A new company - giving UK investors further access to global corporate government analysis and elect...
A new company - giving UK investors further access to global corporate government analysis and electronic voting capability - is to be launched through a joint venture by the NAPF and the US-based governance organisation Institutional Shareholder Services.
Announcing the launch today at the NAPF annual conference in Glasgow, NAPF chief executive Christine Farnish said it would offer UK investors access to a considerably wider range of companies in over 80 countries around the world.
The new company named RREV - Research, Recommendations and Electronic Voting - is to be equally owned by the two organisations.
Launching in January 2004, RREV, will be offering it services to institutional investors and fund managers subscribing to the NAPF's voting issue service and to UK customers of ISS.
Services such as corporate governance analysis and recommendations extended to all FTSE All-Share companies, global access to analysis of around 22,000 companies, and electronic voting capability on UK and global securities will be accessible.
Additionally, a web-based portal will be available, allowing easy access to these new services.
Significant moves in corporate governance and voting capabilities follows successful pressure from GlaxoSmithKline corporate shareholders earlier this week to reject a pay deal which would have given its chief executive - now earnings £6m a year - a £23m "golden handshake" if he leaves the firm.
"There has been a noticeable and welcome upswing in shareholder activism in recent months. Today's announcement highlights the NAPF's determination to build on its position at the cutting edge of corporate governance debate, and to deliver enhanced governance services both to shareholders and to the companies in which they invest," says Farnish.
"This venture brings together two of the world's most recognised leaders in corporate governance and electronic voting. For the first time, UK investors will have access to analysis and recommendations on thousands of companies worldwide, through the same portal."
ISS chief executive James Heard, also attending the conference, said he was very pleased to be working with NAPF.
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