Index August 2004
Comment
Stone throwing can be a good thing
Richard Northedge
People who live in glass houses shouldn’t throw stones, according to
the old maxim – and the champions of business transparency certainly now
have rocks hurtling towards them. The preachers of corporate governance
are finding they have to practice it too.
More >>
Governance
Combined Code
Companies face a reporting challenge
A year after its publication FTSE All-Share companies
still have a significant amount of work to do to meet the demands of the revised
Combined Code according to research by Manifest. More >>
Shell
Oil company reaches agreement with regulators
Oil giant, Royal Dutch/Shell,
has reached agreements in principle with the
Financial Services Authority (FSA) and the
Securities Exchange Commission (SEC) to resolve their inquiries into its
overstatement of oil reserves. More >>
Marks & Spencer
Rose given time to attempt turn-around
The new chief executive of Marks & Spencer (M&S),
Stuart Rose, has been given the opportunity of turning round the business after
entrepreneur, Philip Green withdrew his proposed offer for the retailer on 14
July, following the company's AGM. More >>
J Sainsbury
Shareholders signal discontent
Shareholders in J Sainsbury showed their disquiet about the recent controversy
surrounding awards that were due to be paid to former chairman Sir Peter Davis
at the retailer's AGM on 12 July. More >>
Auditors' Liability
DTI refers matter to OFT
The Office of Fair Trading (OFT), in its report for the Department of Trade &
Industry, has not found compelling arguments to support claims a cap on
auditors' liability would increase competitive effects on the audit market.
More >>
Transatlantic dialogue
Europeans and Americans learn to work together
The European Corporate Governance Institute and the
American Law Institute have launched the Transatlantic Corporate Governance
Dialogue, which is also endorsed by the European Commission.
More
>>
Baltimore Technologies
Acquisitor Holdings puts in new board
The directors of Baltimore
Technologies - a cash shell
with
some £25m, plus tax losses of approximately £1.2bn, since the disposal of
its last operating business in December - were voted off the board at
shareholder meetings on 6 July. More >>
Accounting Standards Board
Life assurance reporting rules published
The Accounting Standards Board (ASB) has issued its
proposals intended to improve the clarity and transparency of the financial
statements of companies with life assurance business to help policyholders and
shareholders. More
>>
Microsoft
Software giant announces special dividend
Software giant, Microsoft, has announced a $0.08 per share quarterly
dividend, a special one-time dividend of $3 per share, and said it plans to buy
back up to $30bn of the company's stock over the next four years.
More >>
Corporate Social Responsibility
Environment Agency/Trucost
Annual report environmental disclosure poor
Less than a quarter (24%) of FTSE All Share companies (excluding investment
trust companies) make any quantitative environmental disclosures in their annual
reports and accounts according to a study by Trucost for the Environment Agency.
More >>
Business in the Community
CSR excellence awarded
The retailer, Marks and Spencer, was named as the Business in the Community's (BITC)
company of the year and picked up the impact on society for a large company
prize at the BITC's Awards for Excellence ceremony last month.
More
>>
Governance in brief.....
Hollinger's sale of Telegraph
is completed
Hollinger International's
sale of the Telegraph Group to Sir
David and Sir Frederick Barclay's company, Press Acquisitions, was completed on
30 July. More >>
CSR in brief.....
UNEP launches responsible
investment initiative
The United Nations Environment Programme is to work with institutional investors
to develop a set of globally recognised principles for responsible investment by
September 2005.
More >>
Conferences
Topical governance and CSR-related conferences.
More >>
August,
2004
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