The proxy-voting season kicks off on Wall Street

Economics 2018-04-12

Summary:

JING ZHAO’S main occupation is translating Latin classics into Chinese. He runs a small think-tank, the US-Japan-China Comparative Policy Research Institute. He lives off rents from property bought cheaply after the financial crisis. But this quiet, intellectual California resident has a surprising sideline: submitting proposals to be voted on by the shareholders of companies in which he owns small stakes. That makes him part of a movement that is forcing management at some of the world’s biggest firms to consider not just profitability but broad shifts in social attitudes.

The annual meetings of America’s listed companies, usually held between February and June, have come to constitute “proxy season”—so-called because shareholders need not cast their votes in person. This year proposals from Mr Zhao will be on the ballot at four giant firms. He wants Apple to create a human-rights committee, citing its decision last year to bow to Chinese censorship by removing hundreds of...Continue reading

Link:

https://www.economist.com/news/finance-and-economics/21740404-activists-are-using-shareholder-votes-promote-social-agendas-proxy-voting?fsrc=rss

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The Economist online

Added:

04/12/2018, 17:45

Published Date:

04/12/2018, 10:54