Following its consultation on the role of the proxy advisory industry launched in March 2012, the European Securities and Markets Authority (‘ESMA’) has now published its final report. Instead of binding measures, it recommends that the proxy advisory industry should develop its own EU code of conduct. It will review the development of the code by February 2015 and may then propose more formal measures if no substantial progress has been made.

ESMA final report: Feedback statement on the consultation regarding the role of the proxy advisory industry available at:

http://www.esma.europa.eu/system/files/2013-84.pdf