三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

US EUROPE AFRICA ASIA 中文
Business / Companies

Activist stampede pushes board directors into shareholders' arms

(Agencies) Updated: 2015-11-13 09:46

A few days after joining the board of Atlantic Power, private equity veteran Gilbert Palter said he got a flurry of calls from the energy company's top shareholders, who wanted more than just to wish him well.

"They wanted to hear my perspective on the company. And they wanted to bend my ear with their own thoughts," said Palter, co-founder of EdgeStone Capital Partners in Toronto. He said he's mindful of not speaking for the company but rather as a member of the board.

The rising power of activist shareholders has added a new responsibility to the role of board director at a publicly traded company: investor relations.

From JPMorgan Chase & Co to Microsoft Corp, and Johnson & Johnson to Apache Corp, board directors across North America have increasingly begun serving as a bridge between institutional investors and corporate management teams.

In the role, which barely existed at most companies five years ago, board members must be careful to avoid sharing inside information or to interfere with a CEO's own communication with investors.

Director engagement with investors is an evolving trend, though it's developed to the point where board members are now embarking on "corporate governance road shows" in the autumn, to gauge investors' views and to ensure their support at the annual meeting in the spring.

"Most directors do not go out willy-nilly and speak to shareholders," said Wendy Lane, who serves on the board of insurance company Willis Group and investment research firm MSCI Inc. "However, I have become friendly with institutional investors, and when I see them, I pick their brains about what they're thinking about in terms of the companies I serve."

Director engagement is yet another sign of how activist hedge funds, equipped with more than $150 billion of spending power, have changed the dynamic inside executive suites-a dynamic that is now intensely focused on preparing against attacks by dissident shareholders.

The trend also underscores the increasing value and complexity behind the role of board director, which has evolved from attending a few meetings per year to being a hands-on ambassador, schooled in corporate governance issues, pay structures and shareholder views.

Of the S&P 100, 65 companies disclosed specific shareholder outreach initiatives in their most recent proxy statements, compared to eight in 2010, according to executive compensation data firm Equilar.

The disconnect between management teams and investors was laid bare when companies starting receiving poor scores regarding executive compensation from mutual and index funds after the 2008 financial crisis.

That was followed by a wave of activist campaigns and proxy fights that overthrew boards and rejigged balance sheets, thanks in large part to support from big institutional investors.

JPMorgan's lead independent director, former ExxonMobil CEO Lee Raymond, oversees the board's shareholder engagement initiative, which in 2014 included around 90 calls and meetings on governance and compensation topics with shareholders representing around 40 percent of the company's shares, its proxy statement says.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 亚洲欧美精品成人久久91 | 高清中文字幕视频在线播 | 亚洲成a人片在线观看中文 亚洲成a人片在线观看中文动漫 | 黄色在线观看视频 | 日本免费久久久久久久网站 | 免费观看欧美成人禁片 | 国产特级毛片 | 欧美日韩亚洲精品一区二区三区 | 国产一区二区久久 | 国产啪视频1000部免费视频 | 丁香婷婷综合网 | 国产一区二区三区视频在线观看 | 国产制服在线 | 巨臀中文字幕一区二区视频 | 成人人免费夜夜视频观看 | 青草五月天| 亚洲在线免费 | 一本久道久久综合婷婷五 | 亚洲欧美日韩在线观看你懂的 | 日韩毛片免费 | 亚洲永久中文字幕在线 | 毛色毛片免费看 | 黄色大片影院视频免费 | 色欧美与xxxxx| 第一次男生很猛的进去视频 | 国语毛片 | 久久精品视 | 久久一区不卡中文字幕 | 国产在线精品一区二区 | 香港黄色网 | 欧美午夜一艳片欧美精品 | 全免费午夜真人毛片视频 | 日本一级毛片视频无遮挡免费 | 免费一级欧美毛片 | 国产午夜精品久久久久九九 | 午夜成人免费影院 | 国产高清在线精品一区二区 | 国产午夜精品福利久久 | 激情专区 | 综合色99 | 欧美一级特黄aa大片婷婷 |