In March 2012 the European Securities and Markets Authority published a discussion paper on possible policy options on the proxy advisory industry, “to gain evidence on the extent to which market failures related to the activities of proxy advisors may exist, the extent to which EU-level intervention might be appropriate, and what ESMA’s role might involve”.
We covered the launch of the discussion paper in this post.
Today ESMA has published the responses it has received to the discussion paper. ESMA expects to publish a feedback statement in the final quarter 2012 which “will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area”.
The GC100 group’s response to the discussion paper is here; the ABI’s is here; and the Hundred Group of Finance Directors’ is here. Other respondents include the FRC, Blackrock, the USS, Aviva, LGIM, Hermes Fund Management, the IMA, ISS, the NAPF, European Issuers and the QCA.
UPDATE 13 December 2012: European Commission announces 16 point “Action Plan” on company law and corporate governance