Archive
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HP appoints next legal chief
Harvey Anderson to take on new role in February Companies should disclose a plan explaining how their business model will operate in a net-zero carbon economy, BlackRock CEO Larry Fink says in his annual letter to business leaders. The head of the world’s largest asset manager says companies reacting slowly to climate change will see their valuations suffer and could be dropped from BlackRock’s active portfolios. His comments will further push companies to announce net-zero emissions targets, which have surged in number over the last year. Businesses are under pressure from regulators, investors and other stakeholders to show how they…
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Companies should disclose plans for net-zero carbon economy, says Fink
BlackRock CEO’s letter will increase push for net-zero commitments from companies HP has appointed Harvey Anderson, the company’s general counsel, as chief legal officer (CLO) and corporate secretary, effective February 1. He will join the company’s executive leadership team and report to HP president and CEO Enrique Lores. Anderson’s promotion follows the decision of Kim Rivera, president of strategy and business management and current CLO, to leave HP after a five-year tenure with the company. Rivera will be a special adviser to Lores and the company until the end of 2021 to help with the transition. Anderson joined HP in…
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Disney shareholders to vote on lobbying and employee representation
Board urges investors to oppose both measures – The Washington Post reported that now-President Joe Biden on Monday announced that he would nominate Democrat Rohit Chopra, the former student loan ombudsman for the Consumer Financial Protection Bureau (CFPB), to lead the consumer finance agency. Biden will also nominate Gary Gensler, the former chair of the Commodities Futures Trading Commission, to run the SEC. The choice of the Obama-era regulators to lead two important agencies overseeing the financial services industry indicates the Biden administration’s intent to provide an aggressive check on the industry after a period of deregulation under the Trump…
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The week in GRC: Companies face proposals on advertising policies and work changes pose new risks
This week’s governance, compliance and risk-management stories from around the web Shareholders of The Walt Disney Company will vote on proposals regarding two governance issues in the spotlight – lobbying activities and board composition – at the upcoming annual meeting. Multiple co-filers intend to present a proposal, which the board opposes, requesting full disclosure of Disney’s direct and indirect lobbying activities and expenditures to assess whether this is consistent with the company’s goals and in the best interests of shareholders. The meeting will take place virtually on March 9. Some governance professionals expect lobbying disclosures to be a theme among…
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Many boards lacking ESG expertise, study finds
Very few directors have leadership credentials in environmental and governance fields Despite the growing pressure for companies to address material risks arising from ESG-related issues, there is a severe lack of relevant expertise on such topics among board members of large US companies, according to a new study. The research finds that 29 percent of the 1,188 Fortune 100 board directors examined have relevant ESG credentials, but that this total is largely concentrated on the S (social) element of ESG. Twenty-one percent of directors have relevant S experience, but only 6 percent have governance (G) and 6 percent environmental (E)…
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ESG and enforcement seen as potential Gensler targets
Pick to lead SEC viewed as having track record as firm regulator ESG-related reforms and tougher enforcement are among the potential items on the agenda for Gary Gensler, President Joe Biden’s pick to lead the SEC, according to observers. The new administration’s official White House website states that ‘President Biden will take swift action to tackle the climate emergency.’ One area where governance professionals say that action could manifest itself is in rules on corporate disclosures regarding climate risks. Investors are increasingly pressing companies to release such information and many are already doing so. Law firm Linklaters states in a…
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Visa promotes general counsel to new CLO post
Kelly Mahon Tullier joined company in 2014 as general counsel and corporate secretary Visa has promoted general counsel Kelly Mahon Tullier to the newly created post of executive vice president, chief legal and administrative officer. Tullier continues to report to Visa chair and CEO Al Kelly. Julie Rottenberg, who was previously deputy general counsel and chief counsel for North America, has been subsequently promoted to succeed Tullier as general counsel and senior vice president. Rottenberg reports to Tullier and becomes a member of Visa’s executive committee. In her new role, Tullier continues to oversee the company’s legal and compliance functions…
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Ingevity hires new general counsel
Stacy Lancaster Cozad joins company from Spirit AeroSystems Holdings NYSE-listed Ingevity Corporation has recruited Stacy Lancaster Cozad as executive vice president, general counsel and secretary, effective February 1. She succeeds Katherine Burgeson, who retired in August last year. Cozad joins Ingevity from Spirit AeroSystems Holdings, where she has been senior vice president, general counsel, chief compliance officer and corporate secretary since January 2016. In that role she has been responsible for the company’s ethics and compliance program, contracts management, export compliance, business continuity and corporate governance. Before working at Spirit, Cozad was with Southwest Airlines, first as senior attorney from…
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The week in GRC: Investors urge social media controls and companies stop political donations after DC riot
This week’s governance, compliance and risk-management stories from around the web – GameStop Corp said it reached a deal with Chewy co-founder Ryan Cohen to add him and two former colleagues to its board after he pressed the company to focus more on digital sales, The Wall Street Journal reported. Cohen didn’t personally request a seat on the GameStop board when he said in a November letter that his investment firm had built a roughly 10 percent stake in the company. Cohen wasn’t available for comment, a spokesperson said. GameStop CEO George Sherman said the deal with Cohen’s firm was…
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Nasdaq board diversity plan attracts broad support
Proposed rules would require companies to have – or explain why they do not have – at least two diverse directors Nasdaq’s efforts to promote diversity on boards has received support from a variety of constituencies, with a number of commenters approving of its ‘comply-or-explain’ approach. The exchange operator last month 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+. Foreign…