Investor group managing $17trn starts countdown to implementation of new governance guidelines, including the end of dual class shares and the introduction of annual votes for board re-election.
Listed companies in the US have been given 11 months to implement a set of new governance principles published this week by a coalition of the world's largest institutional investors.
The six principles include the end of dual class shares and the introduction of annual votes on the re-election of board members.
The investors, known as the Investor Stewardship Group (ISG)—with members including BlackRock, Vanguard and CalSTRS, and a total of $17trn under management—also emphasised an expectation that boards have independent leadership—though the ISG concedes that its membership is split over whether this requires an independen
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