Two investor groups recently filed proxy proposals to compel companies to adopt auditor rotation policies. So far, their arguments have fallen on deaf ears. Companies have either ignored the proposals or petitioned the SEC for no-action letters, which they have won. But don't expect the battle to stop there. Details inside.

Meanwhile, shareholders are having more success with proposals to gain proxy access. So far they have launched proposals to put proxy access to a vote—a process known as private ordering—at 18 companies, and two of those companies are moving toward adopting provisions to allow investors to nominate board candidates. "We're in private-ordering land now. I think we'll be there for the extended future," says Patrick McGurn, executive director at ISS.

The government finally released a proposed rule on what's commonly referred to as the "sunshine provision" of the Patient Protection and Affordable Care Act. Now drug and medical companies are pushing for changes and clarifications, even as they prepare their compliance programs. "I think at the end of the day, it will remain a cumbersome task for the industry," says Eric Seigel, chief compliance officer at drug developer Incyte Corp.

Litigation funding, where financial firms back lawsuits in hopes of sharing in the monetary settlement or verdict, is on the rise. That's bad news for corporate legal departments that could see an increase in litigation. But there's a silver lining; it could help companies move some litigation off their balance sheet to free up capital, says Maya Steinitz, an associate professor at the University of Iowa College of Law.

The accounting fraud at Olympus Corp. could serve as a catalyst to corporate governance reform in Japan, as a series of accounting scandals did here in the United States. According to an independent investigative report, the problems at Olympus stem from a "yes men" culture that is too common among Japanese companies and discourages whistleblowers from coming forward. Details inside.

During his State of the Union Address, President Obama unveiled the Residential Mortgage-Backed Securities Working Group. It's just the latest in a string of government units tasked with investigating abuses that led to the financial crisis. So what will this group do differently that others, such as the Securities and Exchange Commission, haven't done? That seems to be an open question. More details inside.

We're on the verge of a revolution in corporate reporting. Everything—the what, how, who, to whom, and when—could change. The driver behind such a fundamental transformation? Integrated reporting. Inside, Columnists Stephen Davis and Jon Lukomnik delve into what the future of disclosure might look like under an integrated reporting model.