Archive
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Boards must be ‘much more discerning’ about materiality, UK regulator says
Mark Babington, FRC executive director of regulatory standards, speaks at the Corporate Secretary ESG Integration Forum The World Wide Fund for Nature (WWF) has called for clearer and more common reporting standards that will allow companies to better monitor their greenhouse gas emissions (GHG). The WWF recognizes companies’ efforts toward GHG reporting and the progress businesses have made in identifying and addressing emission hotspots. It argues, however, that a lack of standardization is preventing those companies from truly understanding their emissions and slowing their efforts to reduce them. A new analysis released by the organization this month states that a…
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Buffett defends buybacks in annual letter to shareholders
Buybacks have soared in energy sector amid record profits Warren Buffett has defended share buyback programs in his widely read annual letter to shareholders. Buffett, CEO of Berkshire Hathaway since 1965, during which time the company has delivered annual returns of around 20 percent, says buyback programs benefit ‘all shareholders’ if they are made at the right prices. ‘The math isn’t complicated: when the share count goes down, your interest in our many businesses goes up,’ writes Buffett. ‘Every small bit helps if repurchases are made at value-accretive prices. ‘Just as surely, when a company overpays for repurchases, the continuing…
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Mastercard promotes CCO to chief risk officer
Karen Griffin has been with the firm for more than eight years Mastercard has promoted Karen Griffin to the newly created position of chief risk officer. Griffin was previously chief compliance officer (CCO). ‘The ability to manage an organization’s risk appetite in order to maximize growth opportunities has become increasingly important in recent years,’ the company states in reference to the move. ‘In this new role, Karen will strengthen the company’s risk management strategy and activities, building on the robust processes and procedures currently in place.’ According to her LinkedIn profile, Griffin has been with Mastercard for more than eight…
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Apollo names general counsel and future legal chief
Whitney Chatterjee joining asset manager from law firm Sullivan & Cromwell Since the beginning of the Biden administration, US Department of Justice (DoJ) officials have emphasized a renewed focus on corporate criminal enforcement, but the statistics tell a different story. In 2021, for example, FCPA penalties were at their lowest since 2015, with only $525 mn collected, compared with the yearly average of $2.56 bn from 2016 to 2020. FCPA penalties increased in 2022 to roughly $1.5 bn but remained far from the high-water mark. To tackle this decline, the DoJ has made several not-so-subtle attempts to invigorate its corporate…
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Opinion: DoJ’s revised enforcement policy leaves self-disclosure dilemma
Attorneys with Sidley Austin say the updated corporate enforcement policy leaves companies with questions about whether and when to disclose potential wrongdoing Whitney Chatterjee will join NYSE-listed Apollo Global Management as general counsel on April 3. In that role she will be responsible for covering Apollo’s asset management and retirement services businesses. On January 1, 2024, she will become chief legal officer, succeeding John Suydam who has been in the role since he joined the firm in 2006. At that time he will become senior adviser and remain a partner of Apollo. Before joining Apollo, Suydam was a partner at…
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Sprinklr names successor to general counsel
Jacob Scott joined tech company in 2020 Enterprise software company Sprinklr has appointed Jacob Scott as general counsel and corporate secretary, effective March 16. In his new role, Scott will report to founder and CEO Ragy Thomas. Scott will succeed Dan Haley, who has been Sprinklr general counsel and corporate secretary since 2019 and is moving to a new opportunity after March 15, according to the company. It could not be immediately determined where Haley is moving to. Scott is being promoted from the role of deputy general counsel and chief compliance officer at Sprinklr. In that capacity he has…
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The week in GRC: Minority directors hold fifth of Russell 3000 board seats and Home Depot to give hourly workers a raise
This week’s governance, compliance and risk-management stories from around the web – Reuters (paywall) reported that according to data from ISS Corporate Solutions, racial and ethnic minorities now hold a fifth of board seats at Russell 3000 companies, up from 12 percent in 2019, but remain under-represented. The increase comes amid growing pressure on US companies from investors to add more racially and ethnically diverse director voices to their boards. Most minority groups hold a smaller share of board seats than their share of the total US population. That is particularly true for directors of Hispanic or Latino origin, who…
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ISSB announces sustainability standards issue date
Two new reporting standards to be effective from January 2024 The International Sustainability Standards Board (ISSB) has confirmed it will issue its first reporting standards at the end of Q2 2023. The decision, which the ISSB defined as ‘unanimously approved’, was announced during the IFRS Sustainability Symposium in Montreal. The ISSB has been reviewing feedback on two draft standards since its launch in November 2021: Exposure Draft IFRS S1 – General Requirements for Disclosure, and Exposure Draft IFRS S2 Climate-related Disclosures. In an official statement, the IFRS says the ISSB has agreed for IFRS S1 and IFRS S2 to be…
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Tesla appoints former Dish Network attorney as general counsel
Brandon Ehrhart spent more than two decades with Dish Network Tesla has appointed Brandon Ehrhart as general counsel and corporate secretary. In a tweet, the company says: ‘Excited to have Brandon Ehrhart join the Tesla team as our general counsel & to have Dinna Eskin continue in a leadership role in Tesla Legal as we build a world class team!’ According to his LinkedIn profile, Ehrhart previously spent more than 20 years at Dish Network, most recently as executive vice president and corporate secretary for Dish Network and general counsel for Dish Wireless. The profile states that his experience includes…
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Catalent hires general counsel and compliance chief
Joseph Ferraro was previously chief legal officer and secretary at Innovate Corp NYSE-listed healthcare company Catalent has recruited Joseph Ferraro as senior vice president, general counsel, chief compliance officer (CCO) and corporate secretary. Ferraro is based at the S&P 500 company’s headquarters in Somerset, New Jersey, and reports to Catalent’s executive vice president and chief administrative officer Steven Fasman. Ferraro most recently was chief legal officer (CLO) and secretary at Innovate Corp, a diversified holding company with a portfolio of subsidiaries in life sciences, infrastructure, broadcasting, insurance, marine services, energy, telecommunications and other industries. Joseph Ferraro His work included governmental…