Standard Life Investments opposes double voting rights

Standard Life Investments opposes double voting rights

19 April 2007

Global fund manager, Standard Life Investments will today (Thursday 19th April) oppose the motion “This House believes that long-term shareholders should have double voting rights” in an Oxford Union-style Debate being held at the ECGI’s (European Corporate Governance Institute) fifth General Assembly. The debate will take place at the Institute for Law and Finance, Johann Wolfgang Goethe University, Frankfurt.

Guy Jubb, Head of Corporate Governance at Standard Life Investments, will highlight the difficulties that arise when long term shareholders have the right to double vote and will reinforce the importance that global long term investors attach to the principle of one share-one vote.

Speaking on the subject, Guy Jubb said:

“The principle of the one share-one vote is recognised as a cornerstone which underpins shareholder rights in today’s global equity markets. We shall support resolutions to remove double voting rights or other voting restrictions at European companies. One share-one vote is a principle that in practice enables us to keep boards of directors focussed on delivering superior shareholder returns over the long term.”

Following the debate, Guy Jubb will award the Standard Life Investments Finance Prize in respect of an academic paper which makes an outstanding contribution to the knowledge of corporate governance in Europe. Details of the winning entry will be made public at circa 20:30 this evening (19th April).

Commenting on the forthcoming award presentation, Jubb said:

“As a leading global investor, it is fitting that Standard Life Investments should whole-heartedly support the ECGI in its efforts to promote research that influences and shapes European governance policy and practice and we are delighted to be able to do this by supporting the Finance Prize.

“Research and analysis of key corporate governance issues is critical to the understanding and improving of European corporate governance, so we are very glad to give our prize this evening. The winning paper will surely stimulate some interesting debate and further our common quest to promote best practice.”

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