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Intesa Sanpaolo, Italy’s biggest retail lender and the by-product of the takeover of Sanpaolo IMI by Banca Intesa is an excellent case study of a) how not to construct a post-merger board and b) how not to engage with shareholders and c) why EU shareholder reforms can’t come too quickly. The bank operates what can only …… continue reading >> UBS shareholders now have six months to decide whether to file actions against the board after voting down the 2007 director liability discharge resolution. A total of 52.8% of shareholders voted against the discharge for 2007 with 46% in support. Discharges for 2008 and 2009 managed to achieve 80% support. “We are accepting this vote and view it …… continue reading >> Nozoe Kuniaki, ousted CEO of Tokyo Stock Exchange’s 40th largest company, Fujitsu, this week issued a Court petition in an attempt to clear his name following unfounded accusations of links to organised crime. At a news conference this week, Nozoe threatened to sue two Fujitsu executives over his departure, which he claims was linked to his attempts …… continue reading >> 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, South …… continue reading >> A recent article from The Economist has highlighted another real-world connection between firm performance and governance structures. Commenting on the massive accelerator safety recall and how the Toyota management has handled itself, the Economist points out that the problems it faces: “highlight broader failings in Japanese corporate governance that make large companies particularly vulnerable to mishandling a crisis …… continue reading >> The preliminary proxy statement filed by Verizon Communications ahead of their AGM on 6 May has revealed that the former President and Chief Operating Officer, Dennis Strigl, who retired from the company effective 31 December 2009, will receive a separation payment of some $18.5m, to be paid in July 2010. The origin of the payment …… continue reading >> Following the December 2009 announcement MAN SE’s acceptance of the two administrative orders issued imposing fines on certain subsidiaries, and the closure of the internal investigations into the matter, attention now turns to the Group’s AGM on 1 April. The meeting documents note that: Based on the status of the special investigation commissioned by the Supervisory …… continue reading >> |
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