Shareholder Engagement: An Evolving Landscape

Les actionnaires sont de plus en plus activistes. Résultats ? Les entreprises doivent se préparer à être réceptives à l’engagement dont il va falloir faire preuve. Ce billet de Tom Johnson et Abernathy MacGregor « Shareholder Engagement: An Evolving Landscape » détaille les bonnes pratiques à développer.

When active shareholder engagement works, it leads to a productive dialogue with the voters—the governance departments established by the big institutional firms, which typically oversee proxy voting. It is important to remember the reality of public company ownership. The vast majority of public companies have shareholder bases dominated by a diverse set of large, institutional funds. Engagement with these voters not only helps head off potential problems and activists down the road, but it also gives management valuable insight into how patient and supportive their shareholder base is willing to be as they implement strategies designed to generate long-term growth. Indeed, the rising level of engagement is a positive trend that could, over time, help mitigate the threat of activism if properly managed.

This all sounds encouraging in theory and, in some cases, it works in practice as well. But the simple fact remains that this kind of dialogue is unobtainable for the vast majority of public companies, despite the best of intentions on both sides.

Dans ce qui ne va pas, notons :

1. If a meeting is unlikely, make your case in other ways

2. Know when to make contact

3. Know who to talk to

4. Don’t assume passive investors are passive

5. Choose the best messenger

6. Be prepared and walk in with a clear set of goals

À la prochaine…

Ivan Tchotourian

Ce contenu a été mis à jour le 22 mai 2017 à 14 h 22 min.