Pension funds, insurers and asset managers have developed the first Dutch Stewardship Code (hereafter: Stewardship Code). In doing so, they emphasise the increasing importance of engaged and responsible share-ownership and the role that institutional investors play in promoting long-term value creation at Dutch listed companies. In addition, the principles of the Stewardship Code offer pension funds, insurers and asset managers the opportunity to inform their beneficiaries and clients about how they have used their shareholder rights.
Eumedion supports MSCI's proposals to proportionate adjust the index weight of a company that deviate from the principle that the shareholders' voting power should be proportionate to their economic interest. Today, Eumedion submitted a comment letter to MSCI on the index provider’s consultation regarding the treatment of unequal voting structuresin the MSCI equity indexes. MSCI proposed in January to adjust the weights of so-called dual-class shares to reflect both their free float and their company level listed voting power.
Eumedion is positive about the European Commission's proposal to largely standardise and harmonise the voting procedures for the European shareholders' meetings (AGMs). According to Eumedion, the proposal will facilitate cross-border voting by shareholders and thus contribute to a higher participation rate of shareholders at the AGMs. Today, Eumedion submitted its comments on the draft European Commission Implementing Regulation as regards shareholder identification, the transmission of information and the facilitation of the exercise of shareholders rights.
The current governance of audit standards lacks broad stakeholder involvement and is dominated by accountants. The Monitoring Group, the group of international financial institutions and regulatory bodies and responsible for the overall governance of the international audit-related standard-setting process, issued a consultation document that outlines concrete proposals to make the audit standard-setting process future proof. In its today's issued comments, Eumedion welcomes the proposals that in many ways appear to mimic the governance of the IFRS Foundation. The composition of the independent board of the International Auditing and Assurance Standard Board (IAASB) should indeed be revised in a way that includes members from all major stakeholder groups.