Additionally, if the seller is a control person with respect to the issuer (I note that "control person" is not defined but one can think of this as senior management, a director, or material shareholder), the affiliation must be disclosed (to address possible conflicts of interest).
Accounting for the further impossibility for the bank to replicate counterparty default losses, not only these contra-liabilities (CL), but also cost of capital (KVA), are material to shareholders and need to be reflected in entry prices on top of CR (cf. (1)).
Information on political spending is material to shareholders as they make decisions about where to invest, particularly with growing evidence that political spending does not always benefit the bottom line.
The leading opponent, Walter B. Hewlett, an heir of the co-founder, began mailing out his proxy materials to shareholders yesterday, urging them to vote against what he termed a "bet-the-company transaction".
It has proposed a rule that would require a company, under certain circumstances, to include in its proxy materials a shareholder's or group's nominees for director.
BAE is positioned to deliver top line and earnings growth (albeit modest) with further material returns to shareholders in 2015.
Analysts at JP Morgan Chase say UBS will come under "material pressure from shareholders... to review its investment bank business".
"We are reaching a point where the largest CEO packages represent a material issue for shareholders that is big enough to require serious consideration.
Standard Life's intervention also raises questions about whether other major banks such as Lloyds, which owns Bank of Scotland, will warn that independence could pose a "material risk" to shareholders.
"This sale realises material value for shareholders and allows us to make significant progress on our strategic priority of protecting and strengthening our balance sheet," said the Tesco chief executive, Dave Lewis.
