Archive
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Koppers appoints successor to general counsel
Steven Lacy to retire this year after two decades with the company Stephanie Apostolou has been elected general counsel and secretary of Pittsburgh, Pennsylvania-based Koppers and Koppers Holdings, effective March 1. Apostolou is at present deputy general counsel and assistant secretary with the NYSE-listed company, which is a global provider of treated wood products, wood treatment chemicals and carbon compounds. Her promotion follows the announcement that Steven Lacy, chief administrative officer, general counsel and secretary of Koppers will retire at the end of this year after a 20-year career with the company. In the period between March 1 and December…
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TCFD climate reporting initiative passes 1,000 supporters
Investors and issuers driving climate risk-related financial concerns into the mainstream The number of organizations signed up to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) has increased fourfold since 2017, with banks getting on board at the highest rate. The Michael Bloomberg-chaired climate initiative has secured more than 1,000 issuers’ and investors’ signatures as climate change poses an increasing financial risk, according to a statement issued by TCFD. In an effort to increase transparency on climate-related risks and opportunities, the task force set up by the Financial Stability Board in 2015 aims to bring together shareholders…
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KCS expands general counsel’s role
Adam Godderz oversees company’s legal departments in the US and Mexico NYSE-listed Kansas City Southern (KCS) has promoted Adam Godderz from general counsel and corporate secretary to senior vice president, chief legal officer and corporate secretary, effective February 1. In this expanded role, Godderz is charged with oversight of the company’s legal departments in both the US and Mexico. He reports directly to KCS president and CEO Patrick Ottensmeyer. Godderz had been general counsel and corporate secretary since January 2019. From 2015 to 2018, he was vice president for labor relations, and before that he was associate general counsel and…
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The week in GRC: Activists to press JPMorgan on climate proposals, and many ESG funds have tech focus
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal reported that Xerox increased its offer to buy HP. The company said it met with some of HP’s largest shareholders before raising its bid. It said it expects to launch a campaign to buy shares directly from investors early next month. ‘The tender offer announced today will enable these stockholders to accept Xerox’s compelling offer despite HP’s consistent refusal to pursue the opportunity,’ Xerox said. Xerox has said it plans to nominate 11 independent candidates to replace HP’s board at the company’s AGM this…
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Fed updates rule on activists taking stakes in banks
Activist investors taking ownership stakes in banks just got a big win thanks to the Federal Reserve On January 30, the Fed finalized a rule that relaxes requirements to allow activist investors to take larger ownership interests in banks and maintain greater board representation without triggering control under federal banking law. Control is a critical concept as investors controlling banks are subject to extensive Fed oversight and stricter regulation. The Fed’s rule provides greater clarity to investors by outlining the types of non-controlling stakes an investor can make in a bank and more clearly delineates the contours of control under…
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CooperCompanies appoints successor to general counsel
Randal Golden to retire, having been general counsel since February 2014 Mark Drury has been promoted to the role of vice president, general counsel and corporate secretary at San Ramon, California-based CooperCompanies, effective February 15. Drury joined the NYSE-listed firm in January 2011 and is currently the company’s deputy general counsel with responsibility for CooperVision’s global legal function and certain corporate matters. As general counsel he will report to president and CEO Albert White. Drury was an attorney with Latham & Watkins before joining CooperCompanies. Drury succeeds Randal Golden, who announced his plans to retire after what CooperCompanies called in…
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Dealing with activist directors with an M&A agenda
A growing number of activist campaigns are pushing for the swift sale of targets or their assets This past year, more than ever, activist investors called for the companies they targeted to put themselves up for sale or divest assets. A record 99 campaigns launched in 2019 pushed an M&A-related agenda, according to Lazard’s shareholder advisory group. This represents 47 percent of activism campaigns launched last year, the highest proportion since Lazard has tracked this data. According to Activism Insight, roughly 60 percent of M&A-related campaigns in 2019 called for a sale of the company or encouraged industry consolidation; around…
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Flotek recruits general counsel and corporate secretary
Nick Bigney previously worked at Oiltanking North America Houston-based Flotek Industries has hired Nick Bigney as senior vice president, general counsel and corporate secretary. In his new role, Bigney leads the NYSE-listed company’s legal strategy, securities filings, corporate governance, compliance and risk assessment programs, dispute resolution and litigation and transactional matters. He is based in Houston and reports to Flotek CEO, president and chair John Gibson, who joined the company last month. The company has not had an internal general counsel for at least the past 20 years, according to a spokesperson. Flotek produces reservoir-focused chemistry technologies for oil and…
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Ex-Missouri AG to be next Centene general counsel
Chris Koster is being promoted to the new role later this month Former state official Chris Koster is being promoted to senior vice president, secretary and general counsel at healthcare company Centene Corporation, effective February 19. In his new role, Koster will oversee all legal functions for the company and report directly to Centene chair, president and CEO Michael Neidorff. Keith Williamson, the company’s former secretary and general counsel, has been appointed president of the Centene Charitable Foundation. Williamson joined Centene in 2006 and since then has overseen all legal functions and, according to the company, has aided ‘in the…
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The week in GRC: Elliott said to build SoftBank stake, and COSO urges board focus on risk
This week’s governance, compliance and risk-management stories from around the web – The WSJ said that, according to people familiar with the matter, activist investor Elliott Management has quietly built up a more than $2.5 billion stake in Japan’s SoftBank Group and is pushing the company to make changes it says will increase its share price. Discussions have focused on ways to improve SoftBank’s corporate governance, including a call for more transparency and better management of investment decisions at its $100 billion Vision Fund, according to the people. ‘SoftBank always maintains constructive discussions with shareholders regarding their views on the…