The Securities and Exchange Commission Advisory Committee on Smaller Public Companies is set to meet this month to discuss recommendations the group might make in its final report to the Commission. The panel will meet Sept. 19-20 in San Francisco in conjunction with the SEC’s annual Small Business Capital Formation Forum. The schedule includes breakout […]
Melissa Klein Aguilar
Posted inFrom the Archive
Business- Or Investor-Friendly? Hints From Cox Speech
In his first speech last month to the Securities and Exchange Commission staff, the agency’s new chairman, Christopher Cox, asked a question that’s probably been on the minds of most public company executives since the California Republican’s confirmation. “So which is it? Business friendly or investor friendly?” Cox quipped in an Aug. 4 speech to […]
Posted inFrom the Archive
Companies Eye Options-For-Restricted Stock Exchanges
As companies continue to tweak their executive compensation programs in light of the upcoming stock option expensing rule, some are considering options-for-restricted stock exchange programs. Under such programs, companies typically grant restricted shares for options at ratios of one restricted share to three or four options. It’s a move experts say might make sense in […]
Posted inBoards & Shareholders
Fear Of Litigation Creates Director Recruitment Challenge
The majority of public company executives say finding qualified directors to serve on boards has proven more difficult since the enactment of Sarbanes-Oxley, as shareholder lawsuits have raised concerns about director liability. That’s according to a survey commissioned by Chicago-based Grant Thornton, which found that roughly two-thirds of senior financial officers of public companies think […]
Posted inRegulatory Enforcement
Ruling To Spark Changes In Wording Of Civil Injunctions
Arecent ruling by the 11th Circuit Court of Appeals is expected to prompt changes in the way the Securities and Exchange Commission crafts one of its most widely used enforcement tools, experts say. In a footnote near the end of its opinion in SEC v. Smyth, the U.S. Court of Appeals for the 11th Circuit […]
Posted inRegulatory Enforcement
Cutting Deals: KPMG & Deferred Prosecution Agreements
The U.S. arm of Big Four firm KPMG has agreed to pay $456 million in penalties in three installments over the next 16 months, to admit to a single count of conspiracy to commit tax fraud, and to accept an outside monitor of its operations as part of a deal with the government to avoid […]
Posted inRegulatory Enforcement
Kmart Charges Indicative Of SEC Stance On MD&A
The civil fraud charges levied by the Securities and Exchange Commission against former Kmart chief executive officer Charles Conaway and former chief financial officer John McDonald are the latest sign that the SEC is keeping its promise to carefully scrutinize the disclosures made by companies in the Management’s Discussion and Analysis section of their periodic […]
Posted inEthics & Culture
Ethics, Compliance Officer Salaries Approach $750,000
Ethics and compliance positions are taking on increasing importance within organizations worldwide. That’s according to a survey conducted by Salary.com and the nonprofit Ethics Officer Association, which shows top ethics executives are garnering salaries commensurate to those of Chief Information Officers. The 2005 EOA Survey of Ethics & Compliance Officer Jobs shows total compensation for […]
Posted inFrom the Archive
Refined Compensation Disclosure Rules Likely In 2006
Less than one month into his tenure at the Securities and Exchange Commission, Chairman Chris Cox has put corporate America on notice that the issue of executive pay is high on his list of priorities. In recent public remarks, Cox suggested that the SEC will soon either revise existing rules or issue new rules related […]
Posted inFrom the Archive
This Side Of Caution: New Regs. Prompt 8-K Increases
Around this time last year, experts were predicting a dramatic increase in 8-K reporting volume in light of the adoption of amendments to the Securities and Exchange Commission’s Form 8-K rules. As most public company executives know by now, under rules that took effect Aug. 23, 2004, companies are required to report additional events on […]