Rapporter og tendenser

Globale governance trends i 2021: I en gennemgang af aktuelle tendenser, bestyrelsen bør have fokus på, skriver Russell Reynolds: ”Global Trends Predicted for 2021. Climate Change Risk. Diversity, Equity & Inclusion (DE&I). Convergence of Sustainability Reporting Standards. Human Capital Management. Return of Activism and Increased Capital Markets Activity. Virtual Board & Shareholder Meetings: Here to Stay” Særligt om den nye virtuelle verden hedder det: “ Virtual Board & Shareholder Meetings: Here to Stay. In the spring of 2020, as companies rushed to convert their annual shareholder meetings into virtual events, boards also shifted from in-person meetings to virtual ones. As they adapted to life in the virtual environment, many began exploring how to permanently leverage the associated efficiencies post-pandemic. Russell Reynolds works with hundreds of public company boards around the world each year and, based on our engagement with them, we see that many boards will develop a hybrid calendar where at least one meeting per year remains virtual and many ad hoc and committee meetings stay online. Many companies—where there is an option— will use some form of combined in-person and virtual shareholder meetings.”

Sådan kan bestyrelsen forberede sig til den næste bølge af aktionæraktivisme: I en gennemgang under overskriften ” How Boards Can Prepare for Activism’s Next Wave ” skriver deloitte, at ”the pandemic itself may be one possible stimulus for this greater M&A activism. Many businesses saw significant disruptions in their operations and shifts in their competitive position as a result of CO-VID-19. These and related changes may give activists the seeds for future campaigns in which they challenge the strategic decisions management has made to address the new circumstances. Furthermore, this environment has put pressure on the balance sheets of some companies that have struggled financially, which may create activist exposure. Therefore, activists are expected to opportunistically launch M&A-related campaigns, with a focus on companies that are underperforming and undervalued.

Nevertheless, opportunistic M&A campaigns may have new considerations given the increased focus on corporate purpose. The groundswell of social and political unrest, as well as the recent focus on corporate purpose, is changing the landscape. Customers are increasingly choosing to do business with companies that align with their values, and investors are increasing their ESG (environmental, social, governance) expectations on the companies in which they invest. How these trends affect activist investing remains to be seen and will likely put more pressure on board directors to consider the impact and preferences of any given transaction on a wider array of stakeholders.”

Guide til bestyrelsens arbejde med at transformere virksomheden til at være CO2-neutral: BlackRock skriver i en uddybning af budskaberne i CEO Larry Finks julebrev for nylig: ”In our assessment of a company’s approach to the transition to a low-carbon economy, BIS may consider: How the board and management are considering the physical and transition risks of climate change on the company, alongside opportunities for energy efficiencies and use of renewable resources. How the company is adjusting its strategy and/ or capital allocation plans to address the risks and opportunities identified How the company is assessing the potential for changes in demand for goods or services due to climate change (including consumer preferences). How the company has assessed its current emissions baseline, set rigorous targets, and evaluated whether it is aligned with net zero GHG emissions by 2050. Whether the company is stress-testing its assets and assessing the resilience of its strategy under a less than 2° C scenario; including the impacts of policies, such as a carbon tax, fuel selections, and/ or efficiency standards, on profitability. How the company may be harnessing sustainable solutions to take advantage of new investment opportunities, business lines, or products and access to capital. How the company is monitoring the regulatory landscape and whether it is participating in relevant policy discussions, including international, national, and local requirements and trends.”

Morten W. Langer