Komitéer: Ekstra sikkerhedsforanstaltninger for minoritetsaktionærer i A/B-aktieklasseselskaber på børsen kan få store negative konsekvenser for dansk erhvervsliv: I et høringssvar fra Komiteen for God Selskabsledelse, som kan læses her, hedder det (frit oversat), at “Generelt mener vi, at selskabslovgivning skal skabe så fleksibelt et grundlag som muligt for virksomhederne for tiltrække kapital fra investorer så let som muligt, samtidig med at sikkerhedsforanstaltningerne holdes på et minimum. I denne forbindelse mener vi, at lovgiverne bør undgå enhver unødvendig indgriben i medlemsstaternes lovgivning. Vi støtter forslagets formål om at gøre det muligt for virksomheder at have aktieklasser med flere stemmerettigheder, da vi tror, at forslaget kan lette adgangen til at tiltrække kapital fra investorer, samtidig med at nogle aktionærer, f.eks. grundlæggeren, bevarer en afgørende indflydelse. I medlemsstater med et velfungerende MVR-regime er passende sikkerhedsforanstaltninger allerede på plads. Der er en betydelig risiko for, at indførelsen af vilkårlige og overdrevne sikkerhedsforanstaltninger vil have den modsatte effekt end tilsigtet med forslaget. SMV’er i sådanne medlemsstater kan ende med at have en lavere chance for at rejse kapital på SMV-vækstmarkeder. Hvis forslagets anvendelsesområde udvides til at omfatte regulerede markeder, og dermed også påvirker større virksomheder, vil dette have en betydelig negativ effekt, hvilket medfører betydelige negative konsekvenser for det danske erhvervsliv, dansk forskning og uddannelse og for det danske samfund som helhed.”
I USA oplyser de børsnoterede selskaber om political spending, men ikke engang de danske governance anbefalinger omtaler temaet: I en ny 69 siders rapport fra Center for Political Accountability om transparens i de amerikanske S&P 500 selskabers political spending hedder det, at ”The number of all S&P 500 companies that fully or partially disclosed their political spending in 2023 or that prohibited at least one type of spending was 387 (or 78.0 percent) compared to 385 (or 77.8 percent) last year.(..) Companies in the full S&P 500 with board committee review of direct political contributions and expenditures increased to 282 this year from 278 in 2022; in the core S&P 500, these companies increased to 232 this year from 227 a year ago.”
Presset Shell udbetaler 23 mia USD i aktionærudbytte og beskærer jobs i low-carbon division: The Guardian skriver, at ”Shell has angered climate campaigners with plans to pay shareholders at least $23bn in rewards this year, despite falling profits, as it prepares to cut hundreds of jobs from the oil company’s low-carbon division. Shell’s chief executive officer, Wael Sawan, told investors to expect payouts “well in excess” of expectations, just days after setting out plans to cut up to 25% of the staff working in Shell’s low-carbon solutions team. The oil and gas company said on Thursday that it planned to hand its shareholders a $3.5bn windfall from its share buyback programme over the coming months. This would take the total shareholder payouts, including dividends, to $23bn for the year even as the company makes weaker profits. Shell’s multibillion-dollar shareholder windfall has angered green groups and social justice campaigners who have called for more of the company’s cash to go towards investment in renewable energy or reducing energy bills via tougher government taxes.”
CEO-belønninger i form af Golden Parachutes dramatisk på vej ned: I en analyse fra proxy rådgiveren ISS hedder det, at “The vast majority of “say on golden parachute” proposals have been submitted by well-known corporate governance activists John Chevedden and/or Kenneth Steiner. The common theme in their arguments is to encourage corporate managements to stay focused on business performance instead of being tempted to pursue a business combination that would not be well aligned, resulting in costly termination packages. ISS research shows that while the median CEO golden parachute value reached $13.1 million in 2022, it has dropped 22% to $10.3 million in 2023. The resumption of an upward trajectory could galvanize future shareholder efforts to demand a vote on newly sweetened goodbye payouts even more. The last several years have been turbulent in the marketplace overall, from the advent of the COVID-19 pandemic to today.”
Morten W. Langer
