Archive
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Asset managers complain over CFA’s proposed ESG standards
Concern that the plans will sow confusion, not clarity The Children’s Investment Fund (TCI) has significantly expanded its ‘say on climate’ campaign, with resolutions filed at several US-listed companies and plans to target ‘hundreds’ more. The hedge fund, managed by Sir Christopher Hohn, will also focus on companies in Canada, the UK and continental Europe as it seeks to push management into more urgent action over global warming. On a recent webinar, Hohn revealed that his firm had filed resolutions at seven US-listed issuers: Moody’s Corp, S&P Global, Union Pacific Railroad, Charter Communications, Alphabet, Canadian Pacific Railway and Canadian National.…
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IAC promotes new general counsel from in-house
Kendall Handler will succeed Gregg Winiarski, who is stepping down after a decade in the role Nasdaq-listed media company IAC has appointed Kendall Handler as senior vice president and general counsel, effective January 1, 2021. She will succeed Gregg Winiarski who steps down on December 31 having been general counsel for more than 10 years. Winiarski will stay on at the company until early 2021 to ensure a smooth transition. Handler is currently vice president and M&A counsel at IAC. In her new role she will oversee all legal, compliance and human resources functions for the company. She joined IAC…
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SASB and IIRC merger targets simplified sustainability disclosure
New Value Reporting Foundation will build comprehensive corporate reporting system SASBand the International Integrated Reporting Council (IIRC) are to merge into one organization by mid-2021 with the aim of offering investors and companies a comprehensive corporate reporting framework to drive global sustainability performance. The newly formed Value Reporting Foundation, to be headquartered in London and San Francisco, will advance initiatives by SASB, the IIRC, the CDP charity, the Climate Disclosure Standards Board (CDSB) and the Global Reporting Initiative (GRI) to work toward a comprehensive corporate reporting system. The merger is expected to simplify sustainability disclosure. ‘Capital markets are hungry for…
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The week in GRC: Execs get used to remote due diligence, and GM changes tack on emissions suit
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal reported that index compilers FTSE Russell and MSCI are reconsidering their approach to securities from companies the US government says help the Chinese military. President Donald Trump on November 12 signed an executive order barring Americans from investing in 31 Chinese companies that the US says supply and otherwise support China’s military, intelligence and security services. MSCI said it was consulting investors on the impact of the ban, including whether it needed to change existing stock indexes or introduce new ones. FTSE Russell said…
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Penn National Gaming finds successor to general counsel
Carl Sottosanti retiring at end of December after 17 years with the company Harper Ko is set to join Nasdaq-listed Penn National Gaming, effective January 1, 2021, as executive vice president, chief legal officer and secretary. Ko is moving to Penn National from Everi Holdings, where she has been executive vice president, chief legal officer, general counsel and secretary since 2017. Her arrival will follow the retirement on December 31 of company veteran Carl Sottosanti, executive vice president, general counsel and secretary. Sottosanti joined Penn National in 2003 as vice president of legal and business affairs and deputy general counsel.…
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Companies re-embrace landlines and comfort technology
Some call time-out on videoconferencing to get back to basics Companies have welcomed tools such as Zoom and Microsoft Teams during the Covid-19 crisis, but some are beginning to look at alternatives because of a growing sense of videoconferencing ennui. Resistance has emerged as some governance teams, boards and investors have tired of seeing themselves in screen, according to several panelists at the Corporate Secretary Forum last week. ‘Zoom fatigue has been a tough swallow here,’ said Caroline Koster, corporate secretary and chief counsel at BGC Partners and corporate secretary at Newmark Group. ‘It has been hard for the engagement…
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Panasonic Avionics recruits general counsel
Abby Bried previously a partner at Jenner & Block Improved long-term returns and risk mitigation are the key motivators behind ESG integration, with social seen as the most difficult element to analyze and integrate, according to a series of snap polls held at the recent Truvalue Labs ESG Investing Forum. Almost two thirds (72 percent) of respondents say social is the most difficult to analyze and integrate, while less than a fifth (18 percent) say environmental and just 10 percent say governance is the most difficult. When it comes to the motivation behind ESG integration, by far the most popular…
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ESG: Social seen as most difficult to analyze
Snap poll at Truvalue Labs event looks at ESG integration, compliance and themes Panasonic Avionics Corporation has hired Abby Bried as vice president and general counsel. In her new role, Bried advises on laws, regulations, public policy, ethics and risk affecting the company. She is also a member of Panasonic Avionics’ senior leadership team in developing and leading its corporate legal strategy. Kimberly Chainey was vice president and general counsel with Panasonic Avionics until this summer, when she joined NYSE-listed AptarGroup as executive vice president and global general counsel, effective July 27. Panasonic Avionics, a supplier of in-flight entertainment and…
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More investors want executive pay tied to ESG
Edelman survey finds investors apply premium valuation to companies that excel in ESG initiatives – CNBC reported that SEC chair Jay Clayton announced he will step down at the end of the year. ‘Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,’ Clayton said in a statement. His term would have expired in June 2021. SEC chairs traditionally step down when an administration ends, and Clayton’s resignation comes two months before Joe Biden will take over as US president. Potential successors at the commission include former Manhattan US attorney…
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The week in GRC: SEC adopts disclosure changes, and US praised for FCPA enforcement record
This week’s governance, compliance and risk-management stories from around the web More than two thirds of investors want executive pay tied to ESG initiatives, a move that would pressure boards to achieve social and other key targets, according to the global Edelman Trust Barometer Special Report: Institutional Investors. Sixty-nine percent of stakeholders say they want to see a link between remuneration and ESG, a 17-point jump over 2019. ‘This is probably one of the biggest percentage-point jumps we have seen this year,’ said Heidi DuBois, Edelman head of ESG, as she released an analysis of the results at the Corporate…