Archive
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Society for Corporate Governance selects next leader
Christina Maguire to become president and CEO in the new year AbbVie potentially faces a vote on a shareholder proposal seeking information on how its stated positions line up with its political spending. The resolution has been filed amid growing scrutiny of companies’ values and political positions but also pushback from some lawmakers and investors against them taking public stances on issues such as LGBTQ+ rights. As You Sow has filed a resolution with the pharmaceutical company asking that each year it analyze and report on the congruence of its political, lobbying and election expenditures against its publicly stated company…
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Anti-woke activism: A turning point for ESG?
So-called anti-woke funds like Strive Asset Management’s US Energy ETF have attracted significant backing and Republican lawmakers are visibly challenging woke initiatives The importance of ESG has become almost unquestioned. Issuers, investors and most of the financial markets are convinced of the material importance – and financial reality – of ESG issues for companies. But that has not stopped what has been termed the market’s first anti-woke ETF from gaining significant backing in its first months of operation. In September, Strive Asset Management’s US Energy ETF – with the ticker symbol ‘DRLL’ – reported it had attracted $315 mn in…
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Coca-Cola receives abortion-rights shareholder proposal
Similar resolutions expected to be filed following overturning of Roe vs Wade As You Sow has filed a proposal with the Coca-Cola Company seeking information on the impact of legal curbs on reproductive rights in the US – a topic that governance professionals expect to be raised at other companies in the 2023 proxy season. Specifically, the proposal requests that Coca-Cola’s board release a report next year ‘detailing any known and potential risks or costs to the company caused by enacted or proposed state policies severely restricting reproductive rights, and detailing any strategies beyond litigation and legal compliance that the…
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The week in GRC: Activist investor criticizes BlackRock CEO Fink and SEC reopens comment period on stock buyback proposal
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal (paywall) reported that restaurant and trade groups said they have submitted enough voter signatures for a ballot measure to try to stop the implementation of a new California law that would set minimum hourly wages for fast-food workers in the state. A coalition of restaurant owners and business groups called Save Local Restaurants said it had filed more than 1 mn petition signatures to put the law on hold and place an initiative before California voters on the 2024 ballot. The California law could…
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Bristow Group appoints general counsel
Elizabeth Matthews previously worked at TotalEnergies and Chevron Elizabeth Matthews will join NYSE-listed Bristow Group as senior vice president, general counsel, head of government affairs and corporate secretary on December 21. Matthews is joining Bristow from TotalEnergies, where she has been deputy managing director, executive vice president and general counsel in the US for the diversified global energy company headquartered in Paris. Since she began work with TotalEnergies in 2013, she has managed all legal support within the US, provided strategic direction and supported the company’s shift to renewable energies. Before 2013, Matthews spent 11 years in senior legal positions…
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Copart appoints head of legal
Paul Kirkpatrick previously worked at BayoTech Hydrogen Nasdaq-listed Copart has hired Paul Kirkpatrick as chief legal officer (CLO), effective December 5. In his new role with the online vehicle auction company, Kirkpatrick advises the company in areas of corporate law, transactions, commercial contracts, real estate, compliance, litigation and government affairs. He was most recently CLO of BayoTech Hydrogen and was previously CLO at Omnitracs, including through its acquisition by Solera Global Holdings. Before that, Kirkpatrick spent a decade at Commercial Metals Company in a variety of roles, most recently vice president, general counsel and corporate secretary. According to his LinkedIn…
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Drive for progress undimmed at ESG Integration Forum – US
Pushback in some areas doesn’t curb efforts on corporate reporting and goal setting Companies and investors are seeing some pushback against the trend toward supporting ESG-based goals. But ESG continues to hold great sway among issuers and others as topics such as climate change and diversity remain top of mind for many of their stakeholders, from either a values or valuation-driven perspective. This drive was evident at last week’s ESG Integration Forum – US, hosted by Corporate Secretary and IR Magazine in New York, where professionals gathered to share advice and insights with peers on the key ESG issues they…
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‘The worker is going to come back center stage’: American Century’s head of sustainable investing
Sarah Bratton Hughes’ predictions for 2023 at the ESG Integration Forum – US Next year will see the return of the worker as a key focus of ESG initiatives, according to Sarah Bratton Hughes, head of ESG sustainable investing at American Century Investments. Speaking at the ESG Integration Forum – US, hosted by IR Magazine and online sister publication Corporate Secretary, Hughes said key ESG issues that will dominate during 2023 are human capital, cyber-security and global policy action. The ESG Integration Forum – US brought together IR, governance, legal and sustainability professionals in New York last week to discuss…
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Allstate hires legal chief
Christine DeBiase to join the company in the new year from Brighthouse Financial Christine DeBiase will join The Allstate Corporation as executive vice president, chief legal officer, general counsel and corporate secretary, effective January 3. In her new role, DeBiase will lead the company’s law and regulation team and its sustainability strategy. She will join Allstate from Brighthouse Financial, where she has been executive vice president, chief administrative officer and general counsel. In that role she has been responsible for legal, compliance, corporate governance and sustainability, government relations, procurement and third-party risk management. She is also an executive sponsor of…
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The week in GRC: Meta fined for data-scraping breach, Engine Capital pushes for Univar sale and Salesforce co-CEO to depart
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal (paywall) reported that Ireland’s Data Protection Commission fined Facebook owner Meta Platforms €265 mn ($276 mn) for allegedly not better safeguarding more than half a billion users’ phone numbers and other information from data scrapers. The fine is the latest sign of how authorities in the EU are becoming more aggressive in applying the region’s privacy law to large technology companies. A Meta spokesperson said the company will review the decision and hasn’t yet decided whether it intends to appeal. ‘Unauthorized data scraping is…