• Reuters reports that Pershing Square's Ackman retiring from 'vocal' activist life: “Billionaire investor William Ackman, who spent years building his reputation as a vocal corporate agitator, now plans to work mainly behind the scenes with management and adopt what he calls a ‘quieter approach’ to force change. Fresh off three years of strong double digit returns, Ackman told investors on Tuesday that corporate America now knows who he is and that there is no need for the kind of noisy tactics other activist investors might employ. […] Ackman on Tuesday put into writing what investors had long suspected; the once voluble investor who fought noisy proxy contests at Target (TGT.N), Canadian Pacific Railway and Automatic Data Processing Inc was shifting gears.”
• The Guardian reports that Investors call for Sainsbury’s to pay workers ‘real living wage’: “Major investors have launched a campaign calling for Sainsbury’s to help tackle the cost of living crisis by becoming the first supermarket group to pay all its workers the “real living wage” of £9.90 an hour. Legal & General Investment Management, Nest (National Employment Savings Trust), which is Britain’s largest workplace pension scheme, and several MPs have formed a coalition to push for the change after reports that increasing numbers of supermarket workers are having to turn to food banks to feed themselves and their families.  The group of investors – whose institutional members manage £2.2tn of assets – will file a shareholder resolution on Monday calling for Sainsbury’s to accredit as a living wage employer. The resolution will be put to the vote at the Sainsbury’s annual general meeting, planned for 7 July. The group said it would be writing to all UK supermarkets urging them to take the same action.”
• The Financial Times reports that Climate group prepares legal action against Shell directors: “First serious attempt to hold executives legally accountable for alleged emissions failings.”
• Ethos has announced that Ethos and 11 other investors file climate shareholder resolution at Credit Suisse AGM: “Coordinated by Ethos and ShareAction, a group of institutional investors have filed a shareholders' resolution at the bank. Through a proposed amendment to the bank’s articles of association, the coalition asks that Credit Suisse improve its transparency regarding its climate impact and reduce its exposure to the financing of companies active in fossil fuels.”
• The Financial Times reports about Political proxies: conservative activists file record shareholder proposals: “Rightwing groups say they are trying to save US companies from being distracted by liberal social causes”
• Corporate Secretary reports that Sell-side reports play important role in building case for activism, study suggests: “The researchers find that pre-intervention sell-side reports contain ‘significantly more activism dictionary content’ than reports on control firms. Pre-intervention reports also tend to be longer and contain more quantitative information.”
• The Financial Times reports that Allianz and Cevian raise pressure over linking pay to climate goals: “Asset manager and activist investor urge investors to vote against businesses if conditions not met.”
• Reuters reports U.S. ESG shareholder resolutions up 22% to record level for 2022, study finds: “U.S. corporations face an unprecedented wave of shareholder resolutions focused on ESG themes for 2022, a new review shows, as activists look to build on favorable regulatory changes and more executives seem willing to make deals.”
• The Financial Times reports that Amazon under pressure over tax transparency: “Twenty four institutional investors in Amazon are putting pressure on the ecommerce group to increase transparency on where and how much it pays in tax around the world.”
• The Guardian reports that Sir Chris Hohn urges shareholders to vote against ‘greenwashing’ bank directors: “Call comes as thinktank says the world’s 30 largest financial institutions are undermining their net zero targets”
• The Financial Times reports that Occidental loses bid to throw out green investor resolution: “SEC will force oil and gas producer group to hold vote on tighter emissions targets”
• The Wall Street Journal reports that Toshiba Shareholders Reject Plan to Break Into Two Parts: “Some foreign investors in Japanese conglomerate want company to be auctioned to the highest bidder.”

