• The Wall Street Journal reports Tokyo Gas Shares Rise Sharply After Elliott Builds Stake: “Elliott purchased shares almost every trading day in October”.
• The Financial Times reports Vivendi activist urges shareholders to oppose break-up plan: “Investors in French media group to vote on proposal in December”.
• The Wall Street Journal reports CVS Adds to Board in Deal With Glenview: “The new members include Glenview Chief Executive Larry Robbins, as well as three other executives with health-sector and financial experience. The board’s total membership will be 16 with the new additions.”
• The Wall Street Journal reports News Corp Shareholders Reject Activist Bid to End Dual-Class Share Structure: “Starboard Value’s proposal had initially earned the backing of major proxy-advisory firms in U.S. and Australia”.
• Responsible Investor reports Glass Lewis backs investor push on AI risks at Microsoft: “When the proposal originally went to vote in 2023, it received support from 21 percent of shareholders including Norges Bank Investment Management (NBIM), CalSTRS, PGGM, Robeco and Storebrand Asset Management. Notably, Glass Lewis did not support the proposal last year.”

• The Financial Times reports Vanguard says shareholders can vote for profits over ESG issues: “Asset manager gives investors greater say on proxy votes as it tries to navigate backlash to ‘woke’ policies”.
• The Wall Street Journal reports Shell Wins Appeal Against Landmark Carbon-Emissions Ruling: “Decision marks a setback for efforts by environmental groups to hold energy companies responsible for the effects of climate change”.
• Forbes reports The ESG Controller—A “Job Of The Future” That’s Actually Here Now: “Another paper from the G&A Institute notes that a growing percentage of large public companies, led by early-adopter Fortune 500 firms, have created an ESG controller position to oversee sustainability reporting and the information processes feeding that reporting—wherever they reside in the organization.”
• The Financial Times reports Asset managers face growing scrutiny over sustainability claims: “Many funds have changed their labelling as rules are tightened to prevent greenwashing”.

• The Financial Times reports BlackRock wants to talk about retirement. Climate, not so much: “The US asset manager is promoting its pension and infrastructure offerings, after an ESG backlash”.
• The Financial Times reports Age matters when it comes to boards: “There is often bias towards candidates with established records, but companies should not be afraid to take a chance on youth”.
• Reuters reports Vanguard to double investor 'voting choice' program for 2025: “In addition to making shareholders of several new funds eligible for its "Investor Choice" program, Vanguard executives told Reuters on Friday the closely held firm will offer a new voting option with less support for socially focused matters.”
• Glass Lewis Publishes its 2025 Proxy Voting Policy Guidelines for the U.S., UK and Europe: “The 2025 Voting Policy Guidelines will apply to shareholder meetings held after January 1, 2025. Glass Lewis will publish updates to its Voting Policy Guidelines for additional local markets and its Thematic Policy Guidelines by mid-December.”
• The Financial Times reports Are directors of founder-led companies being set up to fail?: “It can be hard to rein in one dominant individual unless boundaries are set”. 

• Responsible Investor reports Potential reopening of EU ESG rules prompt fears among green investment groups: “Omnibus approach promised by European Commission to promote competitiveness could cause implementation delays, experts warn.”
• The Financial Times reports Klarna’s US listing is a sad reflection of Europe’s failings: “Until there is a single market in areas from services to capital markets, more companies will choose American exchanges”.

• The Financial Times reports London’s snaring of France’s Canal+ to revive moribund listing market: “Expected €6bn-€8bn IPO is set to be the largest listing in City since 2022”.
• The Times reports London float of French TV channel could flop, warns Paris investor: “The spin-off of Canal+ as part of a four-way split by Vivendi is being opposed by Anne-Sophie d’Andlau of CIAM”.
• The Times reports FCA rethinks plans to ‘name and shame’ firms under investigation: “Boss of the City watchdog says proposals will be ‘fundamentally reshaped’ following a fierce backlash.”
• FRC Launches Consultation on Updates to UK Stewardship Code: “The Financial Reporting Council (FRC) has today launched its consultation on significant updates to the UK Stewardship Code, focusing on supporting economic growth and investment and delivering increased transparency for millions of UK investors, savers and pensioners.”
• The FRC reports Pre-Emption Group reports UK companies embrace enhanced capital raising flexibility: “The Pre-Emption Group has today published its second report monitoring the use of its updated Statement of Principles on the disapplication of pre-emption rights for UK listed companies.”

• The Financial Times reports French asset manager Tikehau considering New York listing: “An increasing number of European companies are looking past home exchanges to more liquid markets in US”.

