• The Times reports Bluebell Capital puts its hedge fund out to pasture: “London-based investor will pursue its activist strategy through co-investments and advisory mandates”.
• The Financial Times reports Activist investor targets HarbourVest investment trust’s 45% discount: “London-based Metage Capital says FTSE 250 trust not delivering value for its shareholders”.
• The Financial Times reports US industrial group Honeywell explores splitting off aerospace unit: “Decision comes after activist investor Elliott took $5bn stake and pushed for break-up”.
• The Wall Street Journal reports Activist Starboard Value Takes Stake in Bitcoin-Mining Company Riot: “Starboard wants Riot to convert some of its bitcoin-mining facilities into space for big data-center users”.
• The Wall Street Journal reports Macy’s Bargain Shares Tempt Activists Again: “The newest arrivals at Macy’s have a fresh idea and some tired ones”.

• The Financial Times reports Investors weigh if meetings or selling out most influences green goals: “Active fund managers often claim the moral high ground, but investors are increasingly choosing passive rivals”.
• The Financial Times reports Strive Asset Management expands into anti-ESG direct indexing: “The company, co-founded by Vivek Ramaswamy, has agreements to offer the service via Charles Schwab and Fidelity”.
• The Financial Times reports Investment sector seeks to put a value on biodiversity: “Funds are beginning to target an issue long neglected when compared with sustainability
• The Financial Times reports BP and Shell rein in electricity ambitions to escape ‘valley of death’: “Oil majors caught between pro-fossil fuel and pro-climate investors scale back $18bn power generation push.”

• FN London reports BlackRock creates active stewardship team to assist with private markets push: “The move follows the completion of its acquisition of Global Infrastructure Partners”.

• The Financial Times reports London Stock Exchange suffers biggest exodus since financial crisis: “Main market set for fewest listings in 15 years as allure of New York grows despite planned UK reforms”.
• The Financial Times reports Pay UK bosses like football stars, says Lord Spencer: “Founder of ICAP claims boosting chief executives’ salaries would help London’s competitiveness.”
• The Financial Reporting Council (FRC) announced the UK Sustainability TAC issues final recommendations: “The Financial Reporting Council (FRC), in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee (the TAC), has published the Committee’s final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards for use in the UK.”
• The Financial Times reports Toxic shareholder relations are a red flag for company performance: “Disputes between company boards and their biggest investors can drag on and on”.
• The Times reports London Stock Exchange boss: We must make people proud to own shares: “Dame Julia Hoggett opens up about her mission to save the LSE, when she decided to come out at work, and why she is desperate for the IPO gates to reopen”.
• The Financial Times reports London should take a chance on Shein’s fast-fashion IPO: “The risks in the business and governance of the fast-fashion group do not justify rejecting a UK listing”.

• The Wall Street Journal reports Vonovia Agrees on Offer to Take Full Control of Deutsche Wohnen: “The agreement remains subject to approval of general shareholders’ meetings at both companies in January”.

• The Wall Street Journal reports Vivendi Shareholders Back Break-Up Plans: “New company, known as Louis Hachette Group, consolidates Vivendi’s assets in publishing”.

• ESG Today reports Switzerland to Require Companies to Disclose 2050-Aligned Net Zero Roadmaps: “The Swiss government announced the launch of a consultation on a series of new proposals to update its sustainability-related disclosure rules for companies, including a requirement for companies to provide plans to align with Switzerland’s net zero by 2050 climate target, and for climate-related reporting to be based on standards such as the ISSB or the EU’s ESRS. The proposals would amend Switzerland’s current Ordinance on Climate Disclosures, which came into force this year, with initial climate reporting by large companies beginning in 2025. Under the initial law, large Swiss companies and financial institutions are required to report on climate-related factors including greenhouse gas emissions, climate-related risks and impact, and targets and transition plans, based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).” See announcement here.
• The Financial Times reports AllianceBernstein to sue Switzerland over $17bn Credit Suisse debt wipeout: “US asset manager will join case over decision when UBS took over struggling rival”.

• The Financial Times reports Stellantis chief’s exit pay deal to be less than last year’s €36.5mn package: “Large part of Carlos Tavares’ performance-based remuneration lost due to the car company’s declining profits”. 