• The IFRS Foundation and the GRI have announced that they are to align capital market and multi-stakeholder standards to create an interconnected approach for sustainability disclosures: “The IFRS Foundation and Global Reporting Initiative (GRI) have announced today a collaboration agreement under which their respective standard-setting boards, the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will seek to coordinate their work programmes and standard-setting activities.”
• The Wall Street Journal reports about how Quantifying Companies’ Impact on Forests, Oceans Is a Challenge: “Companies and investors are trying to figure out how to assess businesses’ impact on the natural world. A key challenge is deciding what to count.  The Taskforce on Nature-Related Financial Disclosures, or TNFD, a business-backed effort to protect biodiversity, published an early version of a new reporting framework Tuesday. It offers guidance for identifying companies’ nature-related risks, following the model of the climate-risk framework devised by the Task Force on Climate-Related Financial Disclosures. The goal is that better information will channel capital to companies that minimize damage to the environment and their exposure to risks.” See here for more information about the Taskforce on Nature-related Financial Disclosures (TNFD).
• IR magazine reported that Almost 700 financial firms begin letter campaign for CDP data disclosure: “Financial institutions including Allianz, Amundi, AXA, BNP Paribas, CalPERS, Capital Group, State Street and Vanguard have today begun a letter-writing campaign calling on companies around the world to report more environmental data through CDP.” For the full CDP release see here.
• Nikkei Asia reported that Opaque carbon credit market undermines fight against climate change: “Nearly 40% of carbon credits purchased by companies are more than five years old, new Nikkei analysis of global data shows, a trend that experts say threatens progress on cutting greenhouse gas emissions.”
• The Financial Times reports that the Boom in ESG ratings leaves trail of confusion: “With so many providers and methods, it can be difficult to draw meaning from rankings.”
• Reuters reports that Corporate sustainability push a $35 trillion dollar conundrum for auditors: “Investors agree that the current patchwork of auditing practices offers only basic assurance, falling a long way short of the higher standard applied to a company's financial statements.”
• The Financial Times argues that Ukraine war prompts investor rethink of ESG and the defence sector: “Conflict drives home the importance of industry to provide safety and security.” Additionally, the FT reports about Stay or sell? Russia’s war shows the difficulties of nuance in responsible investing: “From domestic fossil fuels to defence, the ESG movement is grappling with shifting priorities.”
• ESG Clarity reports that SBTi excludes oil and gas companies: “The Science-Based Targets Initiative will remove fossil fuel businesses from its list of companies that had made commitments and set targets to reduce emissions.”

• ESG Today reports that BlackRock Outlines Engagement Priorities, Including Guidance for Linking Pay to ESG Performance: “BlackRock Investment Stewardship’s (BIS) key engagement priority categories include Board Quality and Effectiveness; Strategy, Purpose, and Financial Resilience; Incentives Aligned with Value Creation; Climate and Natural Capital, and; Company Impacts on People.” See here for the full BlackRock release.
• Responsible Investor reports on the Wide gap between largest European and US investment managers on CEO pay, research reveals: “Germany’s Allianz voted against CEO pay at 92% of S&P 500 firms last year, but US giants BlackRock, Vanguard and Fidelity oppose just 4% of packages, As You Sow report finds.”
• A BNP Paribas Asset Management study shows positive impact of dialogue and voting on female board membership: “BNP Paribas Asset Management has conducted a global study of the number of women on boards ahead of the 2022 AGM season. The study compares the 3,500 companies in which BNPP AM invests with the 17,000 listed companies in the Institutional Shareholder Services database. The study demonstrates the effectiveness of BNPP AM’s voting policy and shareholder dialogue, finding that: 1) Women make up an average of 25% of the boards of the companies in which BNPP AM invests, compared to 18% for the broader universe of listed companies. 2) Regional differences are considerable, with Europe, South Africa and Australia the most advanced in terms of board director parity, whereas Asia, South America and the Middle East are less diverse. 3) Company size, country of incorporation and local regulations significantly impact levels of female board membership and are key factors for investors to consider.”
• The South China Morning Post reports that ESG investing: Asian listed firms have a lot of catching up to do in climate impact disclosures, survey shows: “Asia’s publicly traded companies lag behind companies in the United States and Europe in their climate impact disclosures, underscoring the work that remains to be done to get them to comply with investors’ expectations.”
• The Financial Times reports that Venture capitalists pass on board seats to secure deals in hot crypto start ups: “Founders of digital asset groups seek to avoid investor oversight in new Silicon Valley trend.”