• La Repubblica report Paralysis on the Capitali law. Stop to board slates at shareholder meetings (“Paralisi legge Capitali. Stop alle liste dei manager in assemblea”): “The norm, waiting for the second draft, raises many doubts on board renewals in the biggest companies of the market. Also Consob detects uncertainties.”
• La Repubblica reports Freni ring-fences the Capitali law. Consob draft on board renewals is coming (“Freni blinda la legge Capitali. Arriva la bozza Consob sul rinnovo dei cda”): “The undersecretary to the Ministry of Economy: «Dialogue with everyone, but politics must make its own decisions at the end».”
• Milano Finanza reports The jungle of remuneration of listed companies’ CEOs. Where who makes things worse may earn more than who meets the targets (“La giungla delle retribuzioni dei ceo delle società quotate. Dove chi fa peggio può guadagnare più di chi raggiunge i target”): “Listed companies follow very different policies from each other: it is important that shareholders receive adequate information not only ex post (when indemnities are paid) but also – and maybe more importantly – ex ante, before exercising their vote on the policy at the AGM. This is what emerges from the fourth Report on corporate governance recently published by Fin-Gov (Cattolica University)”.
• La Stampa reports Stock exchange, Unimpresa: growth in equity investments in listed companies in Italy (“Borsa, Unimpresa: aumento delle partecipazioni nelle società quotate in Italia (+14,31% nel 2024)”): “The total value of equity investments in listed companies in Italy eached €661 billion in 2024, making a 14.31% increase compared to 578 billion in 2023: nearly 100 billion more in 12 months.”
• La Repubblica reports Bpm, Caltagirone and Delfin shield Monte dei Paschi (“Bpm, Caltagirone e Delfin blindano Monte dei Paschi”): “The Treasury sells a 15% stake for 1.1 billion. The Milanese bank gets a 5% and Anima buys a 3%. The entrepreneur from Rome and Del Vecchio’s heirs get 3.5% each.”

• El Independiate reports From Santander to Criteria: who are the shareholders of the Ibex real estate companies that threaten to leave Spain? (“De Santander a Criteria: ¿quién son los accionistas de las inmobiliarias del Ibex que amenazan con irse de España?”): “The Spanish government announced an agreement to "suspend" the tax regime enjoyed until now by listed real estate companies, which allows them not to pay corporate tax if they distribute at least 80% of the dividend among their shareholders. Santander and CriteriaCaixa are the main shareholders behind the Spanish listed real estate companies -Merlin Properties and Inmobiliaria Colonial-. Both companies have announced that they do not rule out moving their headquarters outside of Spain if this tax reform goes ahead.”
• Consenso del Mercado reports Spain: Retailers' participation in Shareholders' Meetings is less than 10% in three out of four listed companies (“España: La participación de los minoristas en las Juntas de Accionistas es inferior al 10% en tres de cada cuatro cotizadas”): “Almost three out of four companies in Spain (74%) explain that the participation of retail investors in General Shareholders' Meetings does not exceed 10%. Only 3% of companies say that the percentage of participation of retailers is above 50% of the total number of investors. In most cases, companies do not offer incentives such as attendance bonuses to encourage retail shareholder participation. These are some of the main conclusions of the second edition of the study carried out by Evercom among directors and heads of Investor Relations of Ibex 35 companies, Mercado Continuo and BME Growth, with the aim of analysing the present and future of the relations between listed companies and retail investors.”
• Nexotur reports Meliá Hotels International joins forces with Forética to improve its sustainable side (“Meliá Hotels International se une a Forética para mejorar su lado sostenible”): “As a benchmark in the international hotel sector, Meliá Hotels International has taken on a key role in the transition to a more responsible tourism model. To this end, it seeks to respond to the challenges of the environment through strategies and initiatives of global scope, aligned with the 2030 Agenda, with the aim of turning its hotels into generators of positive impact. To this end, Meliá Hotels International has announced its membership of Forética, a leading organisation in sustainability, which provides knowledge and tools to successfully develop competitive and sustainable business models.”

• Ethos strengthens its requirements for boards of directors: “On Tuesday, Ethos published the 24th edition of its voting guidelines and governance principles, which will apply during the 2025 general meeting season. Ethos is reinforcing its expectations with regard to the availability and diversity on boards of directors.”

