Archive
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The week in GRC: SEC releases enforcement results and ECB warns banks about managing climate risk
This week’s governance, compliance and risk-management stories from around the web – Reuters (paywall) reported that Goodyear Tire & Rubber Co said longtime CEO Richard Kramer has decided to retire next year. It also revealed initiatives to streamline its business, months after settling with activist investor Elliott Investment Management. Goodyear said its board is considering both internal and external candidates to succeed Kramer, who has been CEO since 2010. Kramer will also step down as president and chair. The company will pursue strategic alternatives for its chemical business, Dunlop brand and Off-the-Road tire business. Earlier this year, Goodyear said it…
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Exclusive: The ESG and executive pay issue dividing the world’s largest investors
New report reveals money managers’ focus on proxy voting, stewardship and ESG Little more than half of the world’s largest investors expect companies to incorporate ESG criteria into their executive pay packages, according to new research seen exclusively by Governance Intelligence publication IR Magazine. Just 34 of the top 65 investors around the world hold a public position on the issue of incorporating ESG metrics into senior compensation – and where they are looking for such links, investors want performance criteria to be material, quantifiable, transparent and sufficiently challenging. As increasing numbers of companies look to align executive pay with…
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Campbell Soup names general counsel
Charles Brawley joined the company in 2016 NYSE-listed Campbell Soup Company is promoting Charles Brawley to become executive vice president, general counsel and corporate secretary, effective November 30. Brawley joined the company in 2016 and most recently was senior vice president, corporate secretary and deputy general counsel, overseeing Campbell’s legal functions of corporate governance, securities law and commercial contracts. In his expanded role, he will oversee Campbell’s legal department including government affairs, global security and corporate responsibility and sustainability functions. He will report to president and CEO Mark Clouse and become a member of the company’s operating committee. Before joining…
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Governance Matters podcast: Discover Financial Services’ legal chief Hope Mehlman discusses working with CII and AI
As shareholder engagement becomes increasingly important, investor interactions are useful to governance teams Companies are increasingly recognizing the importance of shareholder engagement, including the value of year-round engagement programs, and governance professionals play an important role in that work. At last week’s Corporate Governance Awards ceremony, for example, Burlington Stores was honored for best shareholder engagement (small to mid-cap), while Regeneron Pharmaceuticals took home the title for best shareholder engagement (large cap).One pathway for engagement can be through the Council of Institutional Investors (CII). In the latest episode of the Governance Matters podcast, Governance Intelligence speaks with Hope Mehlman, who…
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McKesson appoints GoDaddy legal chief
Michele Lau previously spent more than 13 years with the healthcare company McKesson Corporation has named Michele Lau as executive vice president and chief legal officer (CLO), effective January 1, 2024. Lau has been CLO and corporate secretary at GoDaddy since July 2021. According to McKesson’s fiscal 2024 second-quarter results announcement, Lau will succeed Lori Schechter, executive vice president, CLO and general counsel, who has decided to retire from the company next June. Between the end of this year and the end of June 2024, Schechter will serve as a board and enterprise risk adviser to McKesson. At GoDaddy, Lau…
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NYU report calls for ESG rethink
NYU Stern Center for Business and Human Rights argues focus should be on ethics There is a ‘conceptual error’ at the heart of ESG frameworks, according to a new report, which says they ‘measure how environmental and social risks may harm shareholders, rather than how business may harm the world.’ Proposing a more values-based ESG investment scene, the report argues that the theme is being attacked from both sides by those with an anti-woke agenda as well as those arguing for a more stringent approach. Shifting results from profits to ethics would dilute these arguments, it says. ESG ratings are…
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The week in GRC: Business groups challenge NLRB rule on contract workers and EY proposes US governance changes
This week’s governance, compliance and risk-management stories from around the web – Reuters (paywall) reported that, according to the Thomson Reuters Institute, US law firms reigned in first-year associate hiring this fall in an attempt to increase profits and hold down direct expense increases. It is uncertain whether this will be enough to make 2023 a profitable year. The 100 most profitable firms in the country are on track to end the year with profit growth, the report concludes. Mid-size law firms are likely to end 2023 with profits akin to 2022, while others are in danger of slipping below…
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Political spending increasingly seen as ESG metric
One fifth of S&P 500 firms rank as ‘trendsetters’ in 2023 CPA-Zicklin Index of Corporate Political Disclosure and Accountability As the US prepares for a ‘hard-fought presidential election year with control of the White House, Congress and key state-level offices at stake’, companies are largely maintaining or improving transparency around political spending, according to new research. It shows firms ‘holding steadfast to transparency and accountability principles for election-related spending’, even in the face of ‘fierce attacks’ on ESG. Despite the ESG backlash in the US, these principles are reportedly being adopted by companies as part of wider ESG metrics. A…
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SJW Group appoints new corporate secretary
Marisa Joss will continue in her deputy general counsel role NYSE-listed SJW Group has appointed Marisa Joss as corporate secretary. Joss joined the company in September 2022 and will now continue in her previous role as deputy general counsel for subsidiaries. She reports to Willie Brown, vice president and general counsel of SJW Group. Joss now supports the company’s board of directors and executive officers in all areas of corporate governance and compliance matters. She has assumed the role of corporate secretary from Brown, who now focuses primarily on his responsibilities as vice president and general counsel. Before joining SJW…
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How in-house counsel can manage US child-labor risks
Tom Plotkin outlines steps attorneys can take, including embedding accountability, third-party risk management and strategic communication Over the past year, US child-labor risks have come into focus as a critical area of concern for in-house counsel. High-profile reporting on exploitative labor practices involving child migrants has garnered increased attention from regulators, legislators and civil society. As a result, many in-house counsel are reviewing their company’s internal practices to identify areas of potential risk or exposure. Background on the legal risk landscapeLegal exposure for child-labor issues can originate in a company’s own workforce or in its value chain, including through relationships…