• The HLS Forum on Corporate Governance has posted a blog entitled The EU Sustainable Corporate Governance Initiative: Where are We and Where are We Headed?: “As readers of this Forum will know, the EU had started a sustainable corporate governance initiative back in 2020. This initiative was backed by an Ernst & Young report, called a “study on directors’ duties and sustainable corporate governance”. The initiative and especially the EY study drew fierce criticism, also from many U.S. scholars, indicating some misleading and erroneous elements (such as Roe et al (2020); Coffee, Jr. (2020)). The Initiative gained global attention partly because of taking stock with the “corporate purpose” debate. It indicated that an EU level initiative to empower corporate directors to integrate wider interests into corporate decisions was in sight. Specifically, a reform option was to require (or allow) ‘company directors to take into account all stakeholders’ interests which are relevant for the long-term sustainability of the firm or which belong to those affected by it (employees, environment, other stakeholders affected by the business, etc.), as part of their duty of care to promote the interests of the company and pursue its objectives…’.”
• The Financial Times reports that the ECB accuses eurozone banks of ‘white noise’ on climate risks. “Central bank says none of the 109 lenders it supervises meet its disclosure expectations”

• The Financial Times reports about What to expect in the AGM season: Bonuses, net zero and Ukraine: “AGM season is under way. This year, the perennial shareholder questions around pay, climate change and diversity will be asked against a backdrop of war in Ukraine, which has thrown the usual preparatory work off course. Deal making and large strategic shifts have been postponed, according to multiple advisers. Meanwhile, activist investors are increasingly shaping the conversation in British boardrooms.”
• IVIS and the Investment Association have published the IA Shareholder Priorities and IVIS approach for 2022: “Climate change and diversity will be top of mind for investment managers during this year’s AGM season, according to the new expectations on companies issued today by the Investment Association (IA). The shareholder priorities are issued annually ahead of AGM season and outline the key areas that investment managers deem to be critical drivers of long-term value for companies. Linked to these priorities is the IVIS (Institutional Voting Information Service) approach to analysing these issues. IVIS will analyse UK listed companies against these priorities and the broader IA guidelines to provide information to help shareholders reach a decision on how to vote at company AGMs. With climate change presenting one of the biggest risks to the long-term sustainability of a company, investment managers will be looking for businesses to take immediate action, explaining how climate change will impact them and how they are mitigating the risks. They encourage firms to disclose their transition plans to net-zero ahead of these being mandated by Government. This year, IVIS will give an ‘amber-top’ warning for all companies that do not make disclosures against all four pillars of the Task Force on Climate-Related Financial Disclosures (TCFD). Diversity continues to be a priority area for investment managers. For the first time, IVIS will issue its strongest warning, a ‘red top’, where FTSE 100 companies fail to meet the Parker Review target of having one ethnically diverse board member, and ‘amber top’ FTSE 250 companies that do not disclose the ethnic diversity of their boards or have an action plan to achieve the Parker Review targets by 2024.” See the full document here.
• The Financial Times argues that UK airline investors have an ESG problem: “Such disenfranchisement should be particularly concerning when investors are being asked to vote on proposals such as the Wizz chief executive’s £100mn pay plan, approved last year on less than 16 per cent turnout after the airline curbed investors’ voting rights. In 2020, when UK shareholders could vote and turnout was above 80 per cent, investors rejected Wizz’s remuneration report.”
• The Parker Review committee has announced that Nearly all FTSE 100 companies have met the Parker Review's ‘One before 2021’ target to improve ethnic diversity of FTSE 100 boards: “The Parker Review committee has published the results of its latest voluntary census on the ethnic diversity of FTSE 100 and FTSE 250 companies’ boards, carried out jointly with the Department of Business, Energy & Industrial Strategy (BEIS). The voluntary census showed that 89 FTSE 100 companies and 128 FTSE 250 companies had minority ethnic representation on their company boards as of 31 December 2021, the target date. Another 5 FTSE 100 appointments have been announced since then and an additional 3 companies are at an advanced stage in the recruitment process. Of the 3 companies which have not signalled their commitment, one is being acquired by a US Group and will de-list; another is a Russian steel and mining company which will shortly be removed from the FTSE100 index; and the final one is a UK subsidiary of a US based Group. In 2017, the Parker Review made a series of recommendations and set a "One by 2021" target for all FTSE 100 boards to have at least one director from a minority ethnic background by December 2021. The Review also set a similar "One by 2024" target for all FTSE 250 boards.” See the full document here.      
• The Financial Times reports that UK stewardship code adds 74 new signatories: “Combined assets managed under the standard grow to £33tn.” See here for further info.
• The Daily Telegraph argues that City do-gooders threaten to undermine Britain’s nuclear deterrent: “The City has, to a large extent, disgraced itself over Russia. Encouraged and overlooked by successive governments, the Square Mile has been unquestioning in its welcoming of Russian money for decades. Even the Prime Minister admitted last week that ‘we have an issue with Russian money in the City’. Until now, there has been little attempt to cleanse the system of Putin’s kleptocracy, despite warnings from MPs on the foreign affairs committee and the security and intelligence committee. There was no shareholder outcry over BP’s involvement in Russia, at least not publicly. Not even BlackRock, whose chief executive Larry Fink is the self-anointed high priest of do-goodery, has felt compelled to speak out in its capacity as BP’s largest shareholder. Meanwhile, the decadent ESG (environment, social and governance) investment movement is busy undermining the funding of defence. Some funds refuse to own shares in Western defence contractors. At their very worst the ESG crowd are cautioning UK-listed companies against bidding for contracts managing Britain’s nuclear deterrent, as Serco has discovered.”
• The Financial Times reports that Bet365 chief Denise Coates has her pay cut for first time in 3 years: “Base salary falls more than a third to £250mn as gambling group’s revenues hit by pandemic.” 

