Appointment Blogs | Compliance Week – Page 280
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Report: Non-U.S. Bribery Actions Doubled Since 2012
A new report released by anti-bribery group TRACE International shows that while the United States still sets the pace for cracking down on bribery, non-U.S. enforcement actions have more than doubled since 2012, and in 2014 total non-U.S. enforcement actions concerning bribery of foreign officials outnumbered U.S. enforcement actions. Details ...
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Google’s Antitrust Investigation Continues
Image: The European Union Competition Commissioner Margrethe Vestager confirmed that the watchdog is continuing its investigation into Google for allegedly engaging in anti-competitive behavior. In an interview with BBC, Vestager said that more probes are ongoing into the tech giant’s role in mapping, travel, flight, and third-party data. Details inside.
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SFO Loses Corruption Trial Against Three
Three men charged with bribery offenses by Britain’s Serious Fraud Office were acquitted last week, after the jury was unable to reach a verdict on one count against the third defendant and was discharged. The SFO had charged the trio, former employees of Swift Technical Solutions, for paying bribes to ...
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Deloitte Inspection Report Shows Reduced Audit Deficiencies
PCAOB audit inspectors found fault with 21 percent of the audits inspected at Deloitte in 2014, lower than any rate delivered for any major firm since 2009 and lower than Deloitte’s failure rate from one year ago. The report also revealed a new format for PCAOB inspection reports. More inside.
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Survey: Shareholder Pressure Prompts Boards to Rethink Compensation
Nearly 60 percent of companies say their boards expanded compensation explanations in proxy statements as a result of shareholder feedback, and almost one-third of those boards changed executive compensation plans outright in response to pressure from investors. Those findings come from the National Association of Corporate Directors and respondents to ...
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Warren: SEC Chair’s Tenure ‘Extremely Dissapointing’
Image: Sen. Elizabeth Warren, (D-Mass.), at left, fired with both barrels at SEC Chairman Mary Jo White this week, in a blistering 13-page letter describing White’s tenure as “extremely disappointing” and full of “broken promises.” Among Warren’s concerns: the lack of a final pay-ratio rule and the dearth of guilt ...
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AccelOps Enhances Its Integrated IT Security Platform
AccelOps today announced new enhancements to its integrated IT security and operational intelligence platform that enables IT to rapidly detect, prevent, and respond to malicious attacks. Details inside.
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Four Lessons, and One Basic Rule, From the DuPont Battle
The high drama of this year’s proxy season happened in May, when DuPont thwarted a boardroom takeover pushed by hedge fund guru Nelson Peltz and his Trian Partners fund. How? This week, columnists Stephen Davis and Jon Lukomnik critique the basic strategy Trian used and the counter-offensive DuPont skillfully employed ...
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E*TRADE Names Acting Chief Risk Officer
E*TRADE Financial has named Paul Brandow as acting chief risk officer. Brandow will assume the chief risk officer role from Michael Pizzi, who will become chief financial officer, effective June 16, after current CFO Matthew Audette advised the company of his decision to leave to pursue a new opportunity. Details ...
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The Inland Real Estate Group Names Chief Accounting Officer
The Inland Real Estate Group, part of The Inland Real Estate Group of Companies, has named Prashant Bodhanwala as chief accounting officer. In this role, he will oversee accounting, financial strategic planning and financial analyses for Inland. Details inside.
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Paragon Offshore Names Chief Accounting Officer
Paragon Offshore has named Alejandra Veltmann as chief accounting officer. She reports to Chief Financial Officer Steven Manz. Details inside.
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How Dodd-Frank Is Working—and How It Isn’t
Image: Congress is back in session, which means another round of political bickering over reform of the Dodd-Frank Act. Alas, Compliance Week Editor Matt Kelly says, the law is already working as one would expect—that is, a little bit effectively, and a little bit stupidly. Compliance officers should not hold ...
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AK Steel CCO Named Corporate Secretary
AK Steel has named Joseph Alter as corporate secretary, in addition to his current roles as general counsel and chief compliance officer. Details inside.
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Ex-Wells Fargo CEO Slams ‘Absurd’ Compliance Spending
Image: Is the compliance ramp-up at big banks to blame for layoffs, including the 5,000 of them announced last month by JPMorgan? Richard Kovacevich, former CEO of Wells Fargo, seems to think so. “It is absurd that [banks] are investing that kind of money on compliance” he said of growing ...
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PCAOB Considers Standard on Using Specialists’ Work
Image: The Public Company Accounting Oversight Board has issued a staff consultation paper looking for input on whether and how to revise standards around the auditor’s use of the work of specialists. PCAOB Chairman James Doty said, “We want our standards to keep pace with the realities in the marketplace, ...
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Five Major Banks Agree to Parent-Level Guilty Pleas
Five major banks—Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland, and UBS—last week agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market. The banks also agreed to pay criminal fines totaling more than $2.5 ...
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Big Lots Names General Counsel and Corporate Secretary
Big Lots has appointed Ronald Robins as general counsel and corporate secretary. He will be a member of the executive leadership team and report directly to President and CEO David Campisi. Robins previously served as general counsel, chief compliance officer, and secretary of apparel retailer Abercrombie & Fitch.
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J&J Chief Accounting Officer to Retire
Stephen Cosgrove, controller and chief accounting officer of Johnson & Johnson, will retire in October, the company announced in a Form 8-K. Upon Cosgrove’s retirement, these roles will be filled by Ronald Kapusta, who is currently vice president of finance of J&J's supply chain. Details inside.
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Marsh and FireEye Partner to Offer Cyber-Security Readiness Service
Marsh, an insurance broker and risk management firm, and FireEye, a cyber-security firm, has announced a collaboration to offer clients a new service: Marsh Cyber OASIS. This service is designed to assists clients by providing an objective evaluation of their organization’s ability to detect and respond to cyber-attacks and the ...
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Tips on Building a Better, User-Friendly EDGAR
A slew of business groups, from the Center for Audit Quality to the U.S. Chamber of Commerce and others, have voiced their collective opinion on how the SEC can improve the EDGAR filing process. Their top recommendations were search improvements and the ability to download data in multiple formats. See ...