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"On November 11, LAPFF received a letter from one of the companies engaged, Singapore Technologies Engineering, stating 'ST Engineering is now no longer in the business of designing, producing and selling of antipersonnel mines and cluster munitions or any related key components.' "The letter cited LAPFF's role in engaging with the company as helpful in arriving at this position."
The LAPFF, represents 64 public sector funds with combined assets of around GBP160bn, has accused the bank of "misleading shareholders" for saying prior to the 2014 annual general meeting (AGM) that Sunderland would step down from the role and Crawford Gillies would replace him, but 11 months later the LAPFF says that Sunderland is still in the role.
The NAPF and LAPFF are concerned that the generous pension terms found in many boardrooms could reward directors in their retirement despite failure in the job.
Despite the significant support for the LAPFF - as well as abstentions which failed to back the company line - the resolution fell well short of the 75% of votes it would have needed to be acted on in an advisory capacity.
Despite the significant support for the LAPFF - as well as abstentions which failed to back the company line - the resolution fell well short of the 75 per cent of votes it would have needed to be acted on in an advisory capacity.
The LAPFF said that the bank had made a clear statement ahead of its annual meeting in April last year that Sunderland was stepping down to be replaced by Crawford Gillies.
According to the paper, the investors with Class A shares said that they were restricted from filing the motion with CBIS and LAPFF., which hold top-tier Class B voting shares.
The resolution introduced by the LAPFF - which was designed to make Sir Stuart split his role a year early - received 40.3% of the votes in favour, significantly less than the 75% it would have needed to be acted on in an advisory capacity.
A resolution tabled at the M& S annual meeting in London by the Local Authority Pension Fund Forum (LAPFF) did not receive sufficient votes to be recognised by the board.
The Local Authority Pension Fund Forum (LAPFF), whose members control 100 billion pounds of investments, said they are preparing to file a motion jointly with American shareholder group Christian Brothers Investment Services (CBIS).
The report, written by Tim Bush, head of governance and financial analysis at Pensions & Investment Research Consultants Ltd, an investment adviser and research unit of the LAPFF, said, 'Banks that appeared to be solvent within a few months required an enormous amount of taxpayer support in order to survive.
LAPFF chairman Ian Greenwood said: "The separation of powers at the head of a company is a fundamental governance principle, and one that is accepted by the rest of the market.
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- Lapeer County Equal Rights Alliance
- Lapeer County Health Department
- Lapeer County Hockey Association
- Lapeer County Road Commission
- Lapeer County Sheriffs Department
- Lapeer County, MI
- Lapeer County, Michigan
- Lapeer Regional Hospital
- Lapeer Regional Medical Center
- Lapel microphone
- Lapel Pins
- Lapham-Patterson House State Historic Site
- Lapheld Small Computer Requirements Contract
- Lapicque law
- Lapicque law
- Lapicque, Louis
- Lapicque, Louis