Index January 2005
Comment
Quality of Neds is key to good governance
Richard Northedge
Paul Myners is right in seeking to impose the Combined
Code on Corporate Governance onto mutual life-assurance companies, but a
shortage of non-executive directors has never been the mutuals’ problem.
Societies with boards comprising nothing but non-execs have faced collapse. It
is the quality, not the quantity, of the non-executives that counts.
More >>
EU's shareholder rights consultation
Paul Hewitt
The aim of the European Commission’s Internal Market Directorate is to work
towards the establishment of an ‘appropriate regime for shareholder’s rights’,
establishing a more robust, harmonised framework within which shareholders may
be confident as to what information and access they have the right to across EU
borders.
More >>
Governance
Review of life mutuals governance
Myners urges better disclosure for members
The Combined Code should form the basis of governance best practice for mutual
life offices according to Paul Myners, whose report for his review of the
governance of the sector was published last month. More >>
London Stock Exchange
Two rivals prepare an offer for exchange
The London Stock Exchange (LSE) is involved in
discussions with Deutsche Börse and Euronext following approaches from the two
rival stock exchange groups. More
>>
Split capital trust settlement
FSA and firms agree £194m compensation
The Financial Services Authority (FSA) has reached an agreement with firms which
will end its investigation of the activities of certain fund managers and
brokers operating in the split capital investment trust sector between September
2000 and February 2002. More >>
Department of Trade & Industry
Government tackles board composition
The Department of Trade & Industry (DTI) recently launched a publication,
Building Better Boards, which it hopes will give companies a practical guide
to improving board and director effectiveness and making sure that all
possible pools of talent are considered in the recruitment of directors.
More >>
China Aviation Oil
Singapore-listed company collapses
Singapore-listed China Aviation Oil – whose parent
company is Chinese state-owned China Aviation Oil Holdings - had its shares
suspended after announcing losses of $550m from speculative oil derivative
trading.
More >>
Watson Wyatt pay survey
NED fees on the rise
Non-executive director fees look like they are on an upward trend according to
findings from Watson Wyatt’s 2004 Executive Reward Survey. Of the 84 companies
studied by Watson Wyatt, 26% had reviewed their fees during 2004 and the average
increase of fees was 38%. More >>
Association of British Insurers
Formal Code compliance likely to take time
The Association of British Insurers (ABI), which will
be basing its guidance on the revised Combined Code in 2005, now it has come
into force, has identified a number of areas where formal compliance will take
time. More >>
European Commission
Commissioner recognises 'regulatory fatigue'
Frits Bolkestein’s successor at the European Commission, Irishman Charlie
McCreevy, acknowledged in his first speech that the financial services market
may be suffering from ‘regulatory fatigue’, and outlined the importance of
effective implementation of recent legislation.
More >>
Investor Relations Society
Investors and analysts warm to NEDs
Investors and analysts are united in the weight they place on corporate
governance issues when selecting stock with 48% of investors and 49% of analysts
incorporating a great deal or a fair amount of consideration of corporate
governance issues according to a survey by MORI carried out in summer 2004 for
Effective Investor Relations 2005 published by the Investor Relations Society (IRS).
More >>
Governance in brief.....
Microsoft fails to stop
sanctions against it
A ruling by the European Court of First Instance last month found that
anti-trust sanctions imposed against Microsoft by the European Commission last
March should stand rather than be suspended until its appeal against the
Commission is heard. More >>
CSR in brief.....
Building industry recognises
CSR
Corporate social responsibility (CSR) issues are beginning to make a significant
impact on the building and construction industry according to a KPMG survey of
226 industry executives. More >>
Conferences
Topical governance and CSR-related conferences.
More >>
January 2005
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