tag:blogger.com,1999:blog-5482027056454484774.comments2011-12-02T15:22:54.847ZPro GovernanceHeinz Geyernoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5482027056454484774.post-54762584907471379972011-12-02T15:22:54.847Z2011-12-02T15:22:54.847ZGreat initiative!
Why not ask large asset owners ...Great initiative!<br /><br />Why not ask large asset owners who pick up the negative externalities of these dysfunctional pay deals to encourage their supply chain (ie those 40 fund managers) to support this initiative. <br /><br />I cant imagine any well led highly diversified asset owner would want to say no, even if not all will back it super actively.<br /><br />My recent comment in IPE on the enabler role that investors have unconciously/unintentionally played may be of interest:<br /><br />http://www.ipe.com/magazine/long-term-matters-executive-pay_43191.php?s=thamotheramDr Raj Thamotheramhttp://uk.linkedin.com/in/rajthamotheramnoreply@blogger.comtag:blogger.com,1999:blog-5482027056454484774.post-27225289713499325572011-02-08T13:26:02.438Z2011-02-08T13:26:02.438ZI think there is a saying somewhere about "no...I think there is a saying somewhere about "not shooting the messenger" perhaps the campaign should be more properly focussed on the consumers of proxy advisors' work; after all it is the fund managers/asset owners that sign the contracts and pay the invoices. If a proxy advisor's client doesn't like what they get they can always cancel the contract. Likewise if an asset owner doesn't like what a fund manager is doing in their name, they can take their rights back and exercise them directly.<br /><br />Speaking as a proxy voting agency which for the past 15 years has only ever taken account of its clients wishes and policy practices, your broad generalisations are completely off the mark. <br /><br />You seem to object to advisors being "for profit" - why is this a concern any more than a fund manager being "for profit" or even an asset owner wanting a positive return on his/her investments? Should stockbrokers be "not for profit" also?<br /><br />Lastly, a positive abstain is far from opaque or a "cop-out", it is a vote witheld from management. Think of it in football terms as a "Yellow Card".<br /><br />If you would like to understand what a proxy advisor really does rather than what you think it does, please do by all means speak to us and we will be more than happy to be transparent about our business model.Sarah Wilsonhttp://blog.manifest.co.uknoreply@blogger.com