Archive
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Opinion: How companies should interpret Larry Fink’s letter
Mike Wallace says issuers should think about ESG from a due diligence perspective Citibank has agreed to pay almost $18 million to settle allegations that its Sioux Falls, South Dakota business violated the Flood Disaster Protection Act of 1973 (Flood Act). According to the Federal Reserve, the Flood Act requires federal financial regulatory agencies to adopt regulations prohibiting their regulated lending institutions from providing loans secured by improved real estate or mobile homes located in areas at risk from flooding in a community participating in the national flood insurance program unless the property securing the loan is covered by flood…
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Eaton recruits new general counsel
April Miller Boise was most recently chief legal officer and corporate secretary for Meritor April Miller Boise has joined power management company Eaton as executive vice president and general counsel, effective January 6. Miller Boise was most recently senior vice president, chief legal officer and corporate secretary for Meritor. Previous roles include: general counsel, head of global M&A and corporate secretary at Avintiv; general counsel, corporate secretary and chief privacy officer at Veyance Technologies; and executive committee member and managing partner of the Cleveland, Ohio, office of law firm Thompson Hine. Miller Boise succeeds Heath Monesmith, who became president and…
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Ventas appoints next general counsel
Carey Roberts will join from Assurant Carey Roberts is joining Chicago-based Ventas as executive vice president, general counsel and ethics & compliance officer during the first quarter of 2020. Roberts will move to Ventas from Assurant, where she has been executive vice president, chief legal officer and corporate secretary. Before that, she was deputy general counsel, corporate secretary and chief compliance officer at Marsh & McLennan Companies. Earlier in her career, Roberts was a partner in the corporate practice of law firm Covington & Burling, where she advised companies in industries such as financial services, pharmaceuticals, biotechnology and information technology.…
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Boards urged to target talent and strategy in 2020
Realizing the potential in human capital is key, says EY CBM’s Stephen Klemash – Reuters reported that the US Department of Labor has made it tougher for employees of fast-food restaurants or other big franchises to sue corporations when individual franchise owners violate wage laws. The department issued a rule, which takes effect in March, that will make it more difficult to prove companies are liable for wage law violations of their contractors or franchisees. Labor secretary Eugene Scalia said in a statement that the rule furthers President Donald Trump’s effort to address regulations that hinder economic growth. Unions and…
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The week in GRC: Harley-Davidson plans to adopt proxy access, and SEC’s Jackson to step down
This week’s governance, compliance and risk-management stories from around the web The role of the board has shifted such that key targets for directors this year include releasing the value of human capital within the company while also focusing on strategy and innovation, according to Stephen Klemash, EY Center for Board Matters (EY CBM) Americas leader. Succession planning has traditionally been a central aspect of boards’ agendas and their most important human capital and talent-related work. But Klemash notes that a series of developments have changed this, including a number of corporate and CEO-based crises that have caused reputational damage…
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BlackRock signals renewed climate focus
Asset manager announces steps to put sustainability at center of investing BlackRock has this week made major announcements highlighting renewed efforts to integrate climate change into its investment process – putting greater pressure on boards to act on the firm’s climate-related concerns raised during engagements. In his annual letter to CEOs, BlackRock chair and CEO Larry Fink notes that climate change ‘has become a defining factor in companies’ long-term prospects.’ The impact of climate change on economic growth and prosperity is ‘a risk that markets to date have been slower to reflect. But awareness is rapidly changing and I believe…
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New general counsel to join Arena Pharmaceuticals
Joan Schmidt comes to Arena from DBV Technologies Joan Schmidt will join Arena Pharmaceuticals as executive vice president, general counsel and secretary in March. Her arrival will take place as Steven Spector retires from the post after spending almost 20 years with the company. Spector will remain with Arena in his current role until early March and then serve as a consultant supporting continuing projects for the company to help with the transition. In her new role, Schmidt will report to president and CEO Amit Munshi. She is joining Nasdaq-listed Arena from DBV Technologies, a clinical-stage biopharmaceuticals company, where she…
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Flowers Foods appoints top attorney successor
Stephanie Tillman has been with company since 1995 Thomasville, Georgia-based Flowers Foods has promoted Stephanie Tillman to the position of chief legal counsel, effective January 1. In her new role, Tillman is responsible for the company’s legal, corporate governance, compliance and governmental affairs. She reports to president and CEO Ryals McMullian. Her promotion follows the retirement of Stephen Avera. The transition was in accordance with the company’s management succession plan. Tillman joined NYSE-listed Flowers Foods in 1995 as a corporate attorney. Since then, she has managed a variety of legal matters including the development of the company’s compliance program. She…
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XPO hires legal chief
Kurt Rogers will join logistics company next month NYSE-listed XPO Logistics has hired Kurt Rogers to become the company’s chief legal officer (CLO) and corporate secretary, effective February 3. Rogers will join Greenwich, Connecticut-based XPO from medical waste management company Stericycle, where he had served as executive vice president and general counsel since 2017. Before his time at Stericycle, he was CLO of cloud communications firm Vonage for seven years. Earlier in his career, he was a partner at Bingham McCutchen and at Latham & Watkins, focusing his practice on intellectual property and litigation. XPO, which provides transportation and logistics…
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The week in GRC: SEC releases 2020 exam targets, and banks weigh ESG risks when lending
This week’s governance, compliance and risk-management stories from around the web – Bloomberg reported that Hudson’s Bay Co minority shareholders including Catalyst Capital Group won a battle to obtain a higher price for the owner of Saks Fifth Avenue after chair Richard Baker and allies raised their offer a second time. The Baker group increased its take-private bid to C$11 ($8.48) a share, 16 percent higher than its original offer made in June. Private equity firm Catalyst, which had argued against the agreement and persuaded regulators to delay a shareholder vote, agreed to support the new deal. The raised offer…