Archive
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The week in GRC: Starbucks shareholders reject executive pay plan and companies urged to resume political spending
This week’s governance, compliance and risk-management stories from around the web – CNN reported that former Starbucks executive Rosalind Brewer assumed her new role as CEO of Walgreens, making her the only black woman currently serving as the head of a Fortune 500 company and just the third in history to do so. Today, there are only four African Americans serving as Fortune 500 CEOs, including Brewer. Kenneth Frazier has led Merck since 2011. There are also Lowe’s CEO Marvin Ellison and TIAA CEO Roger Ferguson, who is stepping down. JPMorgan Chase executive Thasunda Brown Duckett, a black woman, is…
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Proposal seeks climate-lobbying report from Sempra Energy
As You Sow and Calvert say lobbying that seeks to prevent climate-related laws presents risk to investors Shareholders in Sempra Energy appear set to vote on a proposal regarding the company’s lobbying in relation to climate change after the SEC rejected a request from the company for no-action relief if it excluded the measure. The proposal’s co-filers are As You Sow, Calvert Research and Management and Illinois State treasurer Michael Frerichs. They request that the company’s board release a report ‘describing if, and how, Sempra’s lobbying activities (direct and through trade associations) align with the Paris Agreement’s goal to limit…
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Wendy’s faces supply chain safety shareholder proposal
Measure seeks information about suppliers’ Covid-19 worker safety protocols The SEC has rejected a request by The Wendy’s Company to exclude from its AGM a shareholder proposal seeking disclosure regarding worker protections in its food supply chain, particularly during the pandemic. The Franciscan Sisters of Allegany, NY has filed the proposal in conjunction with the group Investor Advocates for Social Justice (IASJ). The measure asks the board to issue a report ‘addressing Wendy’s supplier code of conduct and the extent to which Wendy’s quality assurance audits and third-party reviews effectively protect workers in its food supply chain from human rights…
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SEC’s Lee seeks input on climate disclosure
Call follows new initiatives across the agency Acting SEC chair Allison Herren Lee has taken the latest in a series of swift steps to bring ESG issues onto the agency’s agenda, this time by asking for feedback from companies and others on reporting. ‘In light of demand for climate change information and questions about whether current disclosures adequately inform investors, public input is requested from investors, registrants and other market participants on climate change disclosure,’ Lee says in a statement issued on Monday. She notes that the agency in 2010 provided guidance to companies on how existing disclosure requirements apply…
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Spirit AeroSystems looks in-house for next general counsel
Mindy McPheeters has been with the company for six years NYSE-listed Spirit AeroSystems has promoted Mindy McPheeters to the position of senior vice president, general counsel and corporate secretary, effective March 11. She reports directly to president and CEO Tom Gentile. McPheeters had been serving as interim general counsel, having previously been vice president and deputy general counsel for the company. Stacy Lancaster Cozad was senior vice president, general counsel, chief compliance officer and corporate secretary at Spirit AeroSystems from January 2016 until joining Ingevity Corporation as executive vice president, general counsel and secretary at the start of February this…
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Activision Blizzard hires corporate affairs chief and CCO
Frances Townsend was most recently general counsel at MacAndrews & Forbes Activision Blizzard has recruited Frances Townsend as executive vice president for corporate affairs, corporate secretary and chief compliance officer. In her new role she also oversees government affairs, public policy and communications among other functions at the Nasdaq-listed company. Townsend was most recently vice chair, general counsel and chief administrative officer at MacAndrews & Forbes. Before that, she was a corporate partner with law firm Baker Botts. Between 2004 and 2008, Townsend served as the assistant for homeland security and counterterrorism to then president George W Bush, chairing the…
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The week in GRC: DoL won’t enforce ESG investment rules and Wells Fargo sets net-zero emissions goal
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal reported that GameStop’s board created a committee focused on the company’s transformation efforts that will be headed by Ryan Cohen, the Chewy co-founder who joined as a director earlier this year. The new strategic planning and capital-allocation committee will ‘continue to focus on identifying actions that can transform GameStop into a technology business and help create enduring value for stockholders,’ the company said. Members of the committee include Chewy’s former top operations executive Alan Attal, Hestia Capital Management executive Kurt Wolf and Cohen, who…
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SEC’s Crenshaw urges rethink on setting corporate fines
Commissioner sees need for change in emphasis from 2006 framework SEC member Caroline Crenshaw has called for the commission to refocus how it assesses penalties imposed on companies for violations, with more attention being paid to the misconduct involved and issuer co-operation with the agency. Speaking at a Council of Institutional Investors conference earlier this week, Crenshaw said the commission has in the past placed too much emphasis on factors such as whether the company’s shareholders benefited from the misconduct or whether they would be harmed by the penalty. ‘This approach is fundamentally flawed,’ she told the online audience. ‘This…
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Few large companies disclose on strategic biodiversity issues, study finds
Investors and regulators demanding more information on biodiversity risks Corporate disclosure on biodiversity is failing to keep pace with rising investor interest, according to new research. Only a third of large issuers disclose how they manage biodiversity issues related to their business activities, a study by consultancy Leaders Arena finds. The study analyzes the integrated and sustainability reports of the 100 largest companies in the US and Europe. It represents an early attempt to review biodiversity disclosure, which has not yet received the same attention as other ESG issues such as climate change and human capital management. Biodiversity refers to…
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TriMas general counsel and CCO to leave company
Joshua Sherbin has been with the manufacturer since 2005 TriMas senior vice president, general counsel and chief compliance officer Joshua Sherbin is leaving the company after 16 years. Sherbin ceased operating in his officer capacities on March 5 but will remain employed with the company until May 11 to provide transitional support through TriMas’ AGM. Jodi Robin will be interim general counsel while TriMas restructures its legal approach, according to the company. ‘This additional realignment of the company’s corporate office functions is the latest in TriMas’ streamlining of its infrastructure approach to better align with the proactive steps taken to…