The Pensions and Lifetime Savings Association (PLSA) has updated its corporate governance and voting guidelines to emphasise the importance of corporate reporting on strategic risk and non-executive directors’ time commitments.The new edition of the guidelines, released on Saturday, reflects recent work carried out by the association and its intention to “advance market best practices”, said Luke Hildyard, policy lead on stewardship and corporate governance.The 2015-16 version does not introduce any new principles but differs from last year’s guidelines in the emphasis that has been placed on certain principles and the detail added, he told IPE.He said there were additions in three main areas, addressing company and shareholder responsibilities. One of the areas concerns corporate reporting, the focus of work carried out by the association earlier this year.Following on from this, the PLSA revised the guidelines to emphasise that corporate reporting “should enable an investor to understand how the company is maximising the long-term value of the human capital it has at its disposal”.The guidelines refer specifically to the “composition of the workforce” and “the sustainability of the employment model” as aspects that merit particular attention to allow shareholders to develop a more “holistic view” of the risks and opportunities facing a given company.Companies are also called on to develop and refine their understanding and reporting of strategic risks continually.The guidelines were amended to stress the importance of ensuring non-executive directors have sufficient time and energy to be able to discharge their role properly.This is not a new concern for the association and its members, but the new edition of the guidelines includes a note calling on shareholders to be “mindful of concurrent directorships” and to take into account the nature of the director’s commitments.It also gives specific examples of what could constitute a director’s being what Hildyard referred to as “overcommitted”, in which case a vote against the (re-)election of a director could be warranted.The PLSA’s views on best practice surrounding the issuance of shares without pre-emption rights have also evolved, with the 2015-16 corporate governance and voting guidelines incorporating a new call for companies to give shareholders as much advance notice as possible if they intend to dis-apply pre-emption rights.“Companies should clearly signal their intention to undertake a non-pre-emptive issue at the earliest opportunity and establish a meaningful dialogue with their shareholders,” the guidelines state.“They should also keep shareholders informed of issues related to an application to disapply their pre-emption rights. Shareholders, in turn, should review the case made by a company on its merits and decide on each case individually using their usual investment criteria.”,WebsitesWe are not responsible for the content of external sitesLink to 2015-16 PLSA Corporate Governance and Voting Guidelines
Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___All referees in Italy’s top soccer league have tested negative for the coronavirus. ___The Swiss soccer league will restart several days earlier than planned to help Europa League contender Basel cope with a backlog of matches in August.The restart amid the coronavirus pandemic was set for June 19-21 in the top two divisions.The Swiss soccer federation now says Basel’s Swiss Cup quarterfinal match against Lausanne Sport will be played without fans on June 14 instead of the Aug. 5-6 dates for the other quarterfinal matches.Basel is scheduled to resume play in the Europa League in early August. It holds a 3-0 lead over Eintracht Frankfurt from the first leg of the round of 16. The Serie A referees and some from the second division were tested at the Italian federation’s training headquarters on the outskirts of Florence.They will remain there until June 10 to have further tests and continue training and preparing for the resumption of Serie A on June 20.___Premier League clubs have agreed to allow five substitutions in soccer matches.They will adopt the temporary law change when the league resumes on June 17 amid the coronavirus pandemic. Francis says “the true values of sport are particularly important to face this period of pandemic and especially the difficult restart.”The auctions will take place on the site Charitystars.com starting Monday for two months. There will be a new one every week and each auction will last 10 days.All funds raised will go to the Papa Giovanni XXIII hospital in Bergamo and Fondazione Poliambulanza in Brescia.___German soccer club Schalke has apologized to fans for asking them to justify their refunds for games played in empty stadiums because of the coronavirus pandemic. The Latest: All Italian league refs test negative for virus All three championships were supposed to be tune-ups for the Tokyo Olympics but that event has been postponed to 2021.___Pope Francis is promoting a charity auction of sports items and experiences in support of two of the hospitals hardest hit by the coronavirus pandemic in Italy.The “We Run Together” auction includes a personalized bicycle given to Francis by world champion Peter Sagan, a team jersey and captain’s armband signed by former Roma forward Francesco Totti and a swim suit and hat from Olympic champion Federica Pellegrini.There are also experiences such as training sessions and dinners with various athletes. Associated Press The European gymnastics championships have been moved to December after being postponed because of the coronavirus pandemic.The men’s event will run from Dec. 9-13 and the women’s championships from Dec. 17-20 in Baku, Azerbaijan.Baku was originally supposed to host only the men’s championships but France couldn’t reschedule the women’s event after missing its planned dates in Paris in April and May.European Gymnastics president Farid Gayibov says the body will review the coronavirus situation and react accordingly “should the situation at a later date not be considered safe enough any more.”The European championships for rhythmic gymnastics will stay in Kyiv, Ukraine, but are now set for Nov. 26-29. That is six months later than originally planned. June 4, 2020 Basel also faces a potential clash with this season’s Europa League possibly overlapping with next season’s preliminary rounds.Basel is currently in third place in the Swiss league and the third-place team should enter the Europa League qualifying rounds in late July or early August.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Federation president Gabriele Gravina says “it’s an initiative which doesn’t have precedents and represents a great assumption of responsibility which the (federation) is taking in favor of the whole soccer system.”The fund consists of 21,700,000 euros ($24,500,000). It will give up to 5 million euros ($5.6 million) to each of the two divisions below Serie A as well as the same amount to support clubs from the amateur soccer league.It will also give up to 3 million euros ($3.4 million) to soccer players and the same amount to coaches and their staff.The fund will also provide 700,000 euros ($800,000) to help women’s soccer clubs that are set to complete the season.___ There can still only be three pauses to bring on substitutes.Premier League clubs have also agreed to temporarily increase the number of substitute players from seven to nine.___The Italian soccer federation is launching a fund of nearly $25 million to help clubs and their members following the crisis caused by the coronavirus pandemic.The Save Soccer Foundation will need definitive approval at a federation meeting on Monday. Schalke had asked for evidence of financial hardship if fans wanted tickets refunded this year rather than waiting until 2022.Schalke says it used “impersonal formulations lacking empathy” and fans will no longer be asked to submit documentary evidence of their personal finances. But the club says the approach was legal under German law.The Bundesliga was suspended in March because of the coronavirus outbreak and spectators have not been allowed to attend any of the games since the league restarted on May 16.Schalke has been hit hard financially by the pandemic. Executive board member Alexander Jobst said in March the club faced an existential threat.The team has also struggled on the field and hasn’t won a league game since January.