Dimon takes chair of governance hawks, BRT

Jamie Dimon

As US Republicans accelerate their plans to dismantle much of the Dodd Frank regulatory framework, Jamie Dimon, chairman and chief executive (CEO) of JPMorgan Chase, has been appointed as the next chairman of the US  issuer lobby, Business Roundtable (BRT).

BRT’s members are the chief executives of the largest American companies; together with the US Chamber of Commerce, BRT has actively campaigned to roll back shareholder rights and reduce governance standards.… Read the rest

Gender pay gap reporting regulations go ahead in UK

Gender pay gap reporting will go ahead in the UK after the government published its final pay gap reporting regulations and its response to the consultation on the requirements. The government said it remains committed to achieving legislative approval by Parliament so that they can enter into force in April 2017.… Read the rest

Financial Stability Board taskforce consults on climate-related disclosures

The Financial Stability Board’s Task Force on Climate-related Financial Disclosures has published a consultation for its recommendations on voluntary, climate-related disclosures to be included as part of mainstream financial filings. The task force said its recommendations will help organisations identify and disclose information needed by investors, lenders, and insurance underwriters to appropriately assess and price climate-related risks and opportunities.… Read the rest

IOSCO pushes on international accounting standards and benchmarks

ioscologo

The International Organization  of Securities Commissions (IOSCO), which represents global financial regulators, has published a statement on implementation of new accounting standards related to revenue, financial instruments, and leases.

The three new International Financial Reporting (IFRS) Standards, issued by the International Accounting Standards Board, are expected to significantly affect the financial statements of many issuers globally, IOSCO said, due to the breadth of their applicability.… Read the rest

CFA-UK calls for better company reports

New research from the CFA-UK, the membership association of financial analysts, highlights aspects of financial reporting in annual reports which investors feel need to be improved.

CFA-UK members were asked to rank the sections of annual reports by their usefulness.  … Read the rest

UK’s FRC targets thematic reviews to improve reporting and audit

The UK’s Financial Reporting Council (FRC) has announced that in 2017 it will carry out a number of targeted thematic reviews of company reporting and audit on issues it knows to be of shareholder interest and where weaknesses have been identified.… Read the rest

Warsaw Stock Exchange GPW publishes 10th Respect Index

The Warsaw Stock Exchange (GPW) has published the names of the companies which make up its tenth Respect Index. The socially responsible index has a record 25 members –  including four new entrants.

Since its first publication in 2009, GPW said that the index, which is Central and Eastern Europe’s first social responsibility index, has  gained 50% in value which compares to 28% for the broader market.… Read the rest

PRI: Shareholders sceptical of RI regulation

France vigilance law

New research published by the UN’s Principles for Responsible Investment (PRI) has found that investors are sceptical about whether or not regulation is is driving real ESG change and alignment with sustainable development goals.

The report analyses nearly 300 pieces of regulation covering pension fund rules, stewardship codes and corporate disclosure rules. … Read the rest

Sports Direct chairman hits out at “extreme campaign”

Sports Direct Logo

Keith Hellawell, Sports Direct chairman, has hit out at the company’s critics in its half year results and stated that: “I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people.”

Hellawell failed to achieve support for his re-election from the majority of Sports Direct’s independent shareholder at the AGM in September and will again seek re-election at a general meeting on 5th January.… Read the rest

Law changes needed for better governance says FRC

Stephen Haddrill

The Financial Reporting Council has recommended a series of changes that are needed to improve the UK’s governance regime. In a letter to the Business, Energy and Industrial Strategy (BEIS) select committee the FRC has said that Section 172 of the Companies Act should be made more effective to ensure that directors take account of the views of a wider range of stakeholders.  … Read the rest