Black managers overtake white in South Africa

Black representation in South African business has progressed much further than is generally accepted, with black representation at top management level growing by 55.9% from 2001-2006, a report by union body Solidarity has argued.

According to the report – The Truth About Affirmative Action in South Africa – this growth in black representation at top management level has been accompanied by a 22% decline in white male representation.… Read the rest

Women enjoying rapid promotion, but pay continues to lag

While women are enjoying faster career progression than their male colleagues, this is not being matched by their remuneration, and there is evidence efforts to redress the pay gap are beginning to stall, a survey by the Chartered Management Institute (CMI) and Remuneration Economics has found.… Read the rest

SEC pressed on climate change disclosure

A coalition of investors, US state officials and environmental groups have filed a petition with the US Securities and Exchange Commission (SEC) calling on the regulator to force companies to assess and disclose their financial risks from climate change.

The petition cites scientific evidence and regulatory developments it claims prove that the risks and opportunities many companies face in connection with climate change are material to shareholder investment decisions and must be disclosed under existing law.… Read the rest

Group founded to represent Northern Rock shareholders

The UK Shareholders Association (UKSA) has formed a group to represent the interests of ordinary shareholders in Northern Rock amid accusations that the bank failed to make required disclosures to investors about the severe financial difficulties it faced.

UKSA believes many shareholders were persuaded to invest in the company in recent months as a result of the apparent strength of the business, when in reality Northern Rock was in serious financial trouble.… Read the rest

Further ex-Nortel officials charged with fraud

The US Securities and Exchange Commission (SEC) has charged four more former executives of Nortel Networks, the communications company, with accounting fraud. The regulator is accusing former vice-presidents of Nortel’s optical, wireline, wireless and enterprise business units of manipulating reserves to manage the company’s earnings.… Read the rest

Gulf rivals acquire almost half of LSE

Nearly 50% of the London Stock Exchange (LSE) has been purchased by rival sovereign backed firms from the Middle East.

Borse Dubai and US exchange Nasdaq have reached an agreement that will allow Nasdaq to win control of Scandinavian exchange .… Read the rest

Photo-Me chair bows to activist pressure

Vernon Sankey has stepped down as chairman of Photo-Me International with immediate effect, prompting the photo booth operator’s principal shareholders to withdraw an EGM requisition seeking his removal.

Cycladic Capital and Principle Capital were seeking the immediate removal of both Sankey and the company’s chief executive, Serge Crasnianski.… Read the rest

Four out of five companies affected by fraud

Factors such as new investors and expansion into overseas markets have opened the door to different varieties of fraud, and four out of five companies worldwide have been hit by some form of corporate fraud in the last three years, according to a survey by risk consultancy Kroll.… Read the rest