Posts Tagged ‘Melissa Aguilar’

Proxy Voting Analytics (2009-2013)

Editor’s Note: Matteo Tonello is managing director of corporate leadership at The Conference Board. This post relates to a report released jointly by The Conference Board and FactSet, authored by Dr. Tonello, Melissa Aguilar, and Thomas Singer of The Conference Board. The Executive Summary is available here. For details regarding how to obtain a copy of the full report, contact matteo.tonello@conference-board.org.

While the number of shareholder proposals filed at U.S. public companies continued to increase this year, management has been less successful at obtaining permission from the Securities and Exchange Commission (SEC) to exclude from the voting ballot new types of investor demands.

The finding is discussed in the latest Proxy Voting Analytics (2009-2013), recently released by The Conference Board in collaboration with FactSet Research. The study examines data from more than 2,400 annual general meetings (AGMs) held at Russell 3000 and S&P 500 companies between January 1 and June 30, 2013. Historical comparisons with findings from the last four proxy seasons are also made.

Data analyzed in the report includes:
…continue reading: Proxy Voting Analytics (2009-2013)

Proxy Voting Analytics (2008-2012)

Editor’s Note: Matteo Tonello is managing director of corporate leadership at the Conference Board. This post relates to a report released jointly by The Conference Board and FactSet and authored by Dr. Tonello, Melissa Aguilar, and Thomas Singer of the Conference Board. For details regarding how to obtain a copy, contact matteo.tonello@conference-board.org.

The effects of say on pay on shareholder engagement, the introduction of proxy access proposals, and the resurgence of board declassification resolutions were the principal themes of the last proxy season and are expected to continue to take center stage in 2013, according to a report issued today by The Conference Board in collaboration with FactSet Research Systems Inc.

Proxy Voting Analytics (2008-2012) analyzes data on voting by shareholders of U.S. companies that held their annual general meetings (AGMs) in the January 1-June 30 period during the last five years. Aggregate data on shareholder proposals, management proposals, and proxy contests is examined and segmented based on market index (whether the Russell 3000 or the S&P 500) and 20 business industry groups.

The report is supplemented with an appendix offering detailed recommendations from Conference Board experts for companies facing situations of shareholder activism.

Data analyzed in the report includes:

…continue reading: Proxy Voting Analytics (2008-2012)

July 2012 Proxy Voting Fact Sheet

Posted by Matteo Tonello, The Conference Board, on Sunday August 12, 2012 at 9:47 am
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Editor’s Note: Matteo Tonello is managing director of corporate leadership at the Conference Board. This post relates to a Conference Board report authored by Dr. Tonello, Melissa Aguilar, and Thomas Singer of the Conference Board. The report is available here (registration may be required). A post about a previous proxy voting fact sheet is available here.

As say-on-pay (SOP) resolutions were being voted on during the 2012 proxy season, management nominees to boards of directors of U.S. public companies faced less opposition by investors. This and other data from nearly 2,500 annual general meetings (AGMs) held between January 1 and June 30 at Russell 3000 companies are discussed in the new edition of Proxy Voting Fact Sheet — the periodic report issued by The Conference Board in collaboration with FactSet Research. Data discussed in the report is compared with the S&P 500 and analyzed across 20 business sectors.

The report reviews the most recent statistics on:

  • Voted, omitted, and withdrawn shareholder proposals.
  • Proposal sponsors.
  • Average voting results, by topics.
  • Say-on-pay management proposals.

…continue reading: July 2012 Proxy Voting Fact Sheet

Proxy Voting Fact Sheet

Posted by Matteo Tonello, The Conference Board, on Thursday June 14, 2012 at 9:17 am
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Editor’s Note: Matteo Tonello is managing director of corporate leadership at the Conference Board. This post is based on the May 2012 issue of the Conference Board’s Proxy Voting Fact Sheet series, authored by Mr. Tonello and Melissa Aguilar, researcher at the Conference Board. The original report is available here (registration required). This memo mentions the Shareholder Rights Project (SRP); posts about the SRP can be found here.

The declassification of the board of directors is emerging as one of the key highlights of the 2012 proxy season, as shareholder proposals on the subject continue to receive overwhelming support. This and other data from nearly 500 annual general meetings (AGMs) held at Russell 3000 companies in the January 1-April 30 period are discussed in the new edition of Proxy Voting Fact Sheet—the periodic report issued by The Conference Board in collaboration with FactSet Research.

In classified boards, members are divided into classes with directors in each class serving staggered terms (typically three years) so that only one class stands for election each year. Classification is used as a defensive measure to prevent hostile takeovers: when a board is staggered, hostile bidders must win more than one proxy contest at successive shareholder meetings to exercise control of the target. Proposals on declassification seek to discontinue this board structure in favor of a system of annual election for all members. The Fact Sheet reports that across the 17 proposals on declassification that went to a vote in the first four months of the year, the average support level was 75.9 percent of votes cast. The most notable examples included the 85.2 percent approval at Johnson Control, a 78.7 percent vote at F5 Networks, and the 77.2 percent vote at Emerson Electric.

…continue reading: Proxy Voting Fact Sheet

Shareholder Proposals: Trends from Recent Proxy Seasons

Posted by Matteo Tonello, The Conference Board, on Saturday March 3, 2012 at 9:31 am
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Editor’s Note: Matteo Tonello is Managing Director of Corporate Leadership at The Conference Board, Inc. This post is based on a Conference Board working paper from Mr. Tonello and Melissa Aguilar, Research Associate at The Conference Board, which is available here.

In our paper, which was recently made publicly available on SSRN, we examine shareholder proposals submitted to business corporations registered with the U.S. Securities and Exchange Commission (SEC) that held their annual general shareholder meetings (AGMs) between January 1, 2011 and August 3, 2011 and, at the time of their AGM, were in the Russell 3000 Index. The total sample includes 2,511 companies.

Data reviewed includes proposal volume, topics, and sponsorship. The discussion of voting results is integrated with information on non-voted shareholder proposals—due to their withdrawal by sponsors, the decision by management to omit them from the voting ballot or other, undisclosed reasons.

Aggregate data on shareholder proposals is examined and segmented based on business industry and company size (as measured in terms of market capitalization). For the purpose of the industry analysis, the study aggregates companies within 20 industry groups, using the applicable Standard Industrial Classification (SIC) codes. In addition, to highlight differences between small and large companies, findings in the Russell 3000 sample are compared with those regarding companies that, at the time of their AGMs, were in the S&P 500.

…continue reading: Shareholder Proposals: Trends from Recent Proxy Seasons

 
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