1. 1-23 of 23
    1. Wall Street’s ESG Loans Charge Corporate America Little for Missed Goals

      Wall Street’s ESG Loans Charge Corporate America Little for Missed Goals

      (Bloomberg) -- When American Campus Communities Inc. announced the signing of a $1 billion sustainability-linked credit line in May, its executives decided to take a victory lap. For the first time, they said, the company was tying its borrowing costs to targets ranging from improved energy efficiency to workforce and boardroom diversity. The largest owner of college apartments in the U.S. even put out a press release touting its commitment to environmental, social and governance goals...

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    2. Private Equity-Backed Firms Shut Out Black Directors, Data Show

      Private Equity-Backed Firms Shut Out Black Directors, Data Show

      (Bloomberg) -- Companies that have gone public in the last two decades have had few minorities on their boards, a new report finds. Black directors have held only 49 of about 4,700 board seats created at companies backed by the top 18 private equity and venture capital firms, according to the report released Tuesday by the Board Diversity Action Alliance. The group is working to boost boardroom representation...

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    3. ISS Says Support for Starboard Nominees at Box Unwarranted

      ISS Says Support for Starboard Nominees at Box Unwarranted

      (Bloomberg) -- Activist investor Starboard Value’s effort to revamp the board of Box Inc. was dealt a blow Monday with a prominent shareholder advisory firm urging investors not to support to its director nominees. Institutional Shareholder Services Inc. said investors should support two of the three nominees put forth by the company and withhold support for incumbent lead director Dana Evan due to her longstanding presence on the board and the lingering governance concerns at the software company. The firm said investors should support the re-election of Chief Executive Officer Aaron Levie and Peter Leav in a shareholder vote slated ...

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      Mentions: Lead Director KKR ISS
    4. More U.S. Companies Tie CEO Pay to Diversity Metrics

      More U.S. Companies Tie CEO Pay to Diversity Metrics

      (Reuters) - Corporate diversity has become the most common type of sustainability metric used in setting executive pay, a new study found, as companies look to increase the share of women and minorities in their workforces. Among 61 metrics used by Fortune 100 companies to tie executive pay to environmental, social or governance factors, 14 of them, or 23%, were diversity metrics, according to Nathan Grantz, senior research analyst at compensation consultant Equilar...

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    5. Shareholders Narrowly Approve Videogame Maker Activision Blizzard CEO's $155 Million Pay

      Shareholders Narrowly Approve Videogame Maker Activision Blizzard CEO's $155 Million Pay

      (Reuters) - Shareholders approved the $155 million pay package for Activision Blizzard Inc Chief Executive Robert Kotick on Monday by a 54% margin, after the company took the rare move of delaying its vote on executive compensation by a week. The maker of popular video games including "World of Warcraft" and "Call of Duty" faced a campaign from an investor group against its CEO's payout, saying that the company had not addressed its concerns from prior years...

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    6. Starboard’s Smith Says ESG Activists Need to Deliver for Credibility

      Starboard’s Smith Says ESG Activists Need to Deliver for Credibility

      (Bloomberg) -- Activist investor Jeff Smith said Exxon Mobil Corp.’s revamped board will have to deliver the changes a tiny investor promised during its proxy fight in order for that campaign to be a watershed moment for environmental, social and governance investing. Newly formed Engine No. 1 won an upset victory over Exxon this month by winning three seats on the board of the oil and gas giant despite owning just 0.02% of its common stock...

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    7. Contract Tweak Saves CEO Culp’s $124 Million Haul at GE

      Contract Tweak Saves CEO Culp’s $124 Million Haul at GE

      (Bloomberg) -- Larry Culp needed a mega-million do-over. The pandemic was tanking General Electric Co. stock and pushing Culp’s big prize -- a $232 million equity windfall -- out of reach for the top executive. Before long, he got his do-over: GE’s directors shifted the goal line for the haul by cutting his targets in half...

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    8. Exxon Activist Wins Board Seats in Historic Climate Victory

      Exxon Activist Wins Board Seats in Historic Climate Victory

      (Bloomberg) -- Exxon Mobil Corp. CEO Darren Woods was dealt a stunning defeat by shareholders when a tiny activist investment firm snagged at least two board seats and promised to push the crude driller to diversify beyond oil and fight climate change. For Woods, who had aggressively opposed the insurgents, it was just the latest setback in a rocky 4 1/2-year tenure that has seen what was once the world’s most-valuable company shed more than $125 billion in market value...

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    9. IBM Turnabout Adds Pressure to Keep Corporate Diversity Promises

      IBM Turnabout Adds Pressure to Keep Corporate Diversity Promises

      (Bloomberg) -- The year 2021 is shaping up to set records for diversity proposals at U.S. company annual meetings.Nine out of 10 investors backed a call last month for International Business Machines Corp. to produce an annual diversity report. Five other companies, including renewable energy firm First Solar Inc. and chemical giant DuPont de Nemours Inc., saw more than 80% of shareholders backing diversity proposals...

