The charter signatories to the Best Practice Principles for Shareholder Voting Research & Analysis (the BPP Group), which includes Manifest, will review its principles by the end of 2017 following a public consultation overseen by Chris Hodge, the new independent chairman of the BPP Group’s review committee.

The update will include addressing the transparency requirements for proxy advisors outlined in the amendments to the revised EU Shareholder Rights Directive, adopted earlier this month. The aims of the review are to ensure that the principles are achieving their original objectives set and to identify where there is scope to improve practice and transparency. It is also intended that the updated principles should be capable of being applied in all markets for which voting research and analysis is provided, and by all providers of such services.

A public consultation on the principles will be held in the summer of 2017. An advisory stakeholder panel, comprised of members from companies, asset owners, asset managers, and other constituencies, will be established to provide input to the preparation of the consultation and any subsequent revisions to the principles.

Hodge was for 10 years, until 2014, director of corporate governance at the UK’s Financial Reporting Council, where he was responsible for developing and promoting the corporate governance code, and for introducing the first national stewardship code for investors. He established and chaired for eight years until 2015, the European Corporate Governance Codes Network which brings together the bodies responsible for codes in 28 European countries.

Commenting on the announcement Hodge said: “The Best Practice Principles promote the integrity and efficiency of shareholder voting research services and I am delighted to have been invited to chair this review.” “The new transparency requirements for proxy advisors outlined in the amended EU Shareholder Rights Directive 2007/36/EC, make this the perfect time to review and update the Principles.”