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2017 (Mid Year)

“Irish companies follow the UK Corporate Governance Code and generally have high levels of compliance. Companies also adopt many of the requirements of UK companies to put forward a "Say on Pay" which is not legally required in the Irish market. While Irish companies continue to record high levels of compliance with the UK Code, there is room from further improvement generally with Board diversity being one area which stands out”

Jonathan Neilan, Managing Director

Country:
Ireland

Country: Ireland

Average % of insider ownership:

0.93

Activism
Threat Level


To learn more about this country, please click on the tabs below

  1. Country Summary
  2. Disclosure
  3. Shareholder Rights
  4. Company Defense

Ireland has seen a steady increase in shareholder activism since 2015. Ranked third in the Eurozone for activist threat level, Ireland activism has trended towards remuneration issues. Companies listed on the Main Securities Market are required to comply with both the UK Corporate Governance Code and the Irish Corporate Governance Annex.

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.

Shareholders holding at least five percent of shares, in the case of companies listed on a regulated market, or 10 percent in all other cases, can require a general meeting to be convened. Three percent of voting shares gives shareholders power to add items on the agenda of an annual meeting and table draft resolutions to be adopted at annual meetings.

Like the UK, structural defenses are limited for Irish listed companies.


Top Campaigns by Type

1. Gain Board Representation
2. Removal Of CEO Or Other Board Member
3. Stock Promotion

Campaigns By Year

Total
Campaigns

26

Notable Invested Activists

• Worldview Capital Management
• Starboard Value
• Crystal Amber

Recent activism campaigns

Prothena Corporation plc
VS.
 Muddy Waters Research
Perrigo Company
VS.
 Starboard Value
One Horizon Group Inc.
VS.
 The Street Sweeper

Total Active
Campaigns

6

Contact FTI Consulting

Geoff Serednesky

Capital Markets Research and Activist Engagement
Managing Director
+1 312 861 4721
Geoff.Serednesky@FTIConsulting.com

Jonathan Neilan

Managing Director
+353 1 663 3686
Jonathan.Neilan@fticonsulting.com