Ferguson - AGM 29 July 2020
The Board seeks shareholder approval to adopt new Articles of association to allow the group's additional listing in the US. Ferguson demerged its UK operations and now the group is entirely focused on North American markets.
In due course Ferguson intends to put forward a further resolution to relocate Fergusonns primary listing to the US. The Board believes that this two-step process to transition would provide an appropriate period to sell shares for UK-based shareholders investing in FTSE 100 index or barred from investing outside the UK.
ECGS is not generally in favour of changing the primary listing for more complacent markets in term of executive remuneration or governance standards. However, we consider the US listing is acceptable for Ferguson as its entire business is based in North America as its peers. The US market offers acceptable investors protection and superior premiums to shares. ECGS recommends approval.
Ferguson is a holding company. Through its subsidiaries, Co. is a distributor of plumbing and heating products in the U.S. Co. operates nationally serving the residential, commercial, civil and industrial markets. Co. operates seven business units in the U.S.: Blended Branches, which provides plumbing and heating solutions ; Waterworks standalone, which distributes pipe, valves and fittings, hydrants, meters and related water management products; B2C e-commerce, which sells directly to consumers via websites using the product range and distribution network of the Blended Branches business; as well as Other, which comprises industrial standalone, fire and fabrication, and facilities supply.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
- Proxy reports
- Definition and monitoring of client customized voting guidelines
- Corporate Governance Data and Rating
- Thematic research
- Engagement support
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.