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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/09/2011 2011/288 Call for evidence- Empty voting , , Consultation Paper PDF
81.13 KB
19/10/2011 2011/SMSG/3 Summary of conclusions- meeting of the SMSG on 21 July 2011 Reference PDF
59.38 KB
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements , , , Statement PDF
189.46 KB
01/12/2011 2011/SMSG/15 Summary of conclusions- SMSG meeting on 11 October 2011 Reference PDF
80.45 KB
24/01/2012 2012/SMSG/1 SMSG work programme for 2012 Reference PDF
58.17 KB
This document sets out the work programme for 2012 which has been adopted by the Securities and Markets Stakeholder Group. It also sets out a preliminary work programme for 2013 which falls within the current Group’s mandate.
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options , Consultation Paper PDF
524.85 KB
This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
04/05/2012 2012/SMSG/20 SMSG meeting on 15-16 February 2012 Reference PDF
131.17 KB
20/08/2012 2012/SMSG/31 Summary of conclusions 26/04/12 Reference PDF
135.39 KB
13/11/2012 2012/SMSG/44 Summary of conclusions SMSG meeting 28/06/12 Reference PDF
198.96 KB
12/12/2012 2012/SMSG/62 Summary of conclusions of the SMSG meeting on 12-13 September 2013 Reference PDF
188.21 KB
20/12/2012 2012/SMSG/53 SMSG Annual Activity Report 2011-2012 Reference PDF
334.64 KB
20/12/2012 2012/SMSG/54 SMSG 2013 Work Programme Reference PDF
252.8 KB
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry , Statement PDF
559.31 KB
11/03/2013 2013/280 Vacancy notice- Chair of Committee drafting a proxy advising industry Code of Conduct , Reference PDF
102.91 KB
14/03/2013 2012/SMSG/72 Summary of conclusions of the SMSG meeting on 23 November 2013 Reference PDF
146.34 KB
10/06/2013 2013/702 Call for expressions of interest regarding ESMA’s Securities and Markets Stakeholder Group Reference PDF
228.48 KB
10/06/2013 2013/703 ESMA Stakeholder Group Renewal Procedure 2013 Reference PDF
332.4 KB
11/06/2013 2013/SMSG/01 Agenda 30-31 January 2013 Reference PDF
109.96 KB
11/06/2013 2013/SMSG/02 Summary of conclusions of the SMSG meeting on 30-31 January 2013 Reference PDF
114.11 KB
30/08/2013 2013/SMSG/013 SMSG contribution to the ESFS Consultation Reference PDF
409.94 KB