• The Financial Times reports Orcel vs Caltagirone: a Machiavellian fight for the future of Italian finance: “Two of Italy’s most powerful — and most contrasting — business figures clash over Banca Popolare di Milano.”
• Milano Finanza reports Piazza Affari is increasingly poor due to delistings and ongoing takeover bids. And it is rare that a company wants to go public (“Piazza Affari è sempre più povera tra delisting e opa in corso. Ed è raro che una società voglia quotarsi”): “Five more delistings were announced last week, ready to join the 28 billion of market cap that came out.”
• Il Sole24Ore reports Anima, green light from the Antitrust Authority for takeover bid of Banco Bpm (“Anima, dall’Antitrust via libera all’Opa di BancoBpm”): “’Unconditiona’” green light from the Authority for the acquisition of Anima by Banco Bpm.”
• Milano Finanza announces Generali, not only Natixis: the Lion looks at a double prey in the asset management industry (“Generali, non solo Natixis: sull’asset management il Leone guarda a una doppia preda”): “Under consideration the acquisition of another American asset manager, smaller than the English one, to complete the offering of the product portfolio on private debt and alternative assets.”
• Il Sole24Ore reports Generali starts the poll of the shareholders for the new board (“Generali avvia i sondaggi tra i soci per il nuovo cda”): “First discussions with major shareholders regarding the renewal of the board. The Lion did not take any formal decisions with respect to a possible board slate at the moment.”

• Estrategias de Inversión reports A fund believes that the changes to Grifols' board of directors are insufficient and is calling for a "governance review." (Un fondo ve insuficientes los cambios y pide una “pronta revisión de la gobernanza”): “Flat Footed, one of Grifols' minority shareholder funds, has stated that the appointment of Paul Herendeen as a proprietary director "is far from sufficient", as he is the only "truly independent" member of the board of directors of the 13 members, according to a letter sent to the board of directors. The fund also expressed surprise at the announcement of the appointment of a second board member, Pascal Ravery. During the past few months, when shareholders not present on the board have been calling for the establishment of an independent board, the board has not mentioned Ravery or his appointment. Furthermore, the fund also regretted that Grifols has undertaken transactions that “have destroyed value and conflicts of interest are present throughout the board, among members of the Grifols family, and in Tomás Dagá in his capacity as partner of Osborne Clarke Spain.”
• CincoDías reports Corporación Financiera Alba soars on the stock market after the March family announces its proposed delisting (Corporación Financiera Alba se dispara en Bolsa tras anunciar los March su exclusión de Bolsa): "The share price has increased by more than 70%. The offer will be at 84.2 euros per share, above its all-time high."
• Europa Press reports Alquiler Seguro socimi debuts on the BME Scaleup (La socimi de Alquiler Seguro se estrena en el BME Scaleup): “Alquiler Seguro Asset Market (ASAM), the new Alquiler Seguro socimi, started trading on BME Scaleup on December 5 with the traditional ringing of the bell on the Madrid Stock Exchange, although it has marked the same starting price on its debut in this market, 13.8 euros per share, according to company sources reported to Europa Press.”

• The Economist reports Tesla, Intel and the fecklessness of corporate boards: “Too many directors at American companies aren’t doing their job”.
• The Wall Street Journal reports Appeals Court Strikes Down Nasdaq’s Board-Diversity Rules: “The exchange had set diversity targets for listed companies and sought to require them to disclose the gender and racial makeup of their boards”.
• Yahoo Finance reports Microsoft shareholders reject a proposal for the tech giant to possibly invest in bitcoin: “Microsoft shareholders voted against a ballot proposal that was submitted by the National Center for Public Policy Research. The think tank called for the tech company to evaluate the benefits of adding bitcoin to its corporate balance sheet, arguing that the token is an "excellent" inflation hedge.”
• The Financial Times reports Elon Musk vs Delaware: why the Tesla CEO might win his pay battle: “Approval of remuneration package twice by shareholders could sway courts”.
• The Financial Times reports New data gives mixed picture on board diversity: “The proportion of non-white (including Hispanic/Latino) directors at S&P 500 companies rose from 20.4 per cent in 2020 to 25.6 per cent in 2023 — but then almost flatlined, rising only 0.1 percentage point in the following year. This compares with an overall 41.6 per cent non-white population in the US.”
• The Wall Street Journal reports Trump Picks Paul Atkins to Run SEC: “If confirmed as the next SEC chair, Atkins isn’t expected to dismantle core investor protections, but is likely to re-examine or revise much of what the agency did during the Biden administration.”
• The Financial Times reports Critics see chance to close down US audit regulator under Trump: “Threat to accounting board is greatest since it was created in the wake of the Enron audit scandal, accounting veterans say.”
• The Financial Times reports New data gives mixed picture on board diversity: “The proportion of non-white (including Hispanic/Latino) directors at S&P 500 companies rose from 20.4 per cent in 2020 to 25.6 per cent in 2023 — but then almost flatlined, rising only 0.1 percentage point in the following year. This compares with an overall 41.6 per cent non-white population in the US.”

