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The Financial Reporting Council (FRC), the UK’s corporate governance regulator, wants to hear from institutional investors in the UK and overseas about its proposals for a new “Stewardship Code” aimed at creating best practice principles for investors when engaging with the UK listed companies. The Stewardship Code is based on a set of principles originally London based investor relations advisor HQB Partners has released its 2010 pre-season survey of corporate governance teams at 23 leading institutional investors in the United States, the United Kingdom, France and the Netherlands. In all the respondents manage assets in excess of US$ 11.1 trillion. According to the survey, three issues were identified by more A new shareholder resolution, debuting at NYSE-listed General Electric Co.’s April 28 meeting, is asking the board to adopt a policy prohibiting any director receiving more than a 20% opposition vote from serving on a key board committee (audit, compensation or nomination) for at least two years. In his supporting statement, shareholder Gerald Armstrong (who Lord Myners has supported calls for reform of the Takeover Code in the UK, but made it clear that “The owners of firms that have lost so much from ill-advised takeovers must generate the momentum for reform”. Myners was speaking at the public policy think-tank, The Smith Institute, where he laid out his most The UK Government has asked the Financial Reporting Council to consider including a new principle in its code of conduct (UK Corporate Governance Code) to require companies to report on what they’re doing to increase the number of women in senior management positions. Under proposals announced by The Equalities Office, companies may be required The Irish Stock Exchange is considering whether there should be a stand-alone Irish corporate governance code following revelations of governance shortcomings in the market. According to a new report by accountants Grant Thornton, Ireland has seen a sharp decline in compliance with the Combined Code with just over just over one third (36%) of Kraft is under investigation by The Panel on Takeovers and Mergers (the Panel) over allegedly misleading statements the company made to investors and employees during its five month takeover battle for Cadbury. According to reports in the Wall Street Journal, the Panel is looking into comments made by Kraft executives during the buyout regarding the The UK’s High Court has granted an injunction prohibiting the Director of the Serious Fraud Office (SFO) from taking any further steps in its plea bargain settlement with BAE Systems. SFO has been investigating alleged bribery and corruption in BAE’s arms deals since 2004 in several countries (including Chile, Czech Republic, Qatar, Romania, Saudi Arabia, There is no benefit to be gained from a complete prohibition on auditors providing non-audit services to their listed clients. That’s the view of a new research paper published by a Working Group established by the Institute of Chartered Accountants of Scotland to examine the issue of the provision of non-audit services by external auditors Big Four auditor Deloitte has enhanced its presence in the green consultancy market through the acquisition of sustainability and consultancy adviser dcarbon8. The firm will be integrated with Deloitte’s environmental and sustainability consulting practice, with founder Guy Battle becoming a partner. The deal will give Deloitte a route into the growing market for carbon footprinting |
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