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Explore our newsroom for our weekly wreck, press releases, and trending topics.

Weekly Wreck

By Wick Egan 08 Mar, 2024
Solving for N-PX is critical as we approach a new deadline.
29 Jun, 2023
While proxy voting and annual meetings have always been ‘politics for corporations’, this year that phrase has become more relevant. Corporations represent a massive point of impact and influence for the political activist. While activists and progressive groups have for decades sought to influence and cajole corporations into doing business in a more socially or environmentally “correct” way, today the number of proposals on Environmental, Social, and Governance (ESG) causes has exploded.
24 Apr, 2023
As the world increasingly embraces digital transformation, blockchain technology has emerged as a groundbreaking solution for various industries, including the realm of corporate governance. The potential of blockchain to revolutionize proxy voting by streamlining the process, enhancing transparency, and mitigating security risks has captured the attention of market participants worldwide. This article explores how blockchain has been implemented in proxy voting, its potential future applications, and the benefits and challenges it presents to the corporate governance landscape. Blockchain technology, with its decentralized, tamper-proof, and transparent nature, has the potential to address several challenges in the proxy voting process, including vote manipulation, over-voting, under-voting, and the complexities of share ownership. By enabling a secure, immutable, and traceable record of shareholder votes, blockchain can ensure the accuracy and integrity of the voting process. In recent years, several pilot projects and implementations of blockchain-based proxy voting have emerged. For instance, in 2018, the Spanish bank Santander successfully piloted a blockchain-based proxy voting system during its Annual General Meeting (AGM). The initiative aimed to simplify and streamline the voting process, offering greater transparency and security to shareholders. Similarly, the Moscow Exchange Group and the National Settlement Depository of Russia (NSD) have also experimented with a blockchain-based e-proxy voting system. The pilot project, conducted in 2016, demonstrated the feasibility and efficiency of using blockchain for proxy voting, facilitating secure and transparent shareholder communication. Looking ahead, the adoption of blockchain technology in proxy voting could lead to several significant developments. For one, blockchain-based voting platforms could enable real-time vote tallying and instant result announcements, providing a more efficient and transparent decision-making process. Additionally, blockchain could facilitate cross-border voting, allowing shareholders to participate in AGMs regardless of their location, thereby promoting broader shareholder engagement. However, the implementation of blockchain in proxy voting is not without challenges. Ensuring data privacy, addressing regulatory concerns, and achieving widespread adoption across different jurisdictions will require collaborative efforts from regulators, market participants, and technology providers. As the promise of blockchain technology to revolutionize the proxy voting process becomes increasingly evident, its potential to reshape the landscape of corporate governance looms large. Pilot projects and real-world implementations have demonstrated the viability of blockchain in proxy voting, and the widespread adoption of this technology may be on the horizon. Tackling the challenges and harnessing the potential of blockchain technology will be essential for stakeholders in the corporate governance ecosystem, ultimately defining the future of proxy voting and fostering a more transparent and efficient decision-making process.

Risk Commentary

14 Mar, 2024
Overview As a risk manager or manager of institutional capital, it is critical to have a firm grasp on major challenges and likely outcomes. Building and maintaining a portfolio based on false assumptions can be disastrous. To make this installment as useful as possible, we aim to address some of the underlying assumptions making the rounds in the markets. “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” -Mark Twain  “An economist is a portfolio manager who never marks to market.” -Howard Marks
10 Mar, 2024
Overview A good sense of the road ahead makes the driving much easier. This installment provides our best thoughts on the future environment.
21 Feb, 2024
In the past, to be a sea power one required a navy. Likewise, to be a land power, one required an army. Currently, neither of the prior statements are true and the implications are massive, and they will soon be rippling through the economy.
21 Feb, 2024
Automobiles are a major segment for most developed countries and are currently undergoing massive changes.
By Alyssa Festin 14 Dec, 2023
Over the past three years, Walt Disney Co.’s (DIS) shares have collapsed from $172.89 (as of Dec. 13, 2020), to merely $91.14 (as of Dec.12, 2023) a decline of 47% while during the same period the S&P 500 Index (SPX) rose from $3,709 to $4,644, an increase of 25%.
13 Dec, 2023
Beyond the cash flow or earnings performance of an individual firm, the next driver for nearly all investments are prevailing interest rates. However, not all investors seriously consider where rates are going and what is driving them.
20 Sep, 2023
Reggie Jackson, the superstar slugger for the New York Yankees earned the sobriquet “Mr. October” for his uncanny ability to score runs when the team was desperate. George Steinbrenner, the long-time owner of the Yankees, highly valued a player who could perform in a clutch situation. Likewise, the sophisticated institutional investor and risk manager should have a good handle on some of the major risks and likely outcomes. Below is our summary.
Motorcycle rider
24 Aug, 2023
While One of the greatest causes of pain (and conversely, gain) are assumptions that prove to be false. Unfortunately, false assumptions are difficult to ascertain as is positioning oneself to maximize returns. Nonetheless, below are our attempts. Figure I: Public Debt to GDP Ratio (2018-2021)
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Press Releases

