Archive
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The week in GRC: Cyber-security experts sought as board members and AI law goes into effect in NYC
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal (paywall) reported that companies are trying to demonstrate their commitment to minority employees’ success without being seen as limiting opportunities for others, with human resources (HR) leaders caught in the middle. The US Supreme Court’s removal of affirmative action from college admissions is set to change the pipeline of diverse graduates companies can hire and likely opens challenges to hiring and promotion practices, legal experts say. For managers, the challenge is to fairly assess a job candidate’s skills or an employee’s readiness for promotion…
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MSA Safety looks in-house for next top lawyer
Richard Roda has been with the company for almost three decades Company veteran Richard Roda has become the new chief legal officer (CLO) of MSA Safety. He succeeds Stephanie Sciullo, who has been named president of the company’s Americas business segment. Roda has been with MSA for 28 years, most recently as deputy general counsel, corporate secretary and chief compliance officer (CCO). In his new role as vice president, secretary and CLO, he is responsible for the company’s global legal function and reports to MSA chair and CEO Nish Vartanian. Roda joined MSA Safety in 1995 as a customer service…
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SiriusPoint names new legal chief
Linda Lin to join insurer and reinsurer on July 24 NYSE-listed specialty insurer and reinsurer SiriusPoint has appointed Linda Lin as chief legal officer, effective July 24. Lin will join the company’s executive leadership team, reporting to CEO Scott Egan, and will be based in New York. Jimmy Yang, who became interim general counsel in February of this year, will work with Lin on a transition. Lin will join SiriusPoint from Coaction Global (formerly Prosight), where she was general counsel and corporate secretary, leading the firm’s legal, regulatory, compliance, product development and internal audit functions. Before that, she was senior…
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The week in GRC: BNY Mellon creates diversity-supporting funds and Treasury says climate risk a challenge to insurers
This week’s governance, compliance and risk-management stories from around the web – The Financial Times (paywall) reported that BNY Mellon’s investment management arm is turning to funds that donate part of their revenue to diversity charities, even as US financial services firms are facing criticisms from ‘anti-woke’ politicians. The custody bank’s Dreyfus Government Cash Management Fund recently filed with the SEC to launch a share class that would allow clients to donate part of net revenue to a charity of their choice. This builds on the existing Bold class of shares that contributes 10 percent of net revenue to a…
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How companies can navigate ESG as it reaches a crossroads
Keir Gumbs offers advice on approaching ESG matters amid conflicting pressures Corporate Secretary has announced the panel of judges who will preside over the 16th annual Corporate Governance Awards, for which submissions are due by July 21. The distinguished industry experts who will decide the winners of this years’ honors are: – Anna Catalano, board member, Ecovyst, Frontdoor, Hexion and HF Sinclair – Joan Conley, board member, EJF Acquisition Corp and Tigo Energy – Matthew Geekie, senior vice president, secretary and general counsel, Graybar – Eileen Kamerick, non-executive director, Associated Banc-corp, ACV Auctions, Hochschild Mining and Legg Mason Closed End…
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Corporate Governance Awards judges announced, with submissions due July 21
Distinguished members will review several new categories Debates about ESG are taking place in boardrooms, legislatures and dining rooms across the US. Although the US has been slower than Europe to embrace mandatory ESG disclosures, there has been a notable shift in recent years. Investors, asset managers and other market participants increasingly recognize the importance of ESG data in assessing a company’s strategy, long-term value and risk profile. Many institutional investors, particularly larger ones, are increasingly incorporating ESG factors into their decision-making and engaging with companies on sustainability matters. There also continues to be growing demand from US investors for…
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Opinion: ESG won’t go away. Here’s why
Debunking media myths over ESG ‘At a cocktail party this week in Davos, one executive [said] something he – and most of the attendees at the World Economic Forum – would most likely never say in public: ‘I hope ESG just goes away.’’ – The New York Times This has been a year of reckoning for ESG investors. After an unprecedented surge in assets during the pandemic era, retail inflows to ESG funds in the US have slowed or even reversed. This has been accompanied by a rhetorical backlash from business executives, politicians, journalists and even former ESG practitioners. They…
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Caterpillar’s veteran legal chief to retire
Suzette Long has been with the company for almost two decades Caterpillar’s chief legal officer (CLO) and general counsel Suzette Long, who has been with the company for 18 years, will retire on December 31. Derek Owens, who is at present vice president and deputy general counsel, will take on the position of senior vice president and general counsel at the start of next month. He will become CLO and general counsel on January 1, 2024 after a six-month transition period. Long has responsibility for law, security and public policy, which includes global legal services, compliance, global trade, global security…
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ISSB launches inaugural sustainability standards
Board picks London as hub to kickstart ‘new era of sustainability-related disclosures in capital markets worldwide’ The International Sustainability Standards Board (ISSB) has launched its two inaugural global sustainability reporting standards: IFRS S1 and IFRS S2. Released today in London at the first of a series of conferences the IFRS will hold around the globe, the standards have been in development for more than 18 months – since the IFRS Foundation Trustees announced in 2021 it would work to provide global financial markets with high-quality disclosures on climate and other sustainability issues. The two standards, which cover general requirements for…
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The week in GRC: Schumer announces Senate plan for regulating AI and FTC sues Amazon
This week’s governance, compliance and risk-management stories from around the web The proxy season has underlined the importance for companies of controlling their own narratives, governance experts explained during a recent Corporate Secretary Webinar. Although the 2023 proxy season has not yet fully closed, initial data indicates that there has been a drop in average levels of support for environmental and social shareholder proposals, even as the number of those resolutions remains at record levels. Gregory Reppucci, senior director for sustainability and corporate governance at Morrow Sodali, told the webinar audience that this overall decline in support is due in…