The financial crisis has put risk-management practices under the microscope, but public company disclosures related to the subject apparently still have a long way to go. That’s according to governance research and rating firm GovernanceMetrics International, which found that standardized disclosure of company-wide risk management is lacking. Of 4,162 global companies covered by GMI, only […]
Melissa Klein Aguilar
Posted inEthics & Culture
The Compliance Challenges of Social Media
If your company doesn’t yet have a formal corporate policy on the use of online social media sites, you’re not alone. That said, there are at least three reasons why you should put one in place, pronto: Facebook, Twitter, and YouTube. Most obvious are the publicity risks, made painfully clear by two Domino’s Pizza employees […]
Posted inInternal Controls
Report IDs Material Weaknesses in ICFR Among Insurers
Executives at non-public insurance companies preparing to comply with the industry’s version of Sarbanes-Oxley Section 404 may be able to learn something from their pubic-company counterparts. A new report published by internal controls consulting firm Lord & Benoit and based on data from Audit Analytics identifies the material weaknesses in internal controls over financial reporting […]
Posted inFrom the Archive
XBRL Guidance for Internal Audit Available
New guidance is available for internal auditors on their potential role in helping their organizations transition to filing financial statements in XBRL. A free whitepaper published by The Institute of Internal Auditors Research Foundation, “XBRL: What’s in it for Internal Auditors,” provides an overview of XBRL and the Securities and Exchange Commission’s filing requirements for […]
Posted inFrom the Archive
SEC to Meet on Comp Disclosures, Broker Votes, TARP SOP
The Securities and Exchange Commission plans to kick off July with a busy agenda. A decision on discretionary broker votes, and votes on whether to propose new disclosures about compensation and rules governing say-on-pay at TARP companies are on the agency’s agenda for next week. The Commission has slated an Open Meeting for July 1 […]
Posted inBoards & Shareholders
Paredes Touts Counter-Proposal on Proxy Access
With the comment period underway on the Securities and Exchange Commission’s proposal on shareholder access to the proxy for director nominations, one dissenting commissioner is touting his own counter-proposal. In a June 23 speech before the U.S. Chamber of Commerce conference, SEC Commissioner Troy Paredes reiterated his concerns about the proposal out for comment and […]
Posted inAccounting & Auditing
Beware: Financial Crisis Inquiry Commission Ramping Up
The independent commission tasked with investigating the causes of the financial crisis is ramping up-and that means companies that may find themselves in its cross-hairs ought to be prepared, according to lawyers in the law firm Gibson, Dunn & Crutcher. The bipartisan Financial Crisis Inquiry Commission, which was created by the Fraud Enforcement and Recovery […]
Posted inEthics & Culture
Study: Fraud Complaints Filling Hotline Calls
If you feel like you’ve been busier than usual lately fielding complaints on the company hotline and investigating reports of employee wrongdoing, you’re not alone. Hotline complaints rose last year to 9.4 incidents per 1,000 employees, up from only 9 in 2007 and 8.3 in 2006, according to the latest benchmarking data released by The […]
Posted inBoards & Shareholders
What’s in Store for 2010 Proxy Season?
With the 2009 proxy season winding down, governance experts are already looking ahead at what the 2010 proxy season will hold for public companies and their shareholders. Speaking during a June 16 Webcast hosted by the RiskMetrics Group, experts predicted that several major developments now in the works will shape the 2010 proxy landscape in […]
Posted inFrom the Archive
Amendment Extends Temp Rules, Not 404(b) Compliance
The Securities and Exchange Commission has published a technical amendment extending the effectiveness of the temporary rules that implemented the extension currently in effect for non-accelerated filers on compliance with the auditor attestation requirement under Section 404(b) of Sarbanes-Oxley. Smaller companies shouldn’t get too excited: The correction does not change the date by which a […]
