Archive
-
SEC accuses AT&T of Reg FD violations
Agency alleges IR executives aided and abetted misconduct The SEC has accused AT&T of violating Regulation FD and has charged three of its investor relations (IR) executives with aiding and abetting those alleged violations by selectively disclosing material non-public information to research analysts – accusations the company rejects. ‘Regulation FD levels the playing field by requiring that issuers disclosing material information do so broadly to the investing public, not just to select analysts,’ Richard Best, director of the SEC’s New York regional office, says in a statement. ‘AT&T’s alleged selective disclosure of material information in private phone calls with analysts…
-
Most top 50 asset managers have created internal ESG ratings
Forty percent of world’s largest asset managers still use at least four external ESG research and ratings providers, new research finds The world’s biggest asset managers are ‘increasingly looking to develop their own proprietary ESG ratings and tools to lessen their dependence on ratings firms,’ according to new research from SquareWell Partners. The shareholder advisory firm’s annual study of the 50 largest asset managers globally – which this year have close to $60 tn in assets under management – looks at how these managers are approaching some of the biggest issues facing the financial markets. This year, the report looks…
-
HanesBrands hires general counsel and CCO
Tracy Preston to join company from Neiman Marcus NYSE-listed HanesBrands has hired Tracy Preston as general counsel, corporate secretary and chief compliance officer (CCO). She will join the company on March 29. Preston is currently with The Neiman Marcus Group, where she is executive vice president, chief legal officer, corporate secretary and CCO. Before joining Neiman Marcus in 2013, she worked at Levi Strauss & Co in senior legal positions such as chief counsel for global supply chain, CCO and chief counsel for global human resources and litigation. Earlier in her career, Preston was a partner with law firm Orrick…
-
The week in GRC: SEC creates ESG enforcement task force and Capital Group calls for workforce diversity data
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal reported that ExxonMobil added Michael Angelakis and Jeffrey Ubben to its board after the company faced pressure from a pair of activist investors. Angelakis is the chair and CEO of private equity firm Atairos. Ubben is co-founder of Inclusive Capital Partners, an investment firm focused on promoting ESG practices. ‘Their contributions will be valued as ExxonMobil advances plans to increase shareholder value by responsibly providing needed energy while playing a leadership role in the energy transition,’ said Exxon chair and CEO Darren Woods. DE…
-
Nasdaq reviews feedback and proposes changes to board diversity plan
Proposal generates more than 200 comment letters ESG considerations are playing an increasingly important role across Canadian companies’ functions. This includes at the board level where directors are tasked with overseeing ESG-related risks and opportunities, or at the operational level where management is dealing with matters such as supply chain management. As a result, ESG disclosure – whether mandatory or voluntary – by Canadian public companies is becoming a norm demanded by institutional investors in Canada and around the world as they decide where they will allocate their investment capital. MANDATORY ESG DISCLOSURE Under Canadian securities legislation, disclosure requirements around…
-
The evolving environment for ESG reporting in Canada
Stephen Erlichman and Sophie Langlois look at key considerations for governance teams in terms of mandatory and voluntary disclosure Nasdaq has responded to the many comments on its board diversity proposal, including making some tweaks to the plan. Nasdaq in December filed a proposal with the SEC to adopt new listing rules that would require companies to have – or explain why they do not have – at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an under-represented minority or LGBTQ+. Listed companies would also have to disclose diversity statistics regarding their…
-
Opinion: How virtual shareholder meetings minimize environmental impact
VSMs are not just about convenience and cost-savings; they also create opportunity for issuers to reduce their overall carbon footprint, writes Cathy Conlon In the wake of pandemic disruption, more issuers than ever held virtual shareholder meetings (VSMs) in 2020. Taking advantage of the latest technologies, companies found that VSMs can maximize convenience and create a rewarding shareholder experience. The cost savings were a great perk, too. But there’s another side of the story we don’t usually talk about: VSMs generate significantly lower carbon emissions than in-person meetings. This is especially important given that opposition to the VSM format is…
-
Senators eye diversity, climate and political spending at Gensler hearing
SEC nominee discusses materiality of issues to investors Disagreements between Democrats and Republicans over the SEC’s role in addressing matters such as climate change, political spending and diversity were highlighted at a congressional hearing on Tuesday. Members of the Senate Banking Committee gathered virtually to question Gary Gensler and Rohit Chopra as President Joe Biden’s picks to lead the SEC and Consumer Financial Protection Bureau, respectively. Among other things, discussion returned multiple times to materiality and what that means in justifying action by the SEC. Committee chair Sherrod Brown, D-Ohio, in his opening remarks said that making markets work properly…
-
Post-IPO Apria hires general counsel
Michael-Bryant Hicks previously worked at Elanco Animal Health Nasdaq-listed Apria has hired Michael-Bryant Hicks as executive vice president, general counsel and corporate secretary. He is based in Apria’s Indianapolis headquarters. Before joining home healthcare equipment provider Apria, Hicks worked at Elanco Animal Health as executive vice president, general counsel and corporate secretary. Prior to that he held general counsel positions at Mallinckrodt Pharmaceuticals and the Providence Service Corporation. Hicks’ appointment follows the retirement of company veteran Raoul Smyth, who most recently was Apria’s executive vice president, general counsel and corporate secretary. Smyth joined the company in 1996 and had directed…
-
Metromile hires general counsel
Insurance company began trading on Nasdaq last month Newly public Metromile has hired Junna Ro as general counsel. Ro joins Metromile having spent more than 15 years with CSAA Insurance Group, a AAA insurer and a major personal lines property and casualty insurance group. At CSAA, she was vice president, chief ethics and compliance officer and associate general counsel with responsibility for the corporate compliance and ethics, privacy, product forms and employment law functions. She was previously corporate counsel at Symantec and its predecessor VERITAS Software for seven years. Ro sits on the Asian Pacific Fund’s advisory council. She previously…