Communication concerns are a key aspect of Elliott Management’s campaign for change at GlaxoSmithKline, according to its letter to the board released on Thursday. Elliott called on the U.K. pharma giant to ensure it has the “right” leadership—an unsubtle aim at CEO Emma Walmsley—in addition to improving profitability and value creation. In the letter, Elliott points to two communication issues: 1.) GSK’s reassurances around its dividend and the perception it's creating. And 2.) Elliott’s perceived lack of communication about the long-planned separation of GSK’s consumer health and biopharma businesses.
Long-termism scored a victory this week when the Long-Term Stock Exchange snagged two companies for its ESG-driven bourse: software firms Twilio Inc. and Asana Inc., according to the Wall Street Journal. The LTSE, where companies agree to align executive and board compensation and prioritize customers and employees (along with a host of other commitments), hopes to match its clients with institutional investors with broad horizons. The WSJ reports that Expensify Inc. is also considering an LTSE listing, a sign that the slow trickle of companies signing up for this unique exchange is picking up pace.
Have a great holiday weekend,