autres publications | Page 22

autres publications rémunération

Rémunération et RSE : nouvelle étude par Vigeo

Ivan Tchotourian 29 décembre 2015

L’agence de notation extra-financière Vigeo a publié récemment une étude sur les liens entre rémunération des dirigeants et RSE : « Rémunération des cadres dirigeants : quelle prise en compte des critères RSE ? ».

La présente étude questionne, à partir d’un univers de plus de 2000 entreprises cotées dans le monde, l’engagement et la capacité des équipes dirigeantes à rendre compte du degré auquel leurs rémunérations sont sensibles à l’exercice de leurs responsabilités sociales au sens large.

Voilà les éléments essentiels de cette étude :

Only 14% of the 2,129 companies under this Vigeo’s review appear to integrate CSR issues in their executive remuneration policies.

Differences between countries and sectors are strong in terms of culture and practices.

Even when executive remunerations are do linked with CSR performances, quantitative targets are disclosed only in 17.4% of cases.

A strong positive relationship is observed between the integration of ESG objectives into executive remuneration policies and the overall CSR performance of the company under Vigeo rating.

While it is not possible to define a “one-size-fits-all” approach on the convergence between ESG strategies and executive remuneration, the good practices observed by Vigeo suggest some aspects that are particularly important in this field. The key takeaways include: the identification of material ESG issues and the related performance indicators; the adoption of quantitative targets on selected ESG indicators, both for annual and long-term incentives; the adoption of downward discretionary adjustments and claw-back provisions in cases of serious ESG controversies.

À la prochaine…

Ivan Tchotourian

autres publications Nouvelles diverses

Public consultation on long-term and sustainable investment

Ivan Tchotourian 21 décembre 2015

Bonjour à toutes et à tous, l’Union européenne vient de lancer une consultation intéressante : « Public consultation on long-term and sustainable investment ».

Fostering growth and investment is one of European Commission’s top priorities.

To maintain and extend its competitiveness, Europe needs significant new long-term and sustainable investment. These can also help achieve the EU’s policy objectives linked to the transition to low carbon and climate resilient economy and promote environmentally and socially sustainable wealth creation, including respect for fundamental rights.

The Communication on Long-Term Financing of the European Economy emphasized the importance of environmental, social, governance issues for the longer-term sustainable performance of companies and investors. The Action Plan on building a Capital Markets Union also reiterates the importance of ESG investments.

This consultation seeks to gather information on how institutional investors, asset managers and other service providers in the investment chain factor in sustainability (ESG) information and performance of companies or assets into investment decisions. The consultation will also gather information about possible obstacles to long-term, sustainable investment.

The results of this consultation will be used by the Commission to assess the state of play in this field. A feedback document outlining the overall results of the consultation will be made public.

Vous avez jusqu’au 25 mars 2016 pour répondre.

À la prochaine…

Ivan Tchotourian

autres publications engagement et activisme actionnarial Gouvernance normes de droit

SEC : précisions sur l’exclusion des propositions d’actionnaires

Ivan Tchotourian 19 décembre 2015

Bonjour à toutes et à tous, il y a peu, la SEC a publié un guide d’interprétation sur l’exclusion des propositions émanant des actionnaires : « Shareholder Proposals » (Staff Legal Bulletin No. 14H (CF)).

Rule 14a-8(i)(9) is one of the substantive bases for exclusion of a shareholder proposal in Rule 14a-8.  It permits a company to exclude a proposal “[i]f the proposal directly conflicts with one of the company’s own proposals to be submitted to shareholders at the same meeting.”

During the most recent proxy season, questions arose about the Division’s interpretation of Rule 14a-8(i)(9).  In light of these questions, Chair Mary Jo White directed the Division to review the proper scope and application of the rule. As part of this review, we reviewed, among other things, Commission and Division statements and other materials, and considered approaches suggested by commenters.

Pour un commentaire, vous pourrez allez ici.

À la prochaine…

Ivan Tchotourian

autres publications Nouvelles diverses

Analyse économique pour les juristes

Ivan Tchotourian 17 décembre 2015

Bonjour à toutes et à tous, je vous signale la parution de cet ouvrage : « Economic Methods for Lawyers » d’Emanuel V. Towfigh (Max Planck Institute for Research on Collective Goods) et Niels Petersen (University of Münster, Germany).

Responding to the growing importance of economic reasoning in legal scholarship, this innovative work provides an essential introduction to the economic tools, which can usefully be employed in legal reasoning. It is geared specifically towards those without a great deal of exposure to economic thinking and provides law students, legal scholars and practitioners with a practical toolbox to shape their writing, understanding and case preparation.

autres publications engagement et activisme actionnarial Gouvernance mission et composition du conseil d'administration Valeur actionnariale vs. sociétale

Faire face au court-terme

Ivan Tchotourian 9 décembre 2015

The Conference Board a publié il y a peu un document intitulé « Is Short-Term Behavior Jeopardizing the Future Prosperity of Business? ».

En plus des causes au court-termisme dans la gouvernance des entreprises, ce sont des solutions possibles qui sont évoqués dans ce document.

À la prochaine…

Ivan Tchotourian