Ben Maiden and Ben Ashwell
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Proxy statements seen as top challenge ahead of proxy season, research finds
Document has evolved from a compliance exercise to a key communication tool More governance experts see proxy statements as the biggest challenge ahead of the proxy season than any other part of that work, according to a new online poll from Governance Intelligence. More than four in 10 respondents to the poll (43 percent) say that for members of an in-house legal/governance team, the proxy statement poses the greatest challenges in helping their company prepare for the proxy season. The proxy statement is followed by shareholder engagement, which 37 percent of respondents say is the biggest challenge. Behind that are…
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Hertz general counsel to step down
Colleen Batcheler has been with the car rental company since 2022 Almost half of companies are putting more resources toward their governance work preparing for proxy season, with very few dialing back, according to a new online poll from Governance Intelligence. In recent years, the governance work done in preparation for shareholder meetings has come into greater focus among investors and other stakeholders. That work ranges from shareholder engagement and writing the proxy statement to planning the AGM itself. The increasing attention has arisen in part due to the growing numbers of ESG-related shareholder proposals as well as high-profile shareholder…
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Many companies devoting more resources to proxy season prep, poll finds
Governance efforts ramped up in face of greater scrutiny Colleen Batcheler, executive vice president, general counsel and secretary of Hertz Global Holdings, has told the company she intends to resign from her role effective April 10 to accept ‘a role outside the company’, according to an SEC filing. She will remain with the company in a non-executive capacity until April 20 to help with the transition of her duties, the filing states. Requests for comment from Batcheler and Hertz were not returned immediately. Batcheler joined Hertz in May 2022. She had previously been executive vice president, general counsel and corporate…
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The week in GRC: SEC delays climate rules during litigation and ISS recommends CEO/chair split at Goldman Sachs
This week’s governance, compliance and risk-management stories from around the web – Reuters (paywall) reported that cloud communications company Twilio appointed a partner at Sachem Head Capital Management to its board amid pressure from several activist investment firms to make changes. Twilio added Andy Stafman and expanded the size of the board to 10 people. The change removes the chance of a boardroom challenge from Sachem Head in 2024 when three Twilio directors, including CEO Khozema Shipchandler and board chair Jeff Epstein, are scheduled to stand for election. Twilio has come under pressure from activist investors including Legion Partners and…
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SEC declines Tesla request over excluding deep-sea mining proposal
Group behind resolution concerned by ecosystem loss The SEC has declined to give Tesla the go-ahead to omit a shareholder proposal regarding concerns about the impact of deep-sea mining as used to extract materials for vehicle batteries. The proposal, filed by As You Sow, requests that Tesla ‘commit to a moratorium on sourcing minerals from deep-sea mining, consistent with the principles announced in the Business Statement Supporting a Moratorium on Deep Sea Mining.’ The proponent adds in a supporting statement: ‘If Tesla cannot so commit, shareholders request that the board disclose its rationale and assess the company’s anticipated need for…
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Deere & Company names successor legal leader
Kellye Walker joining from Eastman Chemical Company Deere & Company, also known as John Deere, has hired Kellye Walker as senior vice president, chief legal officer (CLO) and head of worldwide public affairs, effective April 29. Walker will succeed Mary Jones, who has announced her intention to retire later this year, as the company’s general counsel. She will be responsible for the company’s global law and patent departments and will oversee its public affairs and environmental, health and safety functions. According to her LinkedIn profile, Jones has been with Deere & Company for almost 27 years and in her current…
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Sempra shareholders to vote on safety and environmental proposal
Union seeks information about company’s response to ‘incidents’ Shareholder in Sempra are due to vote at the firm’s May 9 AGM on a proposal seeking information about the energy infrastructure company’s efforts to lower environmental and safety risks in the business. The Utility Workers Union of America (UWUA) has filed a resolution urging Sempra’s board or its safety, sustainability and technology committee to report to shareholders by next year’s AGM on the steps the company ‘has taken to reduce the risks of significant environmental hazards or life-threatening safety incidents involving the operations of Sempra and its subsidiaries.’ UWUA says the…
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The week in GRC: US to add companies to China import ban list and lateral hiring by law firms fell in 2023
This week’s governance, compliance and risk-management stories from around the web – Reuters (paywall) reported that Boeing’s board has begun the search for a new leader at the company following the tenure of CEO Dave Calhoun, with many industry executives and analysts predicting it will seek an outside candidate. Boeing on Monday announced a broader than expected shake-up, with Calhoun stepping down by year-end on the heels of the company’s commercial plane-making head and its chair. The new CEO will face challenges such as improving the company’s safety culture, addressing quality issues and regaining the trust of regulators, customers and…
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Corning names general counsel
Michaune Tillman was previously general counsel and corporate secretary at Worthington Steel NYSE-listed Corning has recruited Michaune Tillman as senior vice president and general counsel. Tillman most recently was general counsel and corporate secretary at Worthington Steel. According to her LinkedIn profile, she was previously general counsel at Worthington Steel Processing and, before that, spent six years as general counsel and vice president for human resources and compliance at Worthington Armstrong Venture. Across these roles, Tillman was responsible for corporate governance, compliance, litigation, commercial transactions, antitrust, environmental health and safety, cyber-security, data privacy, import/export, labor and employment and intellectual property…
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Society for Corporate Governance names new leader
Paul Washington is a former lifetime achievement award winner at the Corporate Governance Awards The Society for Corporate Governance has appointed Paul Washington as its new president and CEO, effective April 15. Washington most recently was executive director of the ESG Center at The Conference Board. In that role he led the think tank in addressing a variety of corporate governance, sustainability and corporate citizenship issues. He was previously senior vice president, deputy general counsel and corporate secretary at Time Warner from 2006 to 2018, having also held several other senior roles in the firm’s corporate legal department. During his…