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This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal (paywall) reported that BlackRock’s efforts to get institutional investors to vote their own shares is taking shape, with its voting-choice platform having added investors representing roughly $120 bn in assets since its launch in October. BlackRock launched the program in response to feedback from clients who said they wanted more control over voting. About 45 percent of eligible investors have expressed interest in the platform. Asset managers typically vote on shareholder proposals on behalf of investors in passive, index-tracking funds, giving them enormous sway…

Boards at some – though not most – companies have had a rethink A number of boards at the largest companies – though perhaps fewer than some governance observers might expect – have updated their succession plans as a result of the pandemic, according to new research from Corporate Secretary. Particularly in the months before vaccines became widely available to the public, the rapid spread of Covid-19 raised concerns that, among other challenges, senior executives and board members could become unavailable to guide companies on a temporary or permanent basis – often without warning. Approaching a third (29 percent) of…

This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal (paywall) reported that Carl Icahn is dropping a proxy fight focused on the treatment of pregnant pigs at Kroger Co after determining he is likely to lose as he did in a similar fight with McDonald’s Corp. ‘I congratulate the McDonald’s team on its victory in this proxy engagement and, after much contemplation, given the company’s financial position, I believe the same outcome will result at Kroger,’ he said in a letter to shareholders. Icahn wrote that these campaigns were different from his typical…

Yelena Barychev and Jane Storero explain key governance considerations for implementing the proposal On March 21, 2022, the SEC proposed sweeping new disclosure requirements that would require public companies (both US issuers and foreign private issuers) to provide information about climate-related risks. The almost 500-page release has substantial implications for boards and their oversight of these risks and related activities. In addition, the new requirements will be phased in over a relatively short period of time given the significant increase in time and effort boards and board committees will have to devote to climate-related issues. The proposed disclosure requirements relate…

Experts say proposal may lead to more constructive relationships One of the key responsibilities and challenges facing boards is the oversight of ESG-related risks and opportunities. Their success or otherwise in doing so faces growing scrutiny from investors and other key stakeholders. Studies have found among the director population a widespread dearth of skills and experiences that will be needed to help navigate their organization through a period that, for many, may require fundamental changes to be made. These findings have caused concern in some corners of the governance world. But Helle Bank Jorgensen, CEO and founder of Competent Boards,…