– Tributes have been made across the industry to Bob Monks, a pioneer in shareholder activism, who passed away April 29 in his Cape Elizabeth home.
In 1985 he founded proxy advisory and governance consulting firm Institutional Shareholder Services (ISS), a name that is familiar to all of our readers. He also helped create Lens, an activist investment fund, and GMI Ratings, a scrutineer of corporate behavior.
In a statement, ISS said: ‘While his contributions to the field are indelible and lasting, his vibrant personality and discerning intellect will be deeply missed by so many of us across the governance industry and we extend our condolences to his family and all whom he touched.’
– The New York Times reported (paywall) that a jury ruled in Meta’s favor on Tuesday, finding that Israeli firm NSO owes the tech giant $167.3 mn in punitive damages.
Meta previously won a ruling against the spyware firm in December for putting software on users’ phones via WhatsApp bug without Meta's or users’ knowledge.
Meta said of the ruling: ‘Today's verdict in WhatsApp's case is an important step forward for privacy and security as the first victory against the development and use of illegal spyware that threatens the safety and privacy of everyone.’
NSO has been implicated in questionable surveillance practices around the globe.
– Morgan Stanley is in the clear with the SEC, after the regulator announced that it had ended its investigation into the firm’s cash sweep program for advisory accounts without enforcement action.
According to Reuters (paywall), Morgan Stanley had no comment on the matter, which was first disclosed in August of 2024.
Other firms were not as lucky – Merrill Lynch and two Wells Fargo advisory firms paid a combined $60 mn to settle SEC charges of compliance ‘failures’ related to cash sweep programs.
– Activist Glenview Capital has announced that it unloaded nearly a third of its shares in CVS after CVS announced its better than predicted first quarter results, Bloomberg reported (paywall).
Glenview owned about 12 million shares of CVS, earlier this week it reduced that by 3.75 million. CVS has been under pressure from Glenview and other investors to improve performance and hit financial targets after suffering climbing costs in their health insurance business.
– Engine Capital has withdrawn its board picks at Lyft, as the rideshare company has acquiesced to demands to raise the level of its stock buyback program, Reuters reported.
The activist campaign from Engine Capital ultimately lasted just a few weeks. ‘Following a series of productive conversations, the Board has taken an important first step by committing to significant share repurchases in the coming quarters,’ said the investor’s senior managing director Arnaud Ajdler.
– According to the Guardian, Australian Woodside Energy has managed to retain their pick of director Ann Pickard after opposition from shareholders. Her compensation package was also approved amidst opposition.
Those contending Pickard’s reappointment include super fund Hesta. A spokesperson for Hesta said: ‘We believe the steps taken by Woodside so far fall short of what is needed to position it for the global transition to a low-carbon future and the company needs to do more to materially address the concerns voiced by investors.’
Talia Samuelson
Talia Samuelson is a reporter for Governance Intelligence. She previously worked as a journalist in Buenos Aires and has covered compliance in Latin America.