• L'Agefi reports that Danone shareholders question the role of the Honorary Chairman (“Des actionnaires de Danone questionnent le rôle du président d’honneur”): “Together with Mirova, Erafp, Ircantec, OFI AM and the Caisse d'assurance vieillesse des pharmaciens, Phitrust has requested the inclusion of a resolution on the agenda of Danone's general meeting on 26 April. This resolution proposes to amend Danone's statutes in order to clarify the role of the Honorary Chairman. The aim seems to be to limit the influence of Franck Riboud, 66, on the board. The latter had specified last summer that he would not ask for the renewal of his directorship at the 2022 general meeting, while remaining honorary chairman. He had received this honorary title in 2017 ‘in recognition of his invaluable contribution to the work of the board’, according to the universal registration document.”
• The French Sustainable Investment Forum (Forum pour l’Investissement Responsable - FIR) has published a memo, signed by a number of investors, entitled Say on Climate: an imperative of transparency for a constructive dialogue (“Le Say on Climate : un impératif de transparence pour un dialogue constructif”): “On the eve of the 2022 general meeting season and in line with the FIR's appeal to SBF 120 companies last September, which was supported by a growing number of players in the financial ecosystem, several organisations are today signing a statement reminding companies of the importance of presenting ambitious climate plans and consulting their shareholders, by organising an annual vote at the general meeting, on these plans and their implementation. In general, the FIR recalls the need for a dialogue with shareholders, social partners and all stakeholders of the company on their ecological transition. This tribune also calls on companies to include in their ‘Say on Climate’ a minimum base of information in order to have a clear view on the strategy and climate objectives of companies and to evaluate the degree of alignment with the objectives of the Paris Agreement. Finally, the signatories of this memo therefore invite the generalisation of a ‘Say and do on Climate’ for companies. This requires a necessary reform of company law to institutionalise a French-style ‘Say on Climate’ that is innovative, demanding and allows for a permanent dialogue within the framework of general meetings on climate issues.”
• L'Agefi reports that The choice of a 70-year-old president at Orange raises questions about governance (“Le choix d’un président de 70 ans chez Orange interroge sur la gouvernance”): “While institutional shareholders cannot discriminate on the basis of age, they will look at the competence and suitability of the proposed profile.”      

