Archive
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Icahn nominates two board members to McDonald’s over pig welfare
Fast-food chain mounts response in statement published over weekend Carl Icahn has nominated two directors to the board of McDonald’s as part of a campaign over the company’s treatment of pigs. The activist investor is pushing the fast-food giant to end the use of small crates for pregnant sows, a focus for animal rights activists. McDonald’s revealed the two board nominees in a statement on Sunday, in which it mounted a defense of its animal welfare policies. Campaigners have long targeted the use of ‘gestation crates,’ which are typically too small for the animal to turn around in. In 2012…
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Vaxart appoints first general counsel
Edward Berg was previously with BioMarin Pharmaceutical Nasdaq-listed Vaxart has appointed Edward Berg as the biotech company’s first in-house general counsel. During his legal career Berg has represented Fortune 500 and mid-cap companies in the biotech, pharmaceuticals and life sciences fields. His work has included leading teams of attorneys in commercial and clinical operations, advising on transactions and working with cross-functional teams to ensure compliance with the extensive regulatory framework governing the life sciences industry. Edward Berg, Vaxart He joins Vaxart from BioMarin Pharmaceutical, where he has been vice president and deputy general counsel since 2018. During his time with…
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Johnson & Johnson faces shareholder vote on Covid-related proposal
Oxfam America seeks report on access to vaccines and therapeutics Fifty-eight percent of say-on-climate votes were a one-time affair, according to a new report from index provider MSCI, which warns that the lack of follow-up could drive concerns around greenwashing – or at least that such votes are a distraction. Around a quarter (24 percent) of companies giving shareholders a say on their climate action have scheduled annual follow-ups. Twelve percent plan to hold a vote every three years, while 6 percent say they plan to hold a follow-up vote but have made no public commitment as to when that…
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Many US biotechs lack ESG disclosure, study finds
But biotech executives expect to boost sustainability reporting in coming year Many US biotech companies have ‘limited or no explicit ESG disclosure’ despite recognizing the growing importance of sustainability to investors and other stakeholders, according to new research by law firm Fenwick. The study, which reviews 50 development-stage public companies with market caps between $1.3 bn and $4.6 bn, finds just 30 percent mention ESG issues – excluding references to diversity – in their public disclosures. The amount and location of ESG information varies considerably, Fenwick notes. For example, 10 percent of the sample group produce a full sustainability report…
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Most say-on-climate votes a ‘one-time event,’ says MSCI
Lack of follow-up could fuel greenwashing concerns, warns global index provider Johnson & Johnson shareholders appear set to vote at the company’s upcoming AGM on a shareholder proposal regarding access to its Covid-19-related products. The SEC recently declined a Johnson & Johnson request for no-action relief if the company excluded the Oxfam America proposal from its 2022 proxy statement. The measure requests that Johnson & Johnson’s board report to shareholders ‘on whether and how Johnson & Johnson subsidiary Janssen’s receipt of government financial support for development and manufacture of vaccines and therapeutics for Covid-19 is being, or will be, taken…
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The week in GRC: ISS urges vote against Apple CEO’s compensation and SEC faces decisions over Scope 3 disclosures
This week’s governance, compliance and risk-management stories from around the web – Reuters reported that Toshiba Corp is planning an extraordinary general meeting of shareholders on March 24 to seek their initial approval to divest its devices business. The final, legally binding vote to determine whether to break up the company will not happen until next year, but next month’s meeting will be a key test of shareholder support for the board’s restructuring plan. Singapore-based 3D Investment Partners has submitted a separate proposal for the meeting, urging Toshiba to explore other options and solicit buyout offers from private equity firms…
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SEC proposes cutting time for activists to reveal positions
Public company advocates welcome announcement Activist investors may find it more difficult to quietly build stakes in US companies after the SEC proposed changes to rules covering the disclosure of beneficial holdings. The commission has proposed cutting the deadline for revealing a stake of at least 5 percent from 10 days to five and classing certain derivatives as part of an investor’s position, making it harder to secretly accrue ownership. ‘Changes in the financial markets and technology warrant a reassessment of these filing deadlines and other aspects of the beneficial ownership rules to meet the needs of today’s investors and…
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How to prepare for potential Russia sanctions
Stephanie Brown Cripps explains what companies can be doing now ahead of any action taken by the US government This is a challenging moment for companies anticipating potential new or expanded sanctions targeting Russia. Although exactly what might happen – which sanctions might be imposed, who might be targeted – is still very much up in the air, there are steps companies can take to be prepared if sanctions are imposed. Now is the time to take stock and get organized, so you can act quickly if changes are made. These steps can be helpful even if sanctions are not…
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Intel appoints interim general counsel
Susie Giordano takes on role following Steven Rodgers’ retirement announcement Susie Giordano, corporate vice president and corporate secretary at Intel Corporation, has been appointed as the company’s interim general counsel, effective immediately. The appointment follows Intel veteran Steven Rodgers announcing that he intends to retire from the company on May 31, an SEC filing states. According to his LinkedIn profile, Rodgers has been with Intel for more than 22 years and has held his current position since 2014. The profile states that he previously spent seven years as corporate vice president and deputy general counsel. Before that he was director…
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WestRock names successor to general counsel
Denise Cade to join from IDEX Corporation WestRock Company is hiring Denise Cade as executive vice president, general counsel and corporate secretary, effective March 4. She will succeed Robert McIntosh, who will retire from the Atlanta, Georgia-based paper and packaging company. McIntosh was senior vice president, general counsel and secretary from 2000 to 2008 and vice president and general counsel from 1995 to 1999. Denise Cade, WestRock ‘During McIntosh’s 27-year career with Rock-Tenn and then WestRock, he has overseen the company’s legal strategy and corporate governance as it grew from approximately $900 mn in revenue when he joined to approximately…