March 12 2009

Pension fund managers are called upon by the UK’s Treasury manager to “be more active in challenging company bosses to stop them making reckless decisions”. On big American companies getting rid of their executive planes, which also represents a business opportunity: “economy consumer airline Jetblue Airways Corp (JBLU.O) is running an advertising campaign that welcomes aboard big cheeses, bigwigs and head honchos — all those who might need to ditch the private jet.” India’s Industry of Chartered Accountants plans to set up Corporate Governance ratings in light of recent governance/audit scandals.

In Canada, Sun Life becomes the eighth major Canadian company to agree to “say on pay”, giving shareholders an advisory vote in determining executive compensation. The TMX group adopted the policy the day before, in addition to six major banks. Shareholder activist groups have been calling for Say on Pay through shareholder proposals, though TMX adopted the policy voluntarily. On 2009 as “the year of proxy fights” amongst mining companies. Canada’s financial regulation model touted internationally.

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