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King IV: South African governance code now part of JSE listing rules

Johannesburg Securities Exchange

Companies seeking to list on South Africa’s Johannesburg Securities Exchange (JSE) will now have to comply with the King IV corporate governance codes (King IV), which was published last year, as part of amended listing requirements. Companies already listed must make disclosures in relation to the King IV rules from 1st October.… Read the rest

Barclays and former executives charged with fraud during 2008 financial crisis

Barclays fraud

The UK’s Serious Fraud Office (SFO) has charged the banking group Barclays and four former executives with conspiracy to commit fraud and unlawful financial assistance given to the Qatar government when it provided funding during the 2008 financial crisis. This is the first time a bank in the UK has been charged with any offences relating to the crisis.… Read the rest

Thames Water fined over missed leakage reduction target

Thames Water fined

The water sector regulator, Ofwat, has fined Thames Water the maximum automatic penalty it can of £8.55m for admitting in this year’s report and accounts that it will miss its leakage reduction targets for the first time 11 years. Ofwat said the penalty is borne by the company alone and cannot be passed on to customers.… Read the rest

US House of Representatives passes Financial CHOICE Act

Financial Choice Act

The US House of Representatives has passed the controversial Financial CHOICE Act despite strong lobbying against the legislation by institutional investors. The bill will now move to the Senate where its expected to face tough opposition.

The Council of Institutional Investors (CII), which has led the fight against the bill championed by Jeb Hensarling, chair of the House Finance Committee,  expressed disappointment at the House giving its approval with the voting following party lines.… Read the rest

Indian financial regulator sets up corporate governance committee

India corporate governance committee

The Indian financial regulator, the Securities and Exchange Board of India (SEBI) has set up a committee to advise on issues relating to the corporate governance of listed companies. SEBI wants the committee to recommend improvements within the next four months.… Read the rest

Ukraine adopts law to improve the governance of joint stock companies

Ukraine governance joint stock companies

Ukraine has adopted a long-awaited law which will improve the corporate governance of its joint stock companies (JSC) as well as the shareholder rights. Legal experts said that the changes will boost the prospects of foreign investment in Ukrainian companies as it will bring its corporate law more in line with the rest of Europe.… Read the rest

ICGN voices concern over proposed Dutch law on takeovers

Dutch takeover law

The International Corporate Governance Network (ICGN), has written to the Dutch Economic Ministry and to the Dutch House of Representative’s economic affairs committee to express its significant concerns relating to the new legislation regarding takeover bids in the Netherlands. This was outlined in a letter of Minister Kamp to the Chair of the House of Representatives on 20 May 2017.… Read the rest

Japan – governance code compliance strengthens

Compliance with the  Japanese corporate governance code of 2015 shows strong compliance according to research published by the  Tokyo Stock Exchange (TSE).

The Code contains five general principles, 30 principles, and 38 supplementary principles and like the UK code a “comply or explain”approach has been adopted in respect of how companies comply.… Read the rest

US institutional investors campaign against Financial CHOICE Act

The US Council Institutional Investors (CII) and individual institutional investors have voiced their continued opposition to the Financial CHOICE Act, which has been proposed and passed by the House of Representatives’ Financial Services Committee.

The CII and over 50 institutional investors delivered letters opposing the provisions of the Financial CHOICE Act that they believe would hurt investors.… Read the rest

UK General Election: Theresa May pledges boost in workers rights

UK General Election workers rights

The UK’s general election campaign highlighted workers rights and representation as well as executive pay.

With the main parties launching their manifestos this week the Conservative Party reiterated its commitment, that appeared in the government’s corporate governance green paper, to improve worker representation on company boards.… Read the rest