Data being extracted
28 Mar, 2023
Independent proxy advisor Egan-Jones Proxy Services has recommended Magnet Forensics shareholders vote in favor of the plan of arrangement with Thoma Bravo. Public shareholders, all shareholders other than the Rolling Shareholders, will receive an all-cash consideration of CAD 44.25 ($34.80) per share. The arrangement is set to address the challenges related to Magnet's limited mobile extraction capabilities. Upon announcement of the transaction, the company's share price and implied multiples increased. Magnet Forensics is a developer of digital investigation software that acquires, analyzes, reports on, and manages evidence from digital sources, including computers, mobile devices, IoT devices and cloud services. Its software is used by more than 4,000 public and private sector customers in over 100 countries and helps investigators fight crime, protect assets and guard national security. Thoma Bravo, a private equity firm, has more than $73 billion in assets under management and specializes in software and technology-enabled services. The dissident shareholder, who has not been named, has argued that the proposed acquisition undervalues the company and that there are other potential buyers who could offer a better deal. However, Egan-Jones has concluded that the dissident has not offered a superior alternative that will maximize value creation. In its report, Egan-Jones stated that the all-cash consideration will provide certainty to the shareholders when it comes to their interests. The proxy advisor also believes that the acquisition is the best available strategic alternative for Magnet to unlock and maximize potential shareholder value. The strategic rationale for the transaction, according to Egan-Jones, is that it will address the challenges relating to Magnet's limited mobile extraction capabilities. Mobile device data is increasingly critical in investigations, and with the acquisition of Magnet Forensics, Thoma Bravo will be able to offer a more complete digital investigation solution to its customers. The acquisition, if approved, is expected to close in the second quarter of 2023, subject to regulatory approval and other closing conditions.
By Kevin McManus 23 Jul, 2020
Egan-Jones Proxy Services, established in 2002 and a leading independent provider of proxy research, voting recommendations and voting services to a variety of institutional investors, notes the SEC voted yesterday to adopt amendments to its rules governing proxy solicitations designed to address conflicts of interest and ensure transparent, accurate and complete information is available to clients. Egan-Jones Proxy would like all clients and users of its research to know that it sees no adverse impact on the firm’s services in connection with the new rules. This is of course primarily because, unlike our competition, Egan-Jones Proxy does not engage in governance consulting and has always provided transparent and easy-to-understand reports. With the new rules, the SEC takes aim at the largest proxy service firms which provide voting recommendations while simultaneously providing consulting and other services to the companies which are the subject of their reports. Because Egan-Jones Proxy does not offer solutions services to public companies, we represent a truly independent, conflict-free alternative to the largest firms. If you are an institutional investor who is tired of having your firm’s interests subject to an opaque and conflicted vote process, we invite you to contact Egan-Jones Proxy to learn what truly independent—and lower cost—proxy advisory service looks like. For questions on this or any other EJP announcement please contact Kevin McManus, Vice President and Director of Proxy Services, using the contact details below. Contact: Kevin McManus Vice President and Director of Proxy Services Egan-Jones Proxy Services 61 Station Road Haverford, PA 19041 +1-703-982-1083 kmcmanus@egan-jones.com http://www.ejproxy.com
26 May, 2014
Haverford, PA - Egan Jones Proxy Services announced today its acquisition of substantially all of the operating assets of ProxyTell, LLC. Egan-Jones Proxy Services, established in 2002 by Egan-Jones Ratings Co., is a leading independent provider of proxy research, voting recommendations and voting services to a variety of institutional investors. Specific financial terms of the acquisition were not provided. The current President of ProxyTell LLC, Kevin E. McManus, will assume responsibility for the management of Egan-Jones Proxy Services. "The advantage of our technology allows us to bring to the market is the highest possible quality proxy analysis with a 20/20 focus on maintaining and growing shareholder value in the long term," said Kevin McManus. "Most importantly, this quality research is brought to the marketplace at some of the lowest price points in the industry." The resulting company will be global in nature with multiple offices in both the US and beyond.

All Posts

14 Mar, 2024
Overview As a risk manager or manager of institutional capital, it is critical to have a firm grasp on major challenges and likely outcomes. Building and maintaining a portfolio based on false assumptions can be disastrous. To make this installment as useful as possible, we aim to address some of the underlying assumptions making the rounds in the markets. “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” -Mark Twain  “An economist is a portfolio manager who never marks to market.” -Howard Marks
10 Mar, 2024
Overview A good sense of the road ahead makes the driving much easier. This installment provides our best thoughts on the future environment.
By Wick Egan 08 Mar, 2024
Solving for N-PX is critical as we approach a new deadline.
21 Feb, 2024
In the past, to be a sea power one required a navy. Likewise, to be a land power, one required an army. Currently, neither of the prior statements are true and the implications are massive, and they will soon be rippling through the economy.
21 Feb, 2024
Automobiles are a major segment for most developed countries and are currently undergoing massive changes.
By Alyssa Festin 14 Dec, 2023
Over the past three years, Walt Disney Co.’s (DIS) shares have collapsed from $172.89 (as of Dec. 13, 2020), to merely $91.14 (as of Dec.12, 2023) a decline of 47% while during the same period the S&P 500 Index (SPX) rose from $3,709 to $4,644, an increase of 25%.
13 Dec, 2023
Beyond the cash flow or earnings performance of an individual firm, the next driver for nearly all investments are prevailing interest rates. However, not all investors seriously consider where rates are going and what is driving them.
By Alyssa Festin 22 Nov, 2023
While President Biden grapples with alligators in the Middle East, disorder has erupted domestically.
By Alyssa Festin 21 Nov, 2023
Perhaps the most daunting risk facing all institutional investors is a massive collapse in financial markets.
By Alyssa Festin 11 Oct, 2023
Outcomes often appear random, but closer analysis indicates that many were predicable
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