In a letter to the AMF, Manifest, a proxy voting agency whose clients own more than £3 trillion of assets and which has been providing investor guidance on corporate governance and other issues for 15 years, said: “We draw the AMF’s attention to the global Chartered Financial Analyst best practice guidance on conflicts of interest and objectivity standards, particularly, ‘Prior to publication of their reports, sellside analysts may only submit to corporate issuers for review for factual accuracy those portions of their research reports that do not contain or disclose conclusions, recommendations, estimates, valuations or price targets’.”
Manifest added that the proposal would cause practical problems. Shareholders in French companies have between eight and 14 days’ notice of the issues on which they are to vote.
The AMF’s proposals, issued on March 18, follow a new statute that could be used by French companies to bar dissenting votes at shareholder meetings.
Full article (FN subscription needed)
© Financial News
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article