• The Financial Times reports Shareholder advisers fear clamp down in new Trump administration: “Conservative groups and lawmakers eye restrictions on proxy firms as new era in Washington emboldens their critics”.
• The Financial Times reports Karma comes for Boeing’s shareholders: “Nearly a fifth of total shares will soon be owned by participants in a giant capital raise”.
• Bloomberg Law reports SEC Role as Proxy Proposal Referee Withstands Fifth Circuit (1): “A federal appeals court on Thursday left in place the SEC’s power to referee which shareholder proposals companies allow on their annual meeting ballots, tossing a case from business and right-leaning groups fighting the agency’s influence.”
• Bloomberg Law reports SEC Braces for Influx of Corporate Challenges to Proxy Proposals: “The SEC is gearing up for what could be a continued surge of corporate requests to keep certain shareholder proposals out of annual meetings.”

• The Financial Times reports Japan urgently needs to plug its CFO deficit: “Investors expect to deal with people fluent in shareholder-focused language”.
• The Wall Street Journal reports 7-Eleven, the Slurpee and a $47 Billion Takeover Battle: “The convenience chain is at the center of a bidding war between would-be buyers on two continents. Here’s why they’re hungry for it."

• Korea JoongAng Daily reports 'We need policy reforms': FSS chief pitches value-up program in Hong Kong: “Major financial firms in Korea, including Hana Financial Group and Shinhan Financial Group, met with potential investors in Hong Kong to address the perceived depressed valuation of the country's domestic stocks.”

• Bloomberg reports Chinese Stocks Rebound on Guidelines to Boost Shareholder Value: “Equities in China and Hong Kong rebounded from last week’s selloff as traders reassess an outlook for further stimulus and the country’s guidance on boosting corporate valuation.”

• The Financial Times reports Indian billionaire Gautam Adani charged in US over alleged $250mn bribery scheme: “Shares in group tumble after prosecutors accuse tycoon and others of lying to investors to land lucrative contracts”.
• The Financial Times reports US fraud charges roil Adani’s empire: “Plus, boutique bank PJT mints a new billionaire and Poonawalla family property purchase dispels non-dom fears”.

• The South China Morning Post reports Daily turnover of southern leg of Hong Kong’s Stock Connect up by 40 times since 2014 launch: “Reviewing Stock Connect scheme, which marks its 10th anniversary, finance chief Paul Chan lists listed three areas where programme can be further developed”.

• The Australian Financial Review reports Big super pushes boards on culture after WiseTech, MinRes dramas: “Industry superannuation funds are demanding more scrutiny and accountability from Australia’s biggest companies on their culture and governance practices, as scandals wipe billions of dollars in value from WiseTech Global and Mineral Resources. AustralianSuper sold down its substantial shareholding in MinRes on Friday after two weeks of engagement with its leaders failed to reassure the fund of its long-term value given the tax avoidance scandal rocking the miner.”
• The Australian Financial Review reports The country’s biggest aluminium smelter says its green target unreachable: "The new chief executive of Tomago Aluminium, Australia’s biggest electricity user, says the smelter’s goal to switch to predominantly clean power later this decade is not achievable, derailing its emissions reduction targets for 2030 and putting the plant’s future at risk. Jerome Dozol said the energy price on offer was too high for the smelter to keep running without government assistance. Tomago's difficulties point to a wider problem across industrial and commercial businesses that want to switch to cleaner electricity supplies but need guaranteed, round-the-clock power.”
• The Australian Financial Review reports Supersized renewables auction helps deliver 2030 emissions target: “Annual departmental data to be released on Wednesday by Climate Change and Energy Minister Chris Bowen will show the nation on track to reduce emissions by 42.6 per cent below 2005 levels by the end of the decade. The legislated target is 43 per cent. This is a significant increase to last year’s baseline scenario of 37 per cent, with the increase attributable to the introduction on January 1 next year of the New Vehicle Efficiency Standard, which forces the import of cleaner vehicles, and the ramping up of the Capacity Investment Scheme, or CIS.”
• The Guardian reports Santos sued by its own shareholder in world-first greenwashing case: “Australasian Centre for Corporate Responsibility alleges Santos’s plan to reach net zero by 2040 is ‘little more than a series of speculations.’ The organisation claims Santos did not have a proper basis for saying it had a clear pathway to reduce emissions by 26% to 30% by 2030 and reach net zero by 2040, which constituted misleading or deceptive conduct in breach of Australian corporate and consumer laws.”
• FS Sustainability reports ASIC calls for feedback on climate disclosure regime: “From January 2025, large companies will be required to provide climate-related financial disclosures in their annual sustainability reports. The corporate regulator, the Australian Securities and Investment Commission, has called for comment from interested parties on the proposed disclosure framework and guidance.”