Archive
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Stagflation fears over Ukraine prompt investor ESG rethink, survey finds
Just under half of investors surveyed say asset managers that invest in Russian assets cannot claim to be ESG-compliant A fifth of institutional investors fear the war in Ukraine will trigger a global financial crisis worse than the Great Recession of 2008, and almost as many will bend their ESG strategy to include weapons manufacturers, according to a new survey. A CoreData Research study of more than 200 global institutional investors finds 51 percent think the surge in energy prices triggered by the Russian invasion of Ukraine will drag the world economy into stagflation, when sluggish economic growth and unemployment…
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The week in GRC: SEC extends comment deadline on climate disclosure plan and Citi names new CCO
This week’s governance, compliance and risk-management stories from around the web – Reuters reported that ISS said US Foods Holdings shareholders should vote for three of Sachem Head Capital Management’s five director nominees, arguing that the company would benefit from ‘closer board oversight.’ ‘The dissident has made a case for change, and the issues identified warrant the addition of three dissident nominees who can add supply chain and executive experience, directly represent shareholders and bring robust public board and relevant industry experience,’ ISS wrote in its report. Scott Ferguson, Sachem Head’s founder, began pushing for changes last year and has…
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Companies worth $38 tn now have science-based climate targets
Record number of high-impact issuers set targets in 2021 Global companies with a combined value of $38 tn had emissions reduction targets or commitments approved by the end of 2021 but the world is still not on track to halve emissions by 2030, according to new research from the Science Based Targets initiative (SBTi). The non-profit body, which aims to enable businesses to set emissions reduction targets in line with science, finds that roughly 80 percent of the targets approved in 2021 were aligned with limiting global temperatures increases to 1.5°C, the target set by scientists for the world to…
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Boeing shareholders back proposal on net-zero efforts
Company’s board also supported the resolution Boeing shareholders – with the support of the company’s board – have voted overwhelmingly in favor of a proposal seeking information about the aircraft manufacturer’s move toward net-zero emissions. According to an SEC filing, 91.36 percent of the votes cast at the company’s recent AGM backed a proposal filed by As You Sow asking that Boeing’s board release a report ‘evaluating and disclosing if and how the company has met the criteria of the net-zero indicator, including Scope 3 use of product emissions, or whether it intends to revise its policies to be fully…
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General Mills hires next general counsel
Karen Wilson Thissen to join company from Ameriprise Financial Minneapolis-based General Mills has hired Karen Wilson Thissen as general counsel and corporate secretary, effective June 6. Thissen will join the company from Ameriprise Financial, where she most recently was general counsel and executive vice president. She succeeds Richard Allendorf, who will retire in August. Thissen joined Ameriprise Financial, which at the time was part of American Express, in 2004 to work on complex litigation matters. During her 17-year career with the company, Thissen has held a number of positions and led global teams across various areas of expertise. She became…
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Nexstar hires new general counsel
Rachel Morgan will join the media company next month from AT&T Nasdaq-listed Nexstar Media Group has recruited Rachel Morgan to become executive vice president and general counsel, effective June 20. Morgan is joining Nexstar from AT&T, where she has worked for almost a decade. During her time with the telecoms company, she has held roles of increasing responsibility in its corporate legal department, most recently as vice president and associate general counsel for corporate and labor and employment litigation for AT&T Services. In her previous role at AT&T, Morgan was responsible for the company’s shareholder engagement issues, managed the corporate…
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Target names in-house Covid-19 leader as general counsel
Matt Zabel led company’s internal Covid-19 task force NYSE-listed Target Corporation has promoted Matt Zabel to become executive vice president and general counsel of the retail company. Zabel most recently was senior vice president of risk and employee & labor relations for the company. In that role, he led Target’s internal Covid-19 task force. He joined Target in 2010 as vice president of government affairs and has since led teams in enterprise risk management, reputation management, law, food safety and employee & labor relations. Before joining the company, Target was chief of staff to Senator John Thune, R-South Dakota, and…
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The week in GRC: SEC asks about impact of Russian invasion of Ukraine and companies face pressure over stance on abortion access
This week’s governance, compliance and risk-management stories from around the web – Reuters reported that Spirit Airlines rejected JetBlue Airways Corp’s takeover offer, saying it had a low likelihood of winning approval from regulators. ‘We believe a combination of JetBlue and Spirit has a low probability of receiving antitrust clearance so long as JetBlue’s Northeast Alliance (NEA) with American Airlines remains in existence,’ Spirit said in a letter to JetBlue CEO Robin Hayes. The US Department of Justice declined to comment. JetBlue said on Monday that it would offer a remedy package to address regulatory concerns ‘that include the divestiture…
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Corporate do-gooder efforts can boost sales as long as they’re tied to corporate harm
Research studies 80 initiatives, such as social service donations and switching to plant-based plastics, tied to 55 brands Customers spent more buying stuff from companies that engaged in corporate social responsibility (CSR) than those that didn’t – as long as those do-gooder efforts actually addressed damage the businesses caused. That’s the main takeaway of a new study I conducted with three fellow marketing scholars. CSR refers to voluntary efforts to improve society and protect the environment. My colleagues and I tracked what happened following the announcements of 80 initiatives, such as social service donations and switching to plant-based plastics, tied…
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Johnson & Johnson shareholders vote for racial impact audit
Company is latest to face pressure to assess its impact Corporate Secretary’s ‘Succession planning: Preparations for the inevitable’ report presents data collected from a survey conducted among in-house governance professionals such as general counsel and corporate secretaries. It provides important insights into, among other things, who typically is in charge of succession planning, who and what is included in plans and how often boards review their company’s plans. Findings in this report are based on data from an online survey conducted between December 2021 and February 2022. Click here to download the report >> Key findings Eighty percent of respondents…