Investorer og selskaber skal gentænke deres tilgang til værdiskabelse med fokus på mere langsigtet tænkning, på bekostning af short-term
I UN Global Compact rapporten ”Coping, Shifting, Changing” fremgår det, at hensigten er, at give ”business leaders, investors and companies alike to re-think their approach to value creation, serving as a blueprint for action in both capital and investment markets. The report suggests that excessive short-term pressure will hamper progress unless action is taken by both companies and investors. The report is therefore framed around the belief that companies, with support from investors, can advance strategies that support long-term business growth and improve their impact on society and the environment. The authors state that the evidence also shows that companies that focus on the long-term perform better. Companies, therefore, need to shift to a more long-term investor base while investors need to move to supporting long-term decision-making.”
UK: Guide skal hjælpe børsnoterede selskabers bestyrelse med at indtænke hensyn til stakeholdere i strategiske beslutninger
I rapporten hedder det blandt andet, at “If taken seriously, stakeholder engagement will strengthen the business and promote its long-term success to the benefit of stakeholders and shareholders alike. Paying lip service to engagement, by contrast, is of limited value to anyone. The aim of this guidance is to help company boards think about how to ensure they understand and weigh up the interests of their key stakeholders when taking strategic decisions. The guidance is designed to take boards through the different elements involved in understanding and assessing the impact on key stakeholders. It is divided into seven sections dealing with: directors’ duties; stakeholder identification; the composition of the board; induction and training of directors; how the board can ensure it takes account of the impact on stakeholders in its discussions; the mechanics of engagement; and reporting and feedback. Each of these different elements should be considered carefully, as failing to deal with any one of them effectively could undermine the potential benefits to be gained from the others.”
UK på vej med reform af governance, blandt andet med anbefalinger for store ikke børsnoterede selskaber
I regeringens forord hedder det blandt andet, at ”The aim of the green paper consultation was to consider what changes might be appropriate in the corporate governance regime to help ensure that we improve business performance and have an economy that works for everyone. This Government response now sets out nine headline proposals for reform across the three specific aspects of corporate governance on which we consulted:
• Executive pay; • Strengthening the employee, customer and supplier voice; and • Corporate governance in large privately-held businesses. It also takes into account the need for effective enforcement of the corporate governance framework.”
Omkring eventuelle initiative I forhold til ikke-noterede selskaber oplyses det, at ”The consultation revealed broad support for action to encourage high standards of corporate governance in the UK’s largest private companies reflectingthe significant impact that these companies have on employees, suppliers, customers and others, irrespective of their legal status.”
Actimism: “ The State of the play ”: I en gennemgang skriver Martin Lipton fra det anerkendte advokatfirma Wachtell, Lipton & Katz om status for investoraktivisme, at ”as we approach the start of the 2018 proxy season, developments since January 2015 prompt a brief review of the state of play. There has been no slowdown in the U.S.; there has been a significant increase in other countries. Perhaps the most cogent description of what can be expected is contained in a must-read Bloomberg article, “ The World’s Most Feared Investor “. “Aggressive, tenacious and litigious to a fault, Paul Singer may be the most feared activist investor in the world—by hedge fund rivals, companies and even countries. Singer’s Elliott Management Corp., which manages $34 billion of assets, has rarely been out of the headlines in the past 18 months. There’s little indication that will change soon.”