• The Financial Times reports that SAP chair’s charity emerges as top investor in software giant spinout: “Hasso Plattner Foundation has biggest stake in controversial joint venture in deal questioned by German tech group’s shareholders”
• Manager Magazin reports about Supervisory Board Chair in the Dax? No, thanks! (“Chefaufseher im Dax? Nein, danke!”): “Lots of work, lots of liability, little money - the supervisory board as a fun-free zone. Potential candidates prefer to look for other jobs. Does Germany have a profound leadership problem? An insider report.”
• Bloomberg reports that Temasek Is Said to Push for Removal of Bayer CEO Baumann: “Bayer AG’s long-time investor Temasek Holdings Pte is pushing for the removal of Chief Executive Officer Werner Baumann, according to people familiar with the matter, ratcheting up pressure just as the German crops and drugs giant started reversing a years-long stock slump. The Singapore state investor has communicated its displeasure about current leadership to the company and supervisory board Chairman Norbert Winkeljohann, the people said, asking not to be identified discussing non-public information. Temasek has longstanding concerns about Bayer’s operating performance under Baumann and the company’s lack of succession planning, they said.”
• The Wall Street Journal reports that Wirecard Ex-CEO Markus Braun is Charged in Germany: “German prosecutors said they had charged Wirecard AG’s former chief executive, Markus Braun, and two other former senior executives with suspected market manipulation and false representation of the company’s financial accounts.”
• Manager Magazin reports that Michael Diekmann overturns Allianz age limit – but only for himself (“Michael Diekmann kippt die Allianz-Altersgrenze – aber nur für sich”): “Allianz Supervisory Board Chairman Michael Diekmann is standing for re-election. He thus exceeds the age limit of 70 for supervisory board members, which has been in force at the insurance company for decades.”

• Il Sole 24 Ore reports that Caltagirone: «Generali? It is a fight for independence. With us there is zero tolerance on conflicts of interest» (Caltagirone: «Generali? È una battaglia per l’indipendenza. Con noi tolleranza zero sui conflitti d’interesse»): “Francesco Gaetano Caltagirone illustrates his programme for the Lion of Trieste (i.e. Assicurazioni Generali).” Additionally, Il Sole 24 Ore highlights that Generali, Mediobanca securities loan under Consob consideration (“Generali, sul tavolo di Consob il prestito titoli Mediobanca”): “In a few days the Consob committee will examine the request submitted by the Caltagirone group. Rejection by Isla, the body that oversees conduct relating to securities lending.”
• ANSA reports about Atlantia: CEO Bertazzo says there will be a vote on climate plan at the shareholders’ meeting (“Atlantia: Bertazzo, a assemblea azionisti voto su piano clima”): “Atlantia will be the first Italian company to request a consultative vote on climate, the so-called ‘Say on Climate’. This was announced by CEO Carlo Bertazzo during the Investor Day. ‘As part of our capital allocation strategy, we recall that during 2021, we approved our ESG strategy,’ he said.”
• ANSA reports about Bank of Italy: Director Signorini says ESG investments to reach 34 billion in 2021 (“Bankitalia: Signorini, investimenti Esg in 2021 a 34 mld”): “In 2021, the inflows of mutual funds managed by Italian intermediaries oriented towards sub-funds promoting ESG investments amounted to 34 billion; the assets of these funds reached 158 billion, almost a quarter of total assets’. This was stated by Luigi Federico Signorini, Director General Bank of Italy - President IVASS, at a webinar by Aifirm, the Italian association of risk managers. ‘The increase in investor awareness of the impact of climate change and the growing demand for products that respect environmental, social and governance (ESG) criteria,’ he explains, ‘is favouring the reallocation of bank, fund and insurance portfolios towards investments classified as sustainable’.”
• ISS has published a blog about New Italian Class Action Opportunities Arise for Investors: “In May 2021, the Bank of Italy issued a sanction against Banca Monte dei Paschi di Siena for €2.9 million in reference to the correctness of relations between intermediaries and clients.”

