Nye Proxy Guidelines fra GlassLewis for danske børsnoterede selskaber
Proxyrådgivere oplyser, at man i generalforsamlingssæsonen 2018 blandt andet vil lægge vægt på følgende temaer: ”BOARD SKILLS We have updated our guidelines to reflect our stance as regards emerging best practice for disclosure of a board’s skills and competencies. Specifically, we believe companies should disclose sufficient information to allow a meaningful assessment of a board’s skills and competencies. If a board has failed to address material concerns regarding the mix of skills and experience of the non-executive element of the board, we will consider recommending voting against the chair of the nominating committee or equivalent (e.g. board chair). PAY RATIOS We have updated our guidelines to reflect our position on the disclosure of pay ratios. Specifically, we recognise that the disclosure of pay ratios between the CEO and median or average employee may be useful in contextualising the levels of executive remuneration both within a business and within industries. As such, we encourage companies to disclose such pay ratios, accompanied by a description of the methodology for their calculation, going forward. INCENTIVE PLAN TARGETS We have clarified that we may recommend voting against say on pay proposals where performance targets are set below targets provided in guidance to shareholders, absent a compelling rationale for lowering the target. Further, we generally expect performance metrics to have a clear and direct link to a company’s strategy, including explicit references, where appropriate, to KPIs described in relevant business cycles such as transformation plans.”
Australsk konkurrence- og forbrugermyndighed trækker GlaxoSmithKline og Novartis i retten
“The Australian Competition and Consumer Commission (ACCC) is taking subsidiaries of pharmaceutical giants GlaxoSmithKline (GSK) and Novartis to court over misleading marketing of the Voltaren Osteo Gel and Voltaren Emulgel pain relieving gels. It is alleged that both firms claimed that the Osteo Gel was specifically formulated for treating osteoarthritis conditions, and was more effective than Emulgel to treat those conditions. However, the ACCC said the two products were in fact identically formulated. The active ingredient, diclofenac diethylammonium gel contained in both products acts to reduce local pain and inflammation wherever it is applied, the ACCC said. ACCC Chairman Rod Sims said: “We allege that consumers are likely to have been misled into purchasing Osteo Gel thinking that it is different to Emulgel and more effective for treating osteoarthritis conditions, when this is not the case.” Price sampling conducted by the ACCC at supermarkets and pharmacies found that Osteo Gel was often sold at a price premium to Emulgel. For example, Osteo Gel 150g was found in-store at up to $7.50 or a third more than Emulgel 150g. The recommended retail price of Osteo Gel 150g was $28.99 compared with $25.99 for Emulgel 150g.”
Paneuropæisk pensions survey: ESG is going from niche to mainstream
I ny rapport fra Create research hedder det, at ”as part of the rise of long-term investing, 61% of our respondents expect to raise their allocations to the ESG theme, from the current average level of 36%. A hard-nosed approach to ESG investing is evident. It aims to manage reputational risk, earn competitive returns, manage newly emerging climate change risks that are hard to model and deliver tangible societal impacts. ESG investing is now part of a new narrative: sustainable longterm returns require a sustainable economy and society. What matters is not just a return for today or tomorrow but also for the next 25 years, when liabilities fully mature. The rise of populism has all too clearly exposed the harmful side effects of globalisation: social instability, loss of skilled jobs and environmental damage. ESG investing will continue to have a moral as well as an economic purpose: both go hand in hand when delivering pensions over distant horizons.”
