“Irish companies follow the U.K. Corporate Governance Code and generally have high levels of compliance with its guidance. Nonetheless, a number of companies lag their U.K. peers, with gender diversity, remuneration disclosure and Board tenure the likely areas of focus for institutional investors in 2018.”
Jonathan Neilan, Managing Director
Country:
Ireland
Average % of insider ownership:
Activism
Threat Level
To learn more about this country, please click on the tabs below
Companies listed on the Main Securities Market are required to comply with both the U.K. Corporate Governance Code and the Irish Corporate Governance Annex. Like their counterparts in the U.K., Irish companies will be digesting the implications of the significant developments in U.K. corporate governance in 2018.
Ireland has seen a steady increase in shareholder activism since 2015. Ranked third in the Eurozone for activist threat level, activism in Ireland has trended towards remuneration issues but there is increasing evidence of shareholders widening their focus to longer-serving Directors.
Shareholders reaching, exceeding, or falling below a three percent threshold, or where the holder exceeded three percent both before and after the transaction, must disclose their voting interests and provide updates when ownership changes whole number increments. The disclosure threshold was reduced from five percent to three percent following enactment of the Companies Act 2014 of Ireland.
Like the U.K., structural defenses are limited for Irish listed companies.
Top Campaigns by Type
1. Remuneration
2. Removal of CEO or Other Board Member
3. Share Repurchase
Campaigns By Year
Total
Campaigns
Notable Invested Activists
• Blue Harbour Group
• Sachem Head Capital Management
• Muddy Waters Research
Recent activism campaigns
| Adient plc | VS. |
Blue Harbour Group |
| Shire plc | VS. |
Sachem Head Capital Management |
| Prothena Corporation plc | VS. |
Kerrisdale Capital Management |
Total Active
Campaigns
Contact FTI Consulting
Managing Director
+353 1 663 3686
Jonathan.Neilan@fticonsulting.com
Capital Markets Research and Activist Engagement
Managing Director
+1 312 861 4721
Geoff.Serednesky@FTIConsulting.com