• The Financial Times reports that Swiss Re investors urged to oppose Ermotti’s re-election over lack of gender diversity: "Proxy adviser ISS seeks votes against board chair on grounds reinsurer falls short of industry standards."
• The Financial Times reports that Shareholders pressure Credit Suisse over absolving executives on Greensill: “Investors concerned that bank has withheld report into its failings around collapse of specialist finance firm.”
• Ethos argues that AGM 2022 in Switzerland: on the Alert for Shareholder Rights Deterioration. “Ethos is concerned that the modification of the articles of association in relation to the revision of the Swiss Code of Obligations will lead some companies to revise upwards the threshold necessary to submit an item on the agenda. This is what Swiss Prime Site, the first SPI company to adapt its statutes, proposes at its 2022 AGM. Ethos therefore calls on shareholders to refuse this pejoration of their rights by opposing item 7.1 of the agenda. Ethos is also concerned that despite the lifting of sanitary restrictions in Switzerland, few companies have shown interest to organise a physical AGM this year, thus depriving shareholders of their right to be able to express themselves and ask questions to the board of directors.”
• The Financial News reports that Credit Suisse’s Severin Schwan won’t stand for re-election as vice chair: “Credit Suisse said that Richard Meddings will take over as chair of the risk committee, succeeding Axel Lehmann.”

• Finanzas.com reports that The IBEX 35 shareholders’ meetings arrive loaded with questions (“Las juntas de accionistas del IBEX 35 llegan cargadas de interrogantes”): “Three of the IBEX 35 have held their shareholders’ meeting in the penultimate week of March and it seems that shareholders are increasingly demanding more from companies, more transparency, more responsibility for their actions, more commitment and better corporate governance.”
• Cuatrecasas announces that Repsol has received the Manuel Olivencia Award for Good Corporate Governance (“Repsol recibe el Premio Manuel Olivencia al Buen Gobierno Corporativo): “Fundación Cuatrecasas has given Repsol the IV Manuel Olivencia Award for Good Corporate Governance, which distinguishes the best governance practices of listed companies in Spain.”
• El Economista reports that 70% of companies feel unable to meet ESG requirements (“El 70% de empresas se ve incapaz de afrontar las exigencias en ESG”): “Companies have increased their investment in sustainability in a striking way, but this does not prevent them from being overwhelmed and considering that they are not at the level demanded by regulators, shareholders and customers. […] Specifically, seven out of ten large firms in this country admit to not being sufficiently prepared to face the scrutiny of supervisors and interest groups, a figure slightly higher than the average for G-20 member states (66%).” 

• Reuters reports that Major Ericsson investors to vote against some board members at shareholder meeting: “Major Ericsson shareholders will vote against a motion to clear some board members of responsibility over possible payment of bribes to militant organisations in Iraq, deepening a crisis at the Swedish group that has knocked a quarter off its market value. Shareholders, including Cevian Capital, Swedbank Robur and Norway's wealth fund, plan to vote against discharging the board members of liability at Ericsson's annual general meeting on Tuesday. The shareholder vote is likely to be close to a 10% threshold that would give investors the right to sue board members in the future under Swedish company law. Ericsson has been under scrutiny by the U.S. Department of Justice and from shareholders for not properly disclosing that its 2019 investigation had found the company may have paid militant organisations in Iraq.”

• The SEC issued a press release about SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors: “The Securities and Exchange Commission today proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements. The required information about climate-related risks also would include disclosure of a registrant’s greenhouse gas emissions, which have become a commonly used metric to assess a registrant’s exposure to such risks.”
• IR Magazine reports that Gender parity on larger company boards not expected till 2042, says MSCI: “The slow rate at which companies are adding women to boards means gender parity among global large and mid-caps will take another 20 years, according to research from MSCI.”
• Bloomberg Opinion argues that SEC’s Climate Rules Are No Environmental Crusade: “The reason is plain: Investors want more information about how companies are dealing with climate change, and it’s the SEC’s job to get it for them.”
• Harvard Law School Forum on Corporate Governance has published a post entitled The Evolving Role of ESG Metrics in Executive Compensation Plans: “As boards work to integrate ESG concerns into discussions of company strategy, many are also considering how to create the right incentives for achievement of ESG-related goals. Incentive plans have long been driven primarily by objective financial goals. That often means quantitative goals related to things like revenue, cash flow, units sold, EBITDA, earnings per share, or total shareholder return. But at many companies, a shift is underway as non- financial goals become more common. As of March 2021, more than half of companies in the S&P 500 (57%) used at least one ESG metric in their plans.”
• Michael Moritz (Sequoia Capital) argues in the Financial Times that Tim Cook pay vote shows ISS should not be judge and jury: “Shareholders must not rely on the crutch of the proxy voting adviser’s recommendations.” In response, Paul Lee comments about The madness, let alone unfairness, of US executive pay.
• As You Sow writes about how Opposition to CEO Pay Increases Could Bring Record Votes Against Pay in Coming Proxy Season: “2021 showed substantial increases in opposition to CEO pay packages. A record 16 companies had CEO pay packages rejected by more than half of the shareholders, a 60 percent increase from the ten in 2020 and more than double the seven in 2019.”
• The Financial Times reports that Proxy adviser ISS urges vote against $247mn pay for Discovery chief: “Shareholder group says David Zaslav’s package is part of ‘history of poor pay practices’ at media company.”

