Como continuación de las distintas entradas que he
dedicado al tema de los asesores de voto o proxy advisors me hago eco de
la reciente noticia que quedó plasmada en la nota
de prensa difundida
por la European Securities and Markets Authority (ESMA). Se trata de la publicación
de su Informe final sobre la “industria” de los asesores de voto. El
Informe puede consultarse aquí.
La ESMA considera que no es necesaria una intervención
normativa por cuanto no se advierte un fallo de mercado en las relaciones que
establecen los asesores de voto con los inversores y con las sociedades
emisoras. Ello no impide a la ESMA defender la conveniencia de un código de
conducta europeo en cuya redacción se invita a participar a representantes de
los asesores de voto. El código debería servir para descartar situaciones de
conflictos de interés, reforzar la transparencia del análisis y asesoramiento y
contribuir al mejor gobierno corporativo.
Con vista a esa labor futura, la ESMA enuncia unos
principios que el futuro código debería tomar en consideración:
1. Identifying,
disclosing and managing conflicts of interest
Principle - Proxy advisors should seek to avoid conflicts of interest with their clients. Where a conflict effectively or potentially arises the proxy advisor should adequately disclose this conflict and the steps which it has taken to mitigate the conflict, in order that the client can make a properly informed assessment of the proxy advisor’s advice.
2. Fostering transparency to ensure the accuracy and reliability of the advice
Principle – Proxy advisors should provide investors with information on the process they have used in making their general and specific recommendations and any limitations or conditions to be taken into account on the advice provided so that investors can make appropriate use of the proxy advice.
i.) Disclosing
general voting policies and methodologies
Principle – Proxy advisors should, where appropriate in each context, disclose both publicly and to client investors the methodology and the nature of the specific information sources they use in making their voting recommendations, and how their voting policies and guidelines are applied to produce voting recommendations.
ii.) Considering local market conditions
Principle
– Proxy advisors should be aware of the local market, legal and
regulatory conditions to which issuers are subject, and disclose whether/how
these conditions are taken into due account in the proxy advisor’s advice.
iii.) Providing information on engagement with issuers
iii.) Providing information on engagement with issuers
Principle
– Proxy advisors should inform investors about their dialogue with issuers,
and of the nature of that dialogue.
Madrid,
7 de marzo de 2013
