On January 30, Cartica issued a release making public its formal request to the CNBV and the BMV to require all public issuers in Mexico: (1) to extend the period for advance notice of shareholders' meetings to at least 30 days; and (2) to rescind charter provisions that require Board approval for a shareholder to acquire 10% of the voting shares and exercise its statutory right to nominate a director to the Board.
Other major institutional investors, including Aberdeen Asset Management, Franklin Templeton Investments, CalPERS and CalSTRS, are actively supporting Cartica's efforts.
Cartica and these investors will continue to advocate for legal and regulatory measures to require listed companies to rescind charter provisions that require Board or majority shareholder approval before a minority shareholder can hold 10% of the voting shares and exercise its statutory right to elect a director to the Board.
"The drafters of Mexico's Securities Markets Law were wise to empower minority shareholders to elect a director to Boards that are typically dominated by the nominees of the controller. Charter provisions that attempt to take away this counterweight to majority shareholder domination are illegal and the regulator and the exchange should join investors in insisting that they be removed from company charters," said Mr. Lubrano.
About Cartica Management, LLC:
Cartica Management, LLC (www.cartica.com) is a leading global alternative asset management firm focused on active ownership of emerging markets companies. The firm seeks to unlock long-term growth in its investments by partnering with management teams, Boards, and shareholders to drive positive governance and operational changes. Cartica was founded in 2008 by former executives of International Finance Corporation (IFC), a member of the World Bank Group, and is headquartered in Washington D.C. As of January 1, 2017, the firm has $2.4 billion of assets under management.
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SOURCE Cartica Management, LLC