ESG Archive

Sep 01, 1995
Never before have American listed companies had so many choices. With exchanges pounding the highways, luring new listings business with promises of greater liquidity, better IR services and improved products, it's not surprising that many companies, domestic and foreign, are confused. Meanwhile, US regulators and stock market administrators have their work cut out to maintain America's standing as the world's leading capital market. The SEC, and the securitie...
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Jul 01, 1995
To the average retail shareholder, there is a cruel irony in the hyper-inflation associated with executive remuneration - especially when the justification given for an increased package refers to the CEOs successful paring back of the staff roll-call to a barely workable minimum. That's because most retail shareholders identify more closely with companies workforces than they ever will with their managements. And they wonder why the CEO should be allowed to g...
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Jun 01, 1995
Why do some smaller cap companies succeed in attracting and maintaining the positive attention of the investment community, where others find themselves prey to its worst vicissitudes? Often the answer is simply that the former represent good, consistent investment prospects, while the latter offer repeated disappointment to investors who quickly become disillusioned with their managements. But the reasons are not always so obvious. Some smaller company manage...
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Jun 01, 1995
Briefly, it looked as if Kirk Kerkorian, in his attempted buy-out of Chrysler, was going to revive single-handedly the buccaneering days of the 1980s when stocks and shares were replaced by bonds - many of which, if not all, well deserved the epithet junk. Wall Street's feeding frenzy culminated in the RJR Nabisco buy-out, which was notorious more for its size and the repletion of sharks surrounding it than for the principles behind it. Realising the hidden value of...
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Jun 01, 1995
It's a conference speaker's nightmare. Five o'clock on a Friday afternoon and the audience is dwindling fast. But those who bothered to stay at this year's Pirc (Pensions Investment Research Consultants) conference on corporate governance in London were treated to a fact-filled introduction to the state of play in France. Well aware of the impending train and plane departures preying on her listeners' minds, Sophie L'Helias's 15 minute discourse on the arrival of le ...
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Jun 01, 1995
Notions of corporate efficiency, shareholder rights and open investor communications may be new to China. But as the financial and corporate systems undergo their massive restructuring, some companies are already leading the way. The two profiled here - Vanke Co and Founder Group - stand out in different ways, but both see the restructuring process as an opportunity rather than a threat. Vanke Co: Financial Engineering Pioneer The American legend of T Boone Pi...
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Jun 01, 1995
Separating tobacco business from consumer products divisions? Labour issues? Compensation? Staggered boards? Secret ballots? Golden parachutes? All these were likely to be on the proxy agenda in 1995, but until the season got under way it was anyone's guess which would be the hot issues for this year's round. Now, with the season in full swing, it's clear that the issue attracting most attention is that of non-employed directors' pensions. 'There are about 20 propos...
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Jun 01, 1995
It's an unfortunate rule of thumb that when something brings benefits in one area it often causes problems in another. So it is with the move to T+3 in the US. Certainly, when the big day arrives on June 7 there will be a few teething problems, but the general perception seems to be positive. A move to clearance and settlement three days after a trade will reduce the risk to clearing firms, their participants and investors; and it will keep the US at the foref...
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Jun 01, 1995
In the IR calendar, spring means more than daffodils, kinder weather and the annual Niri conference. It is also the time for that traditional corporate rite of spring, the annual meeting. As this year's round comes to an end in the US and continental Europe, and gets started in Japan, the UK and beyond, it seems timely to consider the prognosis for this regular ritual. Perhaps the first thing is to establish whether these meetings are a shareholder right, a co...
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Jun 01, 1995
Ask any Londoner to name one of the companies which advertises on the outside of the capital's infamous 'black' taxi cabs and chances are they'll suggest the Evening Standard or one of the big brand name consumer goods which chooses this medium for reaching its market. But there's been a small addition to the ranks in recent times, which won't mean much to the majority of onlookers. One teleconferencing company has had its name emblazoned onto taxis which trawl...
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