Manifest-I - Comment

Companies able to live with Code
Richard Northedge, Consultant Editor

September 2005

If, when consultation closes next month on the Combined Code on Corporate Governance there are no calls for significant change, we should not assume it is perfect – simply that companies have calculated how to live with it and ignore the bits they do not like. More >>

 

Concerns about Elan CEO pay package
Alan Brett, head of research, Manifest

The Irish pharmaceuticals company, Elan, recently changed the severance package of its chief executive (CEO), Kelly Martin, in the event of a change of control. More >>

Governance News
Hollinger
Radler faces fraud charges

David Radler, the former deputy chairman and chief operating officer, of Hollinger International and Hollinger Inc, has been indicted by federal grand jury in Chicago, on seven counts of fraud. More >>
Enron lawsuits
Banks settle to avoid lengthy legal proceedings

A number of investment banks have reached settlements avoiding prolonged legal proceedings in cases relating to the collapsed US energy company, Enron.
More >>
Providian Financial
Heated debate over merger

The acquisition of Providian Financial by Washington Mutual was fiercely debated by US proxy advisors prior to the shareholder meeting at the end of August. More >>
Financial Reporting Review Panel
First report on pro-active approach published

The Financial Reporting Review Panel has published its first report analysing its pro-active approach to the selection of accounts for review. More >>
Lane Clark & Peacock
Pension trustees gain new powers over sponsors

The combined pension fund deficits of FTSE 100 companies remain high at £37bn, according to the annual Accounting for Pensions survey by Lane Clark & Peacock (LCP), the actuarial consultants. More >>

Governance in brief.....

Australian investors dismayed by Newscorp

The president of the Australian Council of Superannuation Investors, Michael O'Sullivan said that News Corporation had broken its undertaking to shareholders with its decision to extend its poison pill beyond 8 November without shareholder approval. More >>

Governance Resources

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Conferences

Topical governance and CSR-related conferences. More >>

Corporate Social Responsibility
NAPF
Publishing CSR guidelines not appropriate

The UK's National Association of Pension Funds (NAPF) will not publish corporate social responsibility (CSR) guidelines similar to those it has already produced for corporate governance.
More >>
Carbon Trust
Pension trustees urged to address climate risk

Practically all classes of pension assets have the potential to be affected by climate change, and trustees have a duty to address the financial risk this poses, according to A Climate for Change: A Trustee’s Guide to Understanding and Addressing Climate Risk.
More >>
Australian sustainability reporting
More disclosure required

Sustainability reporting by Australian companies lacks consistency, is not performed to the same standard as financial reporting, and does not allow investors to make comparisons between companies, according to Sustainability Reporting – Practices, Performance and Potential.
More >>

CSR in brief.....

Human rights shareholder campaign starts in US

Amnesty International USA (AIUSA) has launched Share Power: a campaign to harness large shareholders to advance corporate responsibility in the field of human rights. AIUSA said the campaign would last a year and initially focus on Chevron and Dow Chemical. More  >>

Academic Roundup

Manifest-I presents a summary of recently released academic papers on international corporate governance issues. More >>

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