Archive
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Multi-stakeholder approach yields higher returns, study finds
Companies miss out on $2.9 tn in additional collective value over a decade, researchers claim Companies that fail to take a multi-stakeholder approach are missing out on far higher potential returns, according to a new study from FCLTGlobal, a not-for-profit research organization, and the ESG Analytics Lab at the Wharton School at the University of Pennsylvania. The research, published in a report titled Walking the talk: Valuing a multi-stakeholder strategy, analyzes the annual reports of more than 3,000 companies around the world, drawn from MSCI’s All Country World Index. Researchers were looking for ‘stakeholder-oriented language’ (the talk) before going on…
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Compliance group introduces framework for tackling CCO liability
Professionals fear being held personally responsible The National Society of Compliance Professionals (NSCP) has released a framework that it hopes chief compliance officers (CCOs), financial services firms and regulators can use to address the long-standing issue of CCO liability. The NSCP framework is a response to concerns common among compliance professionals that they may find themselves held personally liable in circumstances they regard as unreasonable or unfair – such as when they have not been involved in misconduct or obstruction. The results of recent NSCP surveys conducted among its membership of more than 2,000 CCOs and other compliance professionals highlight…
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Only small caps see minority of shares held by institutions, research shows
Highest levels of retail investment found at small-cap companies Only at small-cap companies are a minority of shares held by institutional investors, according to findings published in Corporate Secretary sister publication IR Magazine’s Global and Regional Investor Relations Practice Report 2021. Globally, six in 10 shares in publicly listed companies are held by institutional investors – the same level of institutional shareholding as in 2020 and a figure that the report authors say is consistent with previous years, where global numbers ranged from 56 percent to 60 percent. But at small-cap companies, which typically struggle to attract institutional money, less…
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New general counsel set to join Xylem
Dorothy Capers moving from National Express Group, where she has been global general counsel Nasdaq-listed Commvault has hired Danielle Sheer as chief legal and compliance officer. She now heads up the data services company’s global legal and compliance teams and its governance, commercial, intellectual property and privacy programs. Sheer was previously general counsel at financial technology services company Bottomline and at cloud-backup software as a service provider Carbonite. According to her LinkedIn profile, she began her legal career with Willkie Farr & Gallagher. She serves on the board of directors of LinkSquares, the leadership board at Beth Israel Deaconess Medical…
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Commvault hires legal and compliance chief
Danielle Sheer was previously general counsel at Bottomline Dorothy Capers is set to join water technology company Xylem as senior vice president and general counsel on February 7. Capers will join Xylem’s senior leadership team and report to president and CEO Patrick Decker. She will succeed Claudia Toussaint, who has taken on dual responsibilities as chief human resources and sustainability officer. That is a newly combined position intended to help Xylem’s efforts to further integrate its human capital and ESG strategies. Capers has been executive vice president, global general counsel and corporate secretary of transport company National Express Group for…
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The week in GRC: Banks create group to address climate risks and Engine No 1 eyes diversity and workforce issues
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal reported that the SEC is planning to require more transparency from big private companies, with regulators concerned about the lack of oversight of the private fund-raising that has fueled their rise. The number of so-called unicorns – private companies valued at $1 bn or more – has continued to grow even amid the recent boom in IPOs. The SEC has begun work on a plan to require more private companies to routinely disclose information about their finances and operations, according to a semi-annual rule-making…
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Investors more concerned than corporates about some energy sector ESG challenges
‘[A] dynamic industry now beset by overwhelming and, in many ways, existential challenges,’ notes law firm Energy sector investors place greater weight on some challenges posed by the new-energy transition than do corporate executives, according to research from law firm Womble Bond Dickinson (WBD). Despite being the industry that is arguably under the biggest ESG spotlight, researchers from WBD describe the ESG mindset of the energy sector as being in the ‘early days.’ But the research – which surveys 170 industry leaders in the energy sector, comprising corporate executives, investors and in-house legal counsel – shows that views have been…
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Airbnb unit settles Cuba sanctions enforcement
OFAC warns of risks associated with entering new markets A money services business subsidiary of Airbnb has agreed to pay $91,172.29 to settle its potential civil liability for ‘apparent violations’ of US sanctions against Cuba. According to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which administers and enforces economic and trade sanctions, Airbnb Payments processed payments related to guests traveling for reasons outside of OFAC’s authorized categories and did not keep certain required records associated with Cuba-related transactions. ‘This action highlights the risks associated with entering new commercial markets, particularly one that has elevated sanctions…
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H&R Block appoints legal chief
Dara Redler was previously general counsel and corporate secretary at Tilray Tax preparation company H&R Block has recruited Dara Redler to be chief legal officer, as general counsel and chief administrative officer Tom Gerke has announced his retirement. Redler was previously general counsel and corporate secretary at Nasdaq-listed Tilray. She was the first general counsel for the cannabis company business, built its global legal function and compliance program and led legal negotiations for a major merger. Before working at Tilray, she held various legal roles during a 17-year career with The Coca-Cola Company across strategic alliances, franchise operations, retail sales…
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Corporate transparency index switches 20 holdings
New companies to join the index include Cboe Global Markets, Pearson and Roblox Esperion Therapeutics has hired Benjamin Looker as general counsel to lead the company’s legal, compliance and ethics operations. Looker most recently worked at Trillium Therapeutics, where he was the company’s first general counsel and handled all legal matters, including corporate governance and SEC compliance, risk management and intellectual property asset protection, until the company’s acquisition by Pfizer in November 2021. Before his time at Trillium Therapeutics, Looker was vice president and head of US legal and global business operations for MorphoSys US, a commercial-stage biopharmaceutical company, where…