LONDON, Feb 19 (Reuters) – Groups who advise institutional
investors on which way to vote at shareholder meetings on such
matters as executive pay need a code of conduct but not
regulation, the European Union’s financial services watchdog
ESMA said on Tuesday.
After extensive analysis and consultation with market
participants, The European Securities and Markets Authority
(ESMA) said it had concluded that the proxy adviser industry did
not need regulatory intervention but a voluntary Code of
Connduct could give reassurance on the independence of advisers
and the quality of their advice.
LONDON (Reuters) – Funds giant Vanguard has ruled out a flotation or big-ticket takeover spree after netting record volumes of new business in 2012, crushing the hopes of dealmakers circling one of the world’s fastest growing managers.
Chief Executive Bill McNabb said the firm, famous for its low-cost, conservative and long-term investment ethic, would “never go public” because he feels listing on the stock market creates a conflict of interest between shareholders and clients.
LONDON, Feb 5 (Reuters) – Rising European stock markets
tempted companies to issue record numbers of convertible bonds
in January, as investors worried about how long the rally will
last sought to reduce their level of risk.
Investors’ concerns about the outlook for stock markets,
coupled with the attraction of convertible bond returns of
around 16 percent in 2012, have led to strong inflows into funds
specialising in bonds convertible into shares.
LONDON, Jan 29 (Reuters) – European companies are having to
reassess the cost of a rush of takeovers in more buoyant times
as regulators call time on outdated asset values.
Companies are obliged to ensure the goodwill sums in their
accounts accurately reflect the future economic benefits of a
target. As recession bites, some are increasingly reluctant to
trim a figure that reflects the premium they paid.
LONDON (Reuters) – Broker Tullett Prebon (TLPR.L: Quote, Profile, Research) is to let some senior staff delay bonus payments until April, meaning they can benefit from a tax cut for Britain’s best paid.
Although in no way unlawful, that could be controversial at a time British politicians and voters are focused on the tax affairs of wealthy individuals and big businesses.
LONDON, Jan 28 (Reuters) – British broker Tullett Prebon
has offered some senior executives the opportunity to
delay receiving bonuses until April to take advantage of a cut
in income tax for top earners, a source inside the company told
Such an offer would not be unlawful, but could be
controversial at a time British politicians and voters are
focused on the tax affairs of wealthy individuals and big
LONDON (Reuters) – As Silvio Berlusconi’s pre-election media blitz intensifies, so do fears of a costly detour from Italy’s road back to economic strength.
Yields on short-term Italian debt, which have fallen sharply, are creeping up again, reflecting concerns that the billionaire tycoon, who lost power at the peak of Italy’s fiscal woes in 2011, could have a big influence on the election outcome.
LONDON (Reuters) – British police have arrested a trader at asset manager Schroders and four other men and women in the latest swoop on suspected insider dealing as part of a regulatory crackdown on market abuse.
The Financial Services Authority (FSA) said on Tuesday two men, aged 37 and 62, and three women, aged 39, 51 and 63, were being questioned after police and prosecutors searched four properties in London and other parts of England.
LONDON (Reuters) – Growing anger at aggressive tax avoidance by big business has prompted ethical investors to consider shunning shares in companies that don’t pay their fair share of tax.
As governments struggle to balance massive budget deficits caused by the financial crisis, reports that big companies like Apple (AAPL.O: Quote, Profile, Research, Stock Buzz), Google (GOOG.O: Quote, Profile, Research, Stock Buzz) and Vodafone (VOD.L: Quote, Profile, Research, Stock Buzz) pay minimal taxes in some big markets have sparked public protests in Europe and the United States.
LONDON, Jan 17 (Reuters) – Top shareholders in crisis-hit
Rio Tinto have identified an unusual scapegoat for the
hapless takeovers that triggered the company’s eye-watering $14
billion writedown – each other.
Chief Executive Tom Albanese, who led a top-dollar purchase
of the Alcan aluminium group, and Doug Ritchie, the executive
who secured Mozambican coal business Riversdale, both lost their
jobs on Thursday after Rio confessed how badly their deals had