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Aarti Maharaj
Posted inAccounting & Auditing
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Posted inBoards & Shareholders
Report: CEOs Already Raked in More Than the Average Employee
By the end of the first Tuesday of 2016, FTSE 100 chief executives will have earned more than the average full-time employee, said a report released by U.K. think-tank High Pay Centre. The survey said that chief executives were paid out roughly £4.96 million a year, while the average U.K. worker’s salary increased by just £445.
Posted inRegulatory Enforcement
Year in Review: Regulatory Enforcement in Europe
Image: For compliance officers in Europe, 2015 has been a big year. Aside from focusing on reporting wrongdoing and promoting a speak-up culture, watchdogs have been keeping compliance practitioners busy with a barrage of regulations that show no sign of easing. As compliance officers wonder to what degree the past year’s enforcement actions will make their job change in 2016, here is a roundup from CW’s Aarti Maharaj of the top 10 major changes in 2015 that have helped set the stage for this year and beyond.
Posted inBoards & Shareholders
Succession Planning: A Priority for Bank Chiefs in 2016
Standard Chartered has scored big by hiring HSBC veteran Simon Cooper to serve as the London-based company’s corporate and institutional banking head but, according to the Financial Times, Cooper’s departure from HSBC may be a sign the exec has grown impatient waiting to take over the British bank’s reigns. Cooper, with HSBC for 26 years, was considered a possible successor to HSBC group CEO Stuart Gulliver. The move has left many industry experts wondering: How long should bank chiefs stay in their position before giving up their role as CEO contender?
Posted inRegulatory Enforcement
New European Regulations Mean More Competition Between ‘Big Four’
New European regulations requiring companies to change auditors every 20 years have led to intense competition between the Big Four audit firms. Barclays, for instance has cut a 120-year relationship with PwC, and KPMG has been picked up as auditor for the British bank. The audit firm rotation continued at Tesco, which switched from PwC to Deloitte, while HSBC switched KPMG to PwC, and EY took over the Royal Bank of Scotland from Deloitte.
Posted inEthics & Culture
What’s Behind the High Rate of Insider Fraud?
Image: According to Kroll’s 2015 Global Fraud Report, close to three-quarters of global companies reported fraud occurences in the past year—81 percent of which were inside jobs. Is employee fear of compliance behind the numbers? “Compliance can be seen as a burden to employees because it is easy to view it as creating overheads,” says Carlos Desmet, a professor at Belgium’s Louvain School of Management. “[T]hey have to fill out additional forms, go through new controls, follow additional training, ask new authorizations. So they could feel compliance is disempowering them.”
Posted inRegulatory Enforcement
EBA Publishes Final Remuneration Guidelines
The European Banking Authority has published its final guidelines on remuneration policies, but in doing so has postponed the pay rules in the Capital Requirements Directive until 2017 to allow firms more time to prepare for the policies. “In particular, the guidelines set out the governance process for implementing sound remuneration policies across the EU and clarify the process for identifying those categories of staff to whom the specific remuneration provisions of the CRD apply,” the agency said in a statement.
Posted inRegulatory Enforcement
European Watchdog Urges Vatican to Toughen Up on Financial Crimes
The Council of Europe’s Moneyval Committee is calling on the Vatican to step up its anti-money laundering enforcement actions. Although the Vatican has finally revamped its regulations to address terrorist financing and money laundering, there’s still a lot of work needed to detect and prevent suspicious transactions, the regulator said.