Anne-Marie Clarke
Head of Corporate Governance
Since our last update, we’ve been busy with more external events. EQ was delighted to present at the recent London Stock Exchange Remuneration and Governance Update webinar together with Alvarez & Marsal. This was a good opportunity for us all to reflect on what we have seen during 2022 and consider what is to come for 2023. Another event turned our attention to IPOs and saw our involvement in the LSE IPO Forum, with us providing our EQ perspective on what companies and directors can consider as part of the pre and post IPO process.
We’ve also introduced two new members to our Corporate Governance team, who will no doubt be introducing themselves in future updates and building relationships with you as part of what we do.
And importantly you will see a new look and feel to our monthly updates, with our focus clearly on supporting you, and looking at ESG matters from different perspectives.
If you would like to know more about the CGPro Network, or require support and advice on any ESG topic, please do contact us here.
If you would like to receive our regular updates directly into your inbox, please email: cgpronetwork@equiniti.com
To access the Governance Update Series, please visit here.
2023 – A New Year, A New Start
From EQ, we’d like to introduce our newly focussed monthly update – focussed on our CGPro Network, a network which we consider you to be a part of. As a reminder, ‘CGPro’ is a shortened form of Corporate Governance Professional, and ‘network’ reflects you all being part of the activities we undertake to support you all.
CGPro Network Mission Statement
“To promote an inspiring network and support system for corporate governance professionals. The network encourages open discussion, debate and critical thinking of topical issues. It provides a diverse and inclusive environment for voicing opinions and ideas, towards enriching collective knowledge in the areas of corporate governance, stewardship and ESG.”
Programme of Activities
So how do we intend to meet our mission statement?
Firstly, we’ll be picking up on some of the key findings from our survey from September 2022. If there’s anything that piqued your interest, please do send us a message and we’ll incorporate that in a future update.
Secondly, we will continue with our monthly updates, focussed on subjects we believe will be of interest to you, with some regular spots for preparing ourselves for the AGM season e.g. our Proxy Advisor policy updates and our AGM season forecast, and then taking time to reflect on what we have seen with our Mid-Season reviews.
Thirdly, we’ll be looking forward to delivering our regular Q1 webinar! Watch this space for registration details coming soon!
Importantly, we’re always keen to hear from you so if there is anything you’d like us to cover, or do to help support you all, please let us know.
Introducing EQ Advisory
2022 saw a year of change for the EQ business. As part of this we’d like to introduce you to the broader EQ Advisory business.
Steve Harris became Managing Director for the EQ Advisory business during 2022. Focussed on supporting corporate governance and investor relations objectives, the business area - under Steve’s leadership - brings together the brands of Boudicca (proxy solicitation and corporate governance advisory), Prism CoSec (Company Secretarial Services) and RD:IR (investor relations).
When I asked Steve what he was looking forward to he commented “The individual teams are collaborating and pooling knowledge to support our clients and demonstrate the value that all three areas can bring. With many business-wide initiatives underway we look forward to delivering enhanced value in the form of advice, new products and developments in technology.”
We would now like to introduce the three business areas, all providing interlinking and connected advisory support. I took time to ask each of my colleagues a few key questions (and considered these myself).
Preparing For The AGM Season – Proxy Advisor Policy Updates
Revised 2023 policy guidelines
All of the main Proxy Advisors (PAs) evaluate their respective guidelines on an ongoing basis and formally update them on an annual basis. This year they have made noteworthy revisions throughout their guidelines. The current status of the updated guidelines is below. We have summarised key topics where notable changes have been made to the guidelines, to draw to your attention. These include the topics of: executive remuneration, climate accountability, cyber risk oversight and board diversity. For full details of the policy wording, please use the links provided below.
Climate Update – COP26, 27 And Beyond
In her commentary, Patricia Aizpurua Martin - Corporate Governance Manager - cites the compelling words of the COP26 President.
“Today, we can say with credibility that we have kept 1.5 degrees within reach. But, its pulse is weak.”
“And it will only survive if we keep our promises. If we translate commitments into rapid action. If we deliver on the expectations set out in this Glasgow Climate Pact to increase ambition to 2030 and beyond. And if we close the vast gap that remains, as we must.”
“Because as Prime Minister Mia Mottley told us at the start of this conference, for Barbados and other small island states, “two degrees is a death sentence” “
- COP26 President Alok Sharma
Disclaimer: This Report is provided solely for internal use by the intended recipient and is not intended for distribution to the public. The Report may not be reproduced, redistributed or published, in whole or in part, for any purposes without the written permission of EQ. Neither EQ nor any of its affiliates accept any liability whatsoever for the actions of third parties in this respect.
The Report does not constitute a comprehensive or accurate representation of past or future activities of any company or their shareholders but rather is designed to provide an overview thereof. All data and descriptions of any company, business, markets or developments mentioned in this Report, may be a combination of current, historic, complete, partial or estimated data. The Report may include statements of opinion, estimates and projections with respect to the anticipated future behaviour of shareholders and as to the market for those companies’ products and services. These may or may not prove to be correct.
This Report is not, and should not be, construed as a recommendation or form of offer or invitation to subscribe for, underwrite or purchase securities in any company or any form of inducement to engage in an investment activity.
All information contained in this Report has been sourced from publicly available information and has not been independently verified. Neither EQ nor any of its affiliates, partners or agents, make any representation or warranty, expressed or implied, in relation to the accuracy, reliability, merchantability, completeness or fitness for a particular purpose of the information contained in this Report and expressly disclaim any and all liability arising from (i) any such information contained in the Report or (ii) any actions based on or relating to such information contained in the Report, or (iii) errors in or omissions from this Report, or (iv) the Client’s use of the Report. In particular, EQ shall not be liable to the Client, or any third party, for any loss of profit or any indirect, special or consequential loss, damage, costs, expenses or other claims which arise out of or in connection with the use of and/or reliance on the Report.