• The Financial Times reports US dealmaker Warren Lichtenstein considers return to a less hostile Japan: “Financier sparked backlash with takeover attempts but country has become more receptive to foreign funds”.
• The Wall Street Journal reports Battle for 7-Eleven Could Be Tipping Point for Japanese M&A: “Japan has seen a flurry of foreign-driven deal activity recently”.

• The Korea Times reports Government set to amend Capital Market Act to protect shareholders: “The ruling bloc is seeking to amend the Capital Market Act to clarify the responsibilities of boards of directors in safeguarding shareholders' interests during mergers or spinoffs, according to the financial regulator, Monday.”
• Bloomberg reports World-Beating Surge Propoels Korea Zinc to ‘Inexplicable’ Levels: “Investors keen on profiting ahead of Korea Zinc Co.’s intensifying proxy battle next month are pushing the zinc smelter’s stock to the top of a global equity index. Korea Zinc’s shares jumped as much as 12% on Thursday to reach a fresh high, extending its year-to-date surge to roughly 270%. An eight-day stretch of advances is its best winning streak in over two years, doubling the stock’s value and making it the best performer on MSCI’s gauge of world equities over that period.”
• The Financial Times reports Samsung’s princeling heir Lee Jae-yong grapples with corporate crisis: “Chip woes and labour unrest test the mettle of third-generation leader of South Korea’s most valuable company”.

• China Daily reports CFA Institute eyes growing demand for ESG talent in China: “The CFA Institute, the global association of investment professionals, has been ramping up capabilities in China's market, eyeing the country's growing demand for financial professionals in the ESG or environmental, social and governance market, said the top executive of the institute.”

• ESG Today reports Hong Kong to Require IFRS-Aligned Sustainability Reporting Starting in 2025: “The Hong Kong government announced the release of its Roadmap on Sustainability Disclosure in Hong Kong, outlining the details of its plans to implement sustainability reporting requirements for companies, with a view to introducing reporting based on the IFRS Foundation’s ISSB standards for some listed companies on a comply-or explain basis next year, and with mandatory requirements for large-cap companies starting in 2026.”
• The South China Morning Post reports BDO awards top honours for ESG excellence: “The accountancy firm’s sixth annual awards ceremony recognises Hong Kong companies with outstanding environmental, social and governance achievements”.

• The Australian Financial Review reports Gender diversity: How backlash is becoming a problem: “Mining behemoth Rio Tinto is discovering pockets of male resentment at the push for greater diversity. Rio aims to improve its gender balance by 2 per cent a year, but the Australian chief executive has conceded that the miner had ‘some work to do’ to reduce the resistance to creating a more diversified workplace. Additionally, a survey published earlier this year for the Australasian Railway Association (ARA), which represents rail sector companies and occupations, found that 23 per cent of men had reported ‘negative gender bias’ in the previous 12 months.”
• The Australian Financial Review reports Linking executive pay to net zero is working – sort of: “The private sector will have to keep doing the heavy lifting when it comes to decarbonising global economies. A recent analysis of links between executive pay with climate targets and performance in Australia benchmarked heavy emitter companies’ remuneration against best-practice guiding principles for embedding climate performance in executive pay was concerning. For most of the principles, only 10 per cent or fewer companies were highly aligned. Without a clear and measurable transition strategy, tying executive pay to climate performance will not be effective.”
• The Australian Financial Review reports Calls grow for Westpac to reveal energy transition plan thinking: “Westpac will again face calls to explain how it assesses high-emitting corporate borrowers’ energy transition plans, as shareholder activists prepare to reapply pressure at its annual meeting on Friday [20/12]. Westpac’s lending to Santos, APA Group and JERA has reignited anger among activists who argue financing expansionary fossil fuels projects is incompatible with net zero commitments. Since the Paris Agreement in 2015, Westpac has lent $9.8 billion to fossil fuel companies, more than half to companies expanding coal, oil or gas production, according to Market Forces.”