• The South China Morning Post reports that Aquila Acquisition gets HKEX approval, moving Hong Kong’s first blank-cheque listing closer to reality: “Hong Kong stock exchange has approved the first initial public offering (IPO) by a special purpose acquisition company (SPAC) under its new listing regime. The approval for Aquila Acquisition Corp, sponsored by the asset management arm of Chinese brokerage CMB International, was reflected in an updated draft prospectus published on website of Hong Kong Exchanges and Clearing (HKEX). While the company did not say how much it plans to raise from the share sale, SPACs in Hong Kong must raise a minimum of HK$1 billion (US$128 million). Green Tea Group, a Chinese restaurant chain operator with 236 outlets nationwide, also received a nod from the city’s bourse operator for its IPO. The firm aims to raise between US$100 million and US$200 million, a source familiar with the transaction said.”
• The South China Morning Post reports that Tracker Fund names Hang Seng to run Hong Kong’s biggest exchange-traded fund, ending State Street’s mandate: “Hong Kong has picked Hang Seng Investment Management to manage the Tracker Fund (TraHK), ending a two-decade mandate by State Street Global Advisors that threw the city’s biggest exchange-traded fund (ETF) into the middle of US-China friction last year.”

• The Japan Times reports that Ex-Nissan exec Kelly leaves Japan after trial over Ghosn's pay: “Former Nissan Motor Co. director Greg Kelly left Japan on Monday, days after receiving a suspended sentence for helping Carlos Ghosn underreport compensation, and more than three years since being arrested in one of the most dramatic corporate takedowns of the past decade. Kelly, 65, and his wife, Dee, flew to the U.S. from Tokyo’s Haneda Airport, where they were seen off by Rahm Emanuel, the U.S. Ambassador to Japan. Last Thursday, Kelly was found guilty by a panel of three judges at the Tokyo District Court of aiding Ghosn in 2017, but was cleared of charges of involvement for prior years. The 17 months of proceedings essentially served as a proxy trial against Ghosn, the former chairman of Nissan and its car-making alliance partner, Renault SA. The two auto executives were arrested in Tokyo on the same day in November 2018 and charged with various financial misconduct offenses.”

• Business Today argues that the NSE Scandal Involving Former Boss Chitra Ramkrishna Shows SEBI's Shortcomings: “Former NSE Managing Director and CEO Chitra Ramkrishna may well be in the news for alleged wrongdoings and her links with an unknown person. But questions must also be asked of market regulator SEBI for the systemic lapses.”

