The Independent Chair of the Best Practice Principles for Shareholder Voting Research & Analysis (the“BPP Group”), Danielle A.M. Melis Ph.D. today (17-Dec-18) provided an update on the progress of the Independent Review on the operation of the Principles.

The Review Process is planned to be completed by June 2019 and should result in:

  1. Updated set of Principles (and guidance to the Principles)
  2. Updated governance structure of BPPG (oversight and monitoring process)
  3. Review Report of the Chair and all BPPG members

Prior to publication of the Principles, in Q1 2019 the BPPG will provide a series of intermediate process updates and in Q2 2019 it will organise a structured roundtable process including issuers, investors and regulators, to validate the amendments.


In April 2017 the BPP Steering Group appointed BPPG independent Chairman, Chris Hodge, who served in the role until June 2018 and completed the public consultation phase.

In October 2018 the BPPG Steering Group appointed Dr. Danielle A.M. Melis MBA, to succeed Chris Hodge as the new Chair of the BPPG. The main task of the new Chair is to oversee the BPPG Steering Group and coordinate and facilitate the finalization the Review process as outlined below.

The purpose of the Review is to:
1. Assess the implementation and content of the Principles;
2.  Ensure that they are achieving the original objectives;
3. Identify where there is scope to improve practice and transparency;
4. Ensure that the Principles are capable of being applied in all markets for which voting research and analysis is provided, and by all providers of such services.

The original objectives of BPPG in establishing the Principles was to:
• Promote a greater understanding of the role of shareholder voting research providers in the voting decisions made by institutional investors;
• Promote the integrity and efficiency of processes and controls related to the provision of these research services; and
• Foster a robust management of any conflicts of interest.

The assessment will involve consideration of:
• The structure and content of the Principles;
• The form and frequency of reporting against the Principles;
• The process and criteria for providers to become signatories; and
• The oversight arrangements for monitoring and reviewing the Principles.

The Review will be informed by (but not limited to):
• The views of investors, companies and other stakeholders received through the Public Consultation by BPPGcompleted in December 2017
• Experience of implementing the Principles since they were introduced in 2014;
• The December 2015 report on the development and implementation of the principles by the European Securities and Markets Authority; and
• The revised EU Shareholder Rights Directive and regulatory developments in other markets since the Principles were introduced.
• Investor Codes

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