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Fluttery votes

Mar 8, 2020By Labour And Capital

Here’s the list of Paddy Power Betfair (now Flutter) major shareholders disclosed in last year’s annual report. Capital Group is reported as having 5.9%, or 4.6m shares at 5 March 2019. Of these almost 3.9% are accounted for by the EuroPacific fund.

…Read more…

Mar 8, 2020Labour And Capital

NMC voting turnout

Mar 7, 2020By Labour And Capital

Right… here’s what we can see in the NMC meeting results. The first graph just sets out what NMC reports. So there is a headline total voting turnout for all meeting and at AGMs from 2015 I can also split out the insider and minority shareholder turn…Read more…

Mar 7, 2020Labour And Capital

How seriously do hedge funds voting disclosure?

Mar 7, 2020By Labour And Capital

Not seriously, I would argue. The principle that investors should disclose their voting records is pretty well established now, but we still get this cut & paste stuff justify not doing so.

Read more…

Mar 7, 2020Labour And Capital

More NMC stuff

Mar 4, 2020By Labour And Capital

A quick look at disclosures for one of NMC’s largest shareholders, Wellington. Last Friday there was an RNS that announced that it held a bit over 10m shares, but in a note said it didn’t have voting discretion for 1.35m of them (13.5%).

Then on Mond…Read more…

Mar 4, 2020Labour And Capital

NMC Health voting rights

Mar 2, 2020By Labour And Capital

I spent a bit of Sunday trawling through NMC annual reports and RNS announcements. If you look at the disclosed shareholders in the annual reports you can figure out the holdings of the controlling shareholders. If you then look at the AGM results you …Read more…

Mar 2, 2020Labour And Capital

TR1 tales at NMC

Mar 1, 2020By Labour And Capital

A few more funky bits and pieces in the entrails of NMC Health’s filings…

A couple of banks facilitating stuff for clients presumably. In the Morgan Stanley case it’s an equity swap. Quite interested in who would want an NMC equity swap at this poin…Read more…

Mar 1, 2020Labour And Capital

FTSE100 corporate governance failure

Feb 29, 2020By Labour And Capital

UPDATED: Very useful info from Chris Hodge added – the ownership disclosure requirements are weaker for non-UK issuers. 

It’s not surprising, given the market turmoil, that the crisis at NMC Health has attracted less attention than it would norma…Read more…

Feb 29, 2020Labour And Capital

Workers on boards – sharp edges

Jan 3, 2020By Labour And Capital

Just a quickie on one of my favour topics – worker representation in corporate governance. First up a bit of politics: Once again the main opposition parties (including the SNP) went into the election advocating an extension of worker representation on…Read more…

Jan 3, 2020Labour And Capital

Turnout tales

Dec 26, 2019By Labour And Capital

If recent events tell us anything, it’s that voting matters… With that in mind this is a quick post on something that caught my eye this year: sharp changes in voting turnout at a number of companies. Some of the more striking examples have been at c…Read more…

Dec 26, 2019Labour And Capital

Shorting and voting

Dec 8, 2019By Labour And Capital

As some people will be aware, I’ve been looking into changes in voting turnout at companies in trouble. Short version: turnout has fallen at several such companies, in some cases significantly. Why this might be is another question. Since several of th…Read more…

Dec 8, 2019Labour And Capital

Dividend trades and voting

Jul 19, 2019By Labour And Capital

Obviously, I’ve not been blogging much lately, but something I’ve been spending a bit of time looking at is dividend arbitrage. In it its most well-known version, this is the practice of shifting stock around the ex dividend in order minimise tax payab…Read more…

Jul 19, 2019Labour And Capital

Corporate governance, again

May 6, 2019By Labour And Capital

There have been a few developments over the past week or two that play into the argument I’ve been making that 1990s-style corporate governance is come under serious pressure to change.

1. Polling from the resolutely centrist Progressive Cen…Read more…

May 6, 2019Labour And Capital

Major shareholder turns against Ryanair board

Dec 2, 2018By Labour And Capital

Just a quickie, but I spotted last week that Baillie Gifford had voted against the re-election of both David Bonderman (chair) and Kyran McLaughlin (SID) at the Ryanair AGM in September.

Why does that matter? Because Baillie Gifford is a large (4%) a…Read more…

Dec 2, 2018Labour And Capital

Sports Direct – Mike Ashley’s declining popularity

Nov 29, 2018By Labour And Capital

Perhaps others spotted this at the time, but I just realised that Mike Ashley saw a very sizeable vote against his re-election at the most recent Sports Direct AGM.

On the headline vote he walked it with a vote against of just under 10%, or 44m shares…Read more…

Nov 29, 2018Labour And Capital

Voting different ways on the same stock

Nov 21, 2018By Labour And Capital

There’s always a danger that a) if pension funds delegate voting rights to asset managers and b) if they appoint multiple asset managers then they may end up voting different ways on the same stock.

Googling around for something completely different t…Read more…

Nov 21, 2018Labour And Capital

Union research shows support for Ryanair chairman even lower than reported

Nov 1, 2018By Labour And Capital

Union research shows support for Ryanair chairman even lower than reportedShareholder support for Ryanair chairman David Bonderman at the company’s recent AGM was even lower than reported, new research by trade union groups shows.29/10/2018The Internat…Read more…

Nov 1, 2018Labour And Capital

Just one more thing about Ryanair….

Sep 30, 2018By Labour And Capital

I can see that there were at least a couple of asset managers that did not vote against either David Bonderman as chairman or Kryan McLaughlin as senior independent director. And reasons given for this are that they expect the company to make changes a…Read more…

Sep 30, 2018Labour And Capital

Ryanair AGM in charts…

Sep 23, 2018By Labour And Capital

Just a bit of fun, but I’ve put together a few bits and pieces that put the vote on David Bonderman’s re-election of chair of Ryanair in context.

To calculate the stats I’ve used the full AGM results distributed by the company, and stripped out Bonder…Read more…

Sep 23, 2018Labour And Capital

Ryanair AGM

Sep 16, 2018By Labour And Capital

As most people will be aware, Ryanair has its AGM this week, and there is quite a bit of interest in what might happen, particularly in relation to the chairman.

These things are impossible to call in advance. The only thing we really know is the base…Read more…

Sep 16, 2018Labour And Capital

Votes on Persimmon remuneration report

Jun 20, 2018By Labour And Capital

I’m not sure anyone has looked at individual investor voting decisions on the remuneration report at Persimmon’s AGM back in April, so I thought I’d take a look. As people may remember, there was a large vote against the rem report, and abstentions and…Read more…

Jun 20, 2018Labour And Capital
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