won at a lower approval rate, at a recent company shareholder meeting. This outcome was partially influenced by proxy advisory firms such as ISS or Glass Lewis, advising shareholders how to vote.

For 2014, JPMorgan posted a record profit of US$ 21.8 billion. Dimon fired back. On May 28, 2014, at an investor conference, CNBC reported, “God knows how any of you can place your vote based on ISS or Glass Lewis,” Dimon said. “If you do that you are just irresponsible, I am sorry. And, you probably aren’t a very good investor, either. I know some of you here do it because you are lazy.”

Bundled Board Elections

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Ascendas-Singbridge Acquires Three Hotels in Osaka

Published

on

Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

BlackRock Contemplates Stake in Eurizon

Published

on

Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

Continue Reading

SWFI First Read, June 22, 2018

Published

on

JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.