A group of public sector U.K. pension funds has called for a shareholder rebellion over poor governance practices at Belgian banking and life assurance group KBC. The move is part of the Local Authority Pension Fund Forum’s plan to take a tougher stance on governance issues at international companies. The forum, whose 49 member funds […]
Global Glimpses
Posted inAccounting & Auditing
U.K. Widens Governance Review
The U.K. government has widened its review of corporate governance practices in the banking sector and called for a more radical overhaul of the Combined Code of Corporate Governance that applies to all listed companies. Lord Myners, the minister responsible for financial services, announced that a review of banking governance led by Sir David Walker […]
Posted inAccounting & Auditing
IASB Plays Down Concern for Speed of Accounting Reform
Concern that the latest action by accounting standard setters to respond to the financial crisis is creating differences between U.S. and international rules is “overstated,” according to the International Accounting Standards Board. IASB defended its recent decision to cut to 30 days its consultation process for a pair of rulings on fair-value measurement and impairments […]
Posted inFrom the Archive
Belgium Revamps Governance Code
Belgian listed companies will have to publish a remuneration policy and detailed information about how much executive directors earn, under a revised version of the country’s corporate governance code. Companies will have to reveal the amount of pay and benefits that executive directors receive, with a breakdown showing the split between basic pay, bonuses, pension […]
Posted inAnti-Bribery
UK’s Proposed Bribery Law Targets Foreign Companies
The UK government has published long-awaited draft legislation that will create new criminal offenses to combat bribery, including measures aimed at foreign companies. The draft Bribery Bill, if enacted, would bring the UK into line with its international obligations to deal with companies that bribe overseas officials. The country has a woeful record in this […]
Posted inRegulatory Enforcement
Regulator Convicts an Insider Dealer, at Last
The U.K. Financial Services Authority has finally won its first convictions for insider dealing, nine years after the government gave it the powers to prosecute such cases. A jury found that Christopher McQuoid, the general counsel of a listed technology company, had tipped off James Melbourne, his father-in-law, about a looming takeover bid. Melbourne traded […]
Posted inAccounting & Auditing
Global Financial Instruments Standard Coming Soon
The International Accounting Standards Board and the U.S. Financial Accounting Standards Board have agreed to push through a review of their rules on accounting for financial instruments. Both boards said they would release proposals to replace their existing rules in this area with a common standard “in a matter of months, not years,” after a […]
Posted inEurope
Euro Governance Forum Wants Better Pay Disclosure
A new executive pay code published by a European Commission advisory body would require companies to disclose more information about directors’ pay. The move follows a growing row about levels of pay and “rewards for failure” across Europe. The European Corporate Governance Forum, which published the code, wants legislation to force companies to reveal their […]
Posted inAccounting & Auditing
U.K. Reviews Governance Code for ‘Comply or Explain’
The U.K’s lead corporate regulator has launched a review of its Combined Code on Corporate Governance, which sets out the governance principles that listed companies are expected to follow. One specific question the Financial Reporting Council will look at is whether the “comply or explain” approach, the cornerstone of the Code, is working well enough […]
Posted inFrom the Archive
Regulator Scraps Principles; Says “Be Frightened”
The head of the U.K. Financial Services Authority has signaled the end of its principles-based philosophy of regulation and told companies they should be “frightened” of the tough approach it plans to take in future. In his second important speech in a matter of days, FSA Chief Executive Hector Sants conceded that “a principles-based approach […]
