Archive
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How to move from CSR to ESG reporting
Most companies still stop short of reporting the impact of ESG issues on their financial performance, Alina Plaia says The notion of CSR has been around for years, its history going back to environmental reporting. These reports were purely voluntary and boards paid little attention to them beyond the ‘good for you’ attitude. Most certainly, none of this information was a meaningful part of regulatory documents filed with the SEC, such as S1 and 10K forms. Despite the concept of sustainable investment having been around for decades, it has grown in significance, popularity and scale only in the last couple…
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Alexion settles FCPA action for $21 million
SEC allegations include work of subsidiaries in Turkey and Russia Boston-based Alexion Pharmaceuticals has agreed to pay a total of more than $21 million to settle SEC allegations that it violated the FCPA via subsidiaries in Turkey and Russia. Specifically, the SEC says in its related administrative order that between 2010 and 2015 Alexion’s subsidiary in Turkey made payments to foreign officials so as to influence them to provide favorable regulatory treatment for the company’s main drug, Soliris, and to approve Soliris prescriptions for individual patients. According to the SEC, Alexion’s subsidiary in Russia between 2011 and 2015 made payments…
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How boards can look beyond Covid-19
Nelson Griggs suggests ways boards and executives can balance strategy and near-term demands amid the pandemic The US is in its fifth month of an unprecedented healthcare crisis, and the social and economic impacts are well documented and unparalleled in our nation’s history. So many of us are still trying to understand the short-term dynamics that may drive new behaviors, create new needs – and even trigger permanent changes for our industries, our companies and every employee we work with. Although the specific responses to the pandemic vary from industry to industry and from company to company, we must all…
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QTS finds successor to retiring general counsel
Shirley Goza to retire at end of 2020 Matt Thomson will join NYSE-listed QTS Realty Trust later this year as successor to general counsel, secretary and vice president Shirley Goza, who is retiring. Goza will step down, effective December 31, having spent 14 years leading the company’s legal and governance functions. Thomson will start at Overland Park, Kansas-based QTS during the latter part of 2020 and will be co-general counsel with Goza between then and her retirement to work on the transition. He is at present a partner with Hogan Lovells US in Washington, DC, having joined the law firm…
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The week in GRC: Companies pressed for racial diversity disclosures, and OCC raises compliance concerns
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal reported that more than 40 percent of S&P 500 companies have pulled their guidance as the Covid-19 pandemic has created uncertainty, and their shares together have fallen more than the broader index. Through June 25, at least 218 companies from a variety of industries have withdrawn or withheld either their quarterly or annual guidance, according to Dow Jones Newswires. Many point to the overall uncertainty of the pandemic but some cite the likelihood of additional outbreaks, changing consumer habits and factors such as the…
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Athenex promotes top attorney
Teresa Bair joined company in 2015 and has held increasingly senior positions Nasdaq-listed Athenex has promoted Teresa Bair to the position of executive officer as general counsel and senior vice president for administration. Bair joined Athenex in 2015 and has held roles of increasing responsibility, most recently being senior vice president for legal affairs and administration at the Buffalo, New York-based biopharmaceutical company. In her new role she reports to Athenex CEO Johnson Lau and oversees all legal matters for the company globally. She is also corporate secretary to the board of directors. As senior vice president for administration, Bair…
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DoJ shines new light on compliance program expectations
Tony Maida, Michael Peregrine and Sarah Walters explain what prosecutors will be looking for in compliance programs and how that may impact companies and boards On June 1, 2020, the US Department of Justice’s (DoJ) criminal division issued updated guidance on the ‘Evaluation of corporate compliance programs.’ The guidance lays out a series of factors for DoJ attorneys to consider when assessing the effectiveness of corporate compliance programs as part of making charging decisions and negotiating resolutions. The updated guidance revises guidance that was first issued in February 2017 and amended in April 2019. The overarching theme of the new…
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MSG owner hires general counsel
Scott Packman spent 12 years as general counsel with Metro-Goldwyn-Mayer Madison Square Garden Entertainment Corp (MSG Entertainment) has hired Scott Packman as executive vice president and general counsel, effective today. The position is a new one for MSG Entertainment as a result of it becoming a stand-alone company in April 2020 when The Madison Square Garden Company separated its sports and entertainment businesses through a spin-off transaction, a spokesperson says. Packman’s career has involved working on business and legal issues in areas such as venture capital and private equity, intellectual property, financing and M&A. According to his LinkedIn profile, he…
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Boards urged to review policies after LGBTQ ruling
Supreme Court bars employment discrimination on the basis of sexual orientation and gender identity Boards of directors have been advised to ensure their company’s anti-discrimination policies are checked following a recent US Supreme Court ruling. The court ruled earlier this month in a landmark decision that Title VII of the Civil Rights Act of 1964, which prohibits employment discrimination based on sex, applies to both sexual orientation and gender identity. Roughly 20 states already had such protections of LGBTQ people written into law, but the 6-3 decision extends those protections to the federal level. Sexual orientation or transgender-based discrimination is…
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CCPA regulations pose new compliance hurdles as enforcement approaches
Robert Famigletti and Kristen Mathews explain the challenges for companies California Attorney General Xavier Becerra’s enforcement of the California Consumer Privacy Act of 2018 (CCPA) is likely to begin on July 1, almost two years to the day since its whirlwind passage. The enforcement landscape remains largely unclear, however, as it is uncertain if and when the attorney general’s proposed final implementing regulations under the CCPA will take effect. This is particularly significant because the proposed regulations impose numerous substantive obligations that extend above and beyond those included in the CCPA itself, presenting covered businesses with significant compliance challenges on…