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    10. Lufthansa’s Biggest Private Owner Sells $400 Million Stake

      Lufthansa’s Biggest Private Owner Sells $400 Million Stake

      (Bloomberg) -- Deutsche Lufthansa AG’s second-largest shareholder sold more than half its stake in the airline group, three months after the death of family patriarch Heinz Hermann Thiele. The shares fell on Friday after KB Holding GmbH sold 33 million shares at a 9.80 euros each, a 9.8% discount to their closing price a day earlier. The family’s sale comes as Lufthansa prepares to raise about 3 billion euros ($3.7 billion) in new equity to unwind some of its 9 billion-euro state bailout...

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      Mentions: Sale stake Bloomberg
    11. Rare Middle East Push for Women on Boards Runs Into Culture Wall

      Rare Middle East Push for Women on Boards Runs Into Culture Wall

      (Bloomberg) -- Getting more women on corporate boards in the United Arab Emirates was never going to be easy, and the numbers after a new rule went into effect to boost their presence bears that out. Since the country announced on March 15 that listed companies should have at least one female board member, only four of the 23 people added to such roles at firms on the UAE’s two major stock exchanges have been women, according to data compiled by Bloomberg...

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    12. Exxon Activist Gets a Boost as ISS Supports Three Nominees

      Exxon Activist Gets a Boost as ISS Supports Three Nominees

      (Bloomberg) -- An investor pushing for changes at Exxon Mobil Corp. got a boost from a prominent advisory firm, which urged shareholders to support some of the activist’s board nominees. Institutional Shareholder Services Inc. weighed in Friday on the months-long fight between Engine No. 1 and the oil and gas giant. It recommended investors vote for three of the four nominees from Engine No. 1’s slate: Gregory Goff, Kaisa Hietala, and Alexander Karsner...

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      Mentions: ISS stake Bloomberg
    13. Glaxo Defends Strategy in Face of Elliott Management Stake

      Glaxo Defends Strategy in Face of Elliott Management Stake

      (Bloomberg) -- GlaxoSmithKline Plc’s management defended the company’s strategy as the pharmaceutical giant comes under growing pressure to revive its fortunes after activist investor Elliott Management Corp. took a stake. Speaking at Glaxo’s annual general meeting Wednesday, Chairman Jonathan Symonds said he understood investor skepticism, but said the company was now “doing the right things” and asked shareholders to judge it on the results...

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    14. Colony Capital’s Barrack Steps Down as Executive Chairman

      Colony Capital’s Barrack Steps Down as Executive Chairman

      (Bloomberg) -- Colony Capital Inc. founder Tom Barrack is taking another step back from the firm, relinquishing his role as executive chairman. Barrack, 73, who left the chief executive officer post last year, will retain a director role at the company he founded, while Nancy Curtin, already a Colony director, will become non-executive chairman effective April 1, the company said in a statement late Tuesday...

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    15. Exxon Urges Shareholders to Reject Activist Investor’s Proposals

      Exxon Urges Shareholders to Reject Activist Investor’s Proposals

      (Bloomberg) -- Exxon Mobil Corp. shareholders should reject activist investor Engine No. 1’s proposals at the company’s annual meeting, the oil giant said Monday in a preliminary proxy filing. The company said shareholders should instead vote in favor of Exxon’s nominated directors, including Jeff Ubben, who was announced as a board member Monday...

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    16. Carlyle Inks $4.1 Billion Credit Line Linked to Board Diversity

      Carlyle Inks $4.1 Billion Credit Line Linked to Board Diversity

      (Bloomberg) -- Carlyle Group Inc. has established a $4.1 billion credit line that ties borrowing costs to how well its portfolio companies achieve board diversity goals. The buyout firm has structured the revolver for its Americas corporate private equity funds, with pricing of the debt depending on whether they meet a previously set target of 30% diverse directors on their boards within two years of ownership...

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    17. TreeHouse Foods Faces Jana Pressure to Explore Sale

      TreeHouse Foods Faces Jana Pressure to Explore Sale

      (Bloomberg) -- Activist investor Jana Partners has called on TreeHouse Foods Inc. to launch a strategic review, including exploring a potential sale, according to people familiar with the matter. TreeHouse rose as much as 23% on the news. Jana believes the stock is undervalued and that there might be interested suitors following buyout firms’ interest in private label brands businesses in recent years, the people said, asking not to be identified because the matter is private...

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    18. Starboard Seeks to Take Control of Corteva Board, Oust CEO

      Starboard Seeks to Take Control of Corteva Board, Oust CEO

      (Reuters) - Starboard LP is planning to take control of agricultural company Corteva Inc's board and replace its Chief Executive Officer Jim Collins, the Wall Street Journal reported late on Wednesday, citing people familiar with the matter. https://on.wsj.com/35ZmERY The activist investor has privately nominated eight directors to Corteva's 12-person board, the Journal reported, adding that Starboard is aiming to oust Collins over 'mediocre performance'...

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    19. Dow, Marriott Lead Boardroom Backlash on Congress Vote Objectors

      Dow, Marriott Lead Boardroom Backlash on Congress Vote Objectors

      (Bloomberg) -- Major U.S. corporations are punishing Republicans in Congress who tried to overturn President-elect Joe Biden’s electoral victory, vowing to pull their campaign contributions after a right-wing mob stormed the U.S. Capitol last week. The rapid retreat of financial support played out in an unprecedented series of announcements that began last week and picked up critical mass over the weekend and on Monday...

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    1-23 of 23
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