AGM: BP, DaimlerChrsyler

Further to the annotations to the BP Plc 20-F and DaimlerChrysler AG 20-F, the AGMs have now taken place and the results are in.

To start with the latter, the Wenger/Knoll motions did not survive: ‘more than 90%’ of shares voted against the motions, according to a DaimlerChrysler spokesperson. Dropping the Chrysler name to go back to Daimler AG and the pending disposal entirely of the unit may have generated more headlines and copy, it would have been interesting to see if or how the audit of the merger, if the motion for it were approved, would have an influence in the courts where litigation relating to that transaction is pending.

As an aside, you may be interested to take note of two papers in which DaimlerChrysler plays a prominent role: DaimlerChrysler AG, the First Truly Global Share (abstract), which uses the trading and settlement of the DCX single global registered share as an “interesting test of different hypotheses about multi-market trading, global competition for order flow and liquidity”, and The Saga of Daimler Chrysler (subtitle, abstract), which uses “the DaimlerChrysler events to generate unique evidence on the extent to which two methods - disclosure requirements and corporate governance standards - can substitute for one another in protecting minority shareholders from expropriation.”

BP’s management too saw off ‘dissident’ shareholders; subject of contention there (as it is in the derivative action pending against it; see previous post) was the pay package awarded to Lord Browne. As reported in the Financial Times (subscription required), ‘more than a fifth of votes cast failed to back [BP’s] executive pay plan’. Michael McKersie, Assistant Director of Investment Affairs at the Association of British Insurers is quoted in the same article: “This was certainly a larger number voting against than you would normally see.”

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