 Comment
City should consider its governance
Richard Northedge
Paul Myners is a very busy man. Chairing Marks & Spencer is enough to keep him occupied even before he produces reports on
every aspect of the City. Perhaps that explains why, in the current review of progress of his principles for institutional investment decision-making,
the government has relied so much on the ideas of others.
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Governance
London Stock Exchange
ABI speaks out on impacts of proposed bids
The regulatory environment is one of the reasons why the London equities market is the largest and most liquid in Europe
according to the Association of British Insurers (ABI).
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Pre-emption Rights
Dialogue with investors key to biotech growth
Paul Myners’ report on pre-emption rights was welcomed by all sides as he argued that better engagement between companies and
investors would reduce rigid interpretations of the existing guidelines.
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CEO brand value report
BA's Eddington is best communicator
Top performing FTSE 100 chief executives (CEOs) communicate clearly and consistently with the media through challenging times
as well as good, according to the second CEO brand value report from public relations group Citigate Dewe Rogerson.
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Hewlett-Packard
Chief executive departs after strategy dispute
Carly Fiorina resigned as chairman and chief executive officer of Hewlett-Packard (HP) last month after five and a half years
at the top of the company. She leaves with a $21.4m severance package.
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Royal Dutch/Shell
Record profits despite another reserves cut
Despite recording a record profit of $18.5bn for 2004 Royal Dutch/Shell admitted in its results that it would have to has cut
its proven gas and oil reserves for 2003 by 1.4bn barrels of oil equivalent.
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POBA
Shift in auditor fee income
Large accountancy firms in the UK are earning nearly half their fees from non-audit clients, according to the Professional
Oversight Board for Accountancy (POBA).
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Securities & Exchange Commission
Feedback sought on Section 404 implementation
The US Securities & Exchange Commission (SEC) is seeking feedback from registrants, accounting firms and others on their
experiences in implementing the new internal control requirements under Section 404 of the Sarbanes-Oxley Act.
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Financial Services Authority
Enforcement processes review gets underway
The Financial Services Authority (FSA) has begun its enforcement processes review which will be led by David Strachan, FSA
director of retail firms and sector leader for insurance.
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Hong Kong Listing Decision-making
Ineffectual proposals criticised
Investors are being urged to boycott a Hong Kong Exchanges and Clearing (HKEx) consultation on listing decision-making by
Webb-site.com, which provides commentary on governance issues on the island.
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Corporate Social
Responsibility
Health & Safety
Directors not held accountable for deaths
Only 11 company directors have ever been convicted of manslaughter following a work-related death, according to research by
the Centre for Corporate Accountability (CCA), and of these five were sentenced to imprisonment, five received suspended sentences, and one was given
a community service order.
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Sustainability reporting awards
Social enterprises prove to be winners
Social enterprises scooped the prizes in the social reporting category of the Association of Chartered Certified Accountants’
(ACCA) UK Awards for sustainability reporting 2004.
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Corporate environmental crime
Government action needed
A significant and unacceptable number of small and medium-sized enterprises in England and Wales are responsible for an
unacceptable level of environmental crime according to the House of Commons select committee on environmental audit.
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Governance in brief.....
Carrefour creates two-tier board
French-based retailer Carrefour is to create a two-tier board structure - with a supervisory board which will be chaired by Luc Vandevelde, former
head of Marks & Spencer. The head of the management board will be the newly-appointed chief executive José Luis Duran who was formerly the finance
director.
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CSR in brief.....
Kyoto Protocol comes into effect
The coming into force of the
Kyoto protocol represents a major step in reducing greenhouse gas
emissions, according to the
World Resources Institute (WRI).
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Conferences
Topical governance and CSR-related conferences.
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March 2005
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