Count the “S” piece of ESG as among the reasons Europe’s Super League proposal for a new soccer league fell apart this week. “Society,” or in this case, die-hard English football fans, rose up against the owners of 12 of Europe’s largest football clubs immediately after they announced a breakaway league that critics labeled a cash grab. The announcement sparked a global uproar in the sporting world and resulted in the league quickly collapsing. JP Morgan, the bank who financed the $4 billion project, has also come under scrutiny for its role in the project.
In other news, a decision by proxy advisor ISS this week showed that while Warren Buffett’s stock picks have earned him the “Oracle of Omaha” nickname (and tens of billions in wealth), his corporate governance policies are not immune from scrutiny. ISS said that the compensation policies weren’t clearly tied to executive pay and a lack of transparency “raised concerns” around oversight.
And finally, Blucora Inc. beat back an activist hedge fund advance on its board this week, as the financial service company’s shareholders voted down Ancora Holdings' four director nominations.
Have a great weekend,
Mike and Joel