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The Trump administration is considering an executive order to curb the influence of proxy-advisory firms like ISS and Glass Lewis and major index-fund managers such as BlackRock, Vanguard, and State Street, as it aims to rebalance corporate voting power. The proposed measures could restrict proxy advisers from issuing recommendations if they also provide consulting services and limit how index funds vote on behalf of clients, potentially requiring them to mirror individual investor preferences. The White House is also weighing stricter rules for shareholder proposals. The initiative follows criticism from high-profile CEOs like Elon Musk and Jamie Dimon, who argue these firms hold outsized sway over corporate governance, though opponents warn such changes could disrupt markets and diminish investor representation.

 

Wall Street Journal

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FTSE 100 and global companies are showing signs of stagnation or even decline in the representation of women in finance chief roles, with female CFO appointments dropping globally from 21.3% to 19.4% in 2024, according to MSCI, although this was above the 18.7% reported in 2020. “The past several years had seen significant numbers of women appointed to the role of CFO at [emerging market] companies, outstripping an increase among [developed market] peers,” the report states. “That trend reversed in 2024, though it remains to be seen whether this was an anomaly or the start of a deeper shift.” Despite evidence linking female CFOs to higher profitability, women continue to face shorter tenures, underrepresentation, and structural barriers, with recent political shifts in the U.S. prompting companies to rebrand DEI efforts rather than abandon them entirely.

 

CFO Dive

The International Energy Agency (IEA) has said that global oil and gas demand may continue to increase until 2050, in contradiction of earlier predictions of a rapid shift to cleaner energy. The IEA's latest report projects that oil demand could rise to 113m barrels per day by mid-century and highlights a significant growth in liquefied natural gas (LNG) supply, which is expected to increase by 50% by 2030. Additionally, the IEA warns that the world is on track to exceed the critical 1.5 degrees Celsius temperature rise target set by international climate agreements.

 

Reuters

Automatic Data Processing (ADP) estimates that the U.S. private sector shed 11,250 jobs per week in the four weeks to October 25th, according to a new weekly data series tracking employment changes. In a separate monthly series released last week using different methodology, ADP estimated a gain of 42,000 jobs in October. Alternative statistics like ADP’s have gained prominence amid delays to official data releases during the U.S. government shutdown.

 

Bloomberg

Wall Street Journal

The National Federation of Independent Business (NFIB) reported on Tuesday that sentiment among U.S. small businesses eased in October to its lowest level in six months, on a deterioration in earnings and less optimism about the economy. The NFIB's optimism index slipped to 98.2 last month, from 98.8 in September, in line with a forecast of economists polled by the Wall Street Journal. Labor quality was the most pressing concern for Main Street, with 32% of all owners reporting job openings they couldn’t fill, while 12% were most worried about inflation. The NFIB also found the net percentage of small business owners expecting better business conditions fell to its lowest level since April, but remains above the historical average.

 

Advisor Perspectives

Bloomberg

Wall Street Journal

General Motors has instructed numerous parts suppliers to eliminate dependency on Chinese supply chains, in a move driven by ongoing U.S.-China geopolitical tensions. The automaker said it aims to completely relocate these sourcing ties by 2027, amid concerns over trade uncertainties and potential supply disruptions. Despite the complexities and costs involved in shifting supply chains, GM's strategy seeks to enhance resilience by prioritizing local sourcing for parts used in vehicles produced in North America.

 

Reuters

Qcells, the U.S. solar manufacturing division of South Korea's Hanwha, has announced the furlough of 1,000 workers at its Georgia factories due to ongoing delays in shipments caused by U.S. customs checks. The company's components, primarily sourced from Malaysia and South Korea, have faced routine detention under a 2021 law aimed at preventing imports linked to forced labor in China's Xinjiang region. Despite these setbacks, a Qcells spokesperson said the company expects to resume full production shortly, and reaffirmed a commitment to establishing a complete solar supply chain within the United States.

 

Reuters

HDI Global's latest report highlights strategies for managing cyber exposure and enhancing resilience. David Bartolini, Head of Cyber Risk Engineering Tech at HDI, emphasised the need for continuous employee awareness, as human error accounts for about 60% of breaches. The report also stresses the importance of maintaining software, implementing technical safeguards, and managing supply chain risks. Bartolini noted: "Complete prevention is impossible, but downtime can be minimized with tested recovery strategies." Companies with robust cybersecurity frameworks recover faster and incur lower costs per incident, according to the report's findings.

 

Reinsurance news

Shell is challenging its defeat in an arbitration case against U.S. liquefied natural gas producer Venture Global in the New York Supreme Court after rival BP recently won a similar $1bn-plus arbitration. Both cases focus on Venture Global's failure to deliver LNG under long-term contracts while selling on the spot market as prices surged after the outbreak of the war in Ukraine.

 

Reuters

Senate Democrats, including Ron Wyden and Elizabeth Warren, are investigating the role of former Fiserv chief executive Frank Bisignano in the company's recent financial decline. Following a significant drop in Fiserv's stock after a disappointing earnings outlook, the senators have requested information from the new CEO, Mike Lyons, regarding Mr. Bisignano's management and the accuracy of financial projections during his tenure. Lyons said estimates "would have been objectively difficult to achieve even with the right investment and strong execution." Bisignano divested approximately $594m in Fiserv stock before joining the Trump administration, avoiding a potential $300m loss. The senators expressed concerns about Bisignano's effectiveness and transparency, and have requested a response by November 20th.

 

Accounting Today

Ingka Group, the world's biggest retailer of Ikea furniture, has reported a rise in operating profit to €1.46bn ($1.68bn) and net profit to €1.41bn for the year ending August 31st, up from €1.25bn and €810m respectively, despite a slight revenue decline to €41.45bn. The company cited increased product volumes and online visits, and said it had absorbed some U.S. tariff costs while raising prices less than competitors to support market share. Chief executive Juvencio Maeztu said profits rose as a result of improved efficiency, citing measures such as Ikea using showrooms both to display its products and fulfill online orders. 

 

Bloomberg

Reuters

Meta chief artificial intelligence scientist Yann LeCun plans to leave the social media platform to found his own startup, as Mark Zuckerberg seeks to radically overhaul the company’s AI operations.

 

Financial Times

Mercedes Formula 1 chief Toto Wolff is in advanced talks to sell part of his stake at a $6bn valuation, in a deal that would mark a record for an F1 team and underscore the sport’s commercial success under U.S. ownership. Bloomberg reports that Mr. Wolff plans to sell about 5% of the team to CrowdStrike Holdings chief executive George Kurtz, a racing fan whose cybersecurity company sponsors Mercedes. As well as Wolff, British billionaire Jim Ratcliffe’s Ineos conglomerate and German automaker Mercedes-Benz Group AG each own a third of the team, which is officially known as the Mercedes-AMG Petronas F1 Team.

 

Bloomberg

Financial Times