• Reuters reports that China policy banks slash overseas energy finance to zero in 2021 – research: “China's two main trade policy banks made no new overseas energy finance commitments in 2021, a first for this century and a sign that Beijing's pledge to stop investing in foreign coal plants is already in effect, new research showed on 15 Mar 2022. The shift was highlighted in a new study of China Development Bank (CDB) and the Export-Import Bank of China (CHEXIM) project commitments last year by the Boston University Global Development Policy Center. Chinese President Xi Jinping pledged to end his country's support for new overseas coal power plants during a video address to the United Nations General Assembly last September. ‘It is a dramatic drop, but ultimately not surprising, given the persisting impacts of the COVID-19 pandemic, narrowing borrowing capacities in developing countries and the global trend towards phasing out coal,’ said Cecilia Han Springer, Assistant Director of the centre's Global China Initiative. The two banks had issued a total of $234.6 billion in loans to foreign governments and associated energy sector entities since the year 2000, including $75.1 billion since 2016 alone, far exceeding total energy sector lending by the World Bank over the period.”
• ChinaDaily reports that Digital yuan will make payments easier and curb corruption: “The electronic yuan, or e-CNY, is the digital version of fiat currency issued by the China's central bank, and operated by authorized agents. It is a value-based, quasi-account-based, and account-based hybrid payment instrument with legal tender status and loosely covered account linkage. According to an official document on the development of e-CNY in China, issued by the Working Group on E-CNY Research and Development of the People's Bank of China in July 2021, one of e-CNY's main goals is to expedite the internationalization of the digital yuan. Equivalent to paper currency bills and coins, e-CNY will meet people's demand for digital currency and help develop financial services in the country. And given China's strong production capacity and spending power, e-CNY will help build a new trading pattern, which in turn will help boost global cooperation. The central government and its departments attach great importance to the development of digital currency. They have introduced a series of preferential policies for e-CNY and included it into the 14th Five-Year Plan (2021-25). They have also urged governments at all levels to start testing the digital currency, with the aim of expanding its coverage and assessing its impact on the country's monetary policy and financial system, and, if need be, improving the digital currency's operations. Since May 2020, the country has made remarkable progress in promoting the central bank digital currency. Initially, cities began trials by giving people digital envelopes with e-CNY to spend. A year later, the digital yuan entered third-party payment platforms and began online e-CNY payment trials－for example, passengers could pay for public transport by scanning a QR code for the digital currency.”
• The South China Morning Post reports that Overhaul of online platforms run by Chinese fintech firms including Ant Group ‘went well’, though more work is needed, says regulator: “Business overhauls at 14 mainland Chinese internet finance platforms, including Ant Group, to tackle disorderly expansion and anticompetitive behaviour that brought major risks to China’s finance sector have gone well, though more work is needed, a senior regulator said. Self-inspection by the platform operators has been largely completed, although it will take more time for the revamp to be fully implemented as it involves complicated issues, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said on Wednesday. ‘These innovative financial platforms, previously not under our supervision, have gradually come under our scrutiny,’ he told reporters. ‘This process takes time as we encountered difficulties in areas such as the identification and evaluation of their products, besides the protection of private personal data, corporate information and commercial secrets. Beijing unleashed a raft of new fintech regulations and an antitrust inquiry into the country’s technology sector late in 2020. It came soon after Ant’s US$34.5 billion dual initial public offering slated for Hong Kong and Shanghai was foiled at the last minute on the back of regulatory changes last November.”

• The Australian Financial Review reports that APRA says banks might pay for climate delay: “APRA chairman Wayne Byres says the regulator is conscious that Australian banks might have to pay more for funding given the country’s timeline for getting to net zero emissions. As more global investors look to transition their portfolios to align with net zero by 2030 – 20 years earlier than the federal government’s plan for net zero emissions by 2050 – Mr Byres told The Australian Financial Review that the different timelines present a risk that the Australian Prudential Regulation Authority is factoring in its climate considerations.”
• The Australian informs that Big emitters shun new carbon reduction program. “Australian companies are set to come under increasing pressure to disclose their climate change risks and carbon emissions in the wake of this week’s move by the US Securities and Exchange Commission to make climate change disclosures mandatory for listed companies.”
• The Financial Times reports that Coal wins out in bid tussle over Australian energy group AGL: “Failed takeover pitch by Brookfield and software billionaire was aimed at accelerating green transition.”
• The Australian Financial Review asks Can the ‘Wild West’ of ethical investment be tamed? “The rising influence of ESG ratings reflects the fact that most investors want to put their money into things that are both ethical and profitable. But a lack of regulation, standardisation and transparency in the fast-growing sector has left many concerned that investors will be led astray while conflicts of interest go unchecked.”
• The Financial Times reports that Nun’s landmark coal mine victory quashed by Australian court: “Decision will ‘put a handbrake’ on climate litigation, warns legal expert.”