A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
Boards & Shareholders
Posted inBoards & Shareholders
Wells Fargo to pay $1B to settle suit over consent order noncompliance
Wells Fargo agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders who claimed the bank overstated its progress in complying with regulatory orders related to its 2016 fake accounts scandal.
Posted inAccounting & Auditing
Credit Suisse discloses ICFR ‘not effective’ in 2022
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
Posted inBoards & Shareholders
Experts: Delaware court McDonald’s ruling lowers bar on officer liability
The fiduciary duty of oversight that historically has applied only to directors “applies equally to officers,” including CCOs, the Delaware Court of Chancery explicitly held in its ruling regarding former McDonald’s Chief People Officer David Fairhurst.
Posted inBoards & Shareholders
Five more board members resign in DOJ antitrust sweep
Five corporate board members resigned after being flagged by the Department of Justice for potentially violating the antitrust provisions of the Clayton Act.
Posted inBoards & Shareholders
Is threat of regulatory censure a risk worth taking?
When making anti-regulatory decisions, a board is expressing its real risk appetite. This can be frustrating, even bewildering, for compliance professionals, especially when rules are clear and explicit in their expectations.
Posted inAccounting & Auditing
Cybersecurity challenges: Defense and disclosure
Experts share perspectives regarding the criticality of cybersecurity risks, what the response of management and boards should be, and how proposed disclosure requirements need to be incorporated into cyber-related responsibilities.
Posted inBoards & Shareholders
Joining the dots between ESG and corruption
A report from Transparency International UK sets out the case for why business integrity and corruption should be considered as core issues in the context of impact environmental, social, and governance investing.
Posted inBoards & Shareholders
Elon Musk, Twitter, and lessons in (mis)management
Senior executive shakeups, mass employee layoffs and resignations, major advertisers halting their ads—Elon Musk’s acquisition of Twitter provides a case study in leadership mismanagement for the ages.
Posted inBoards & Shareholders
Five companies lose board members in DOJ antitrust sweep
Seven members of corporate boards resigned after the Antitrust Division of the Department of Justice flagged their situations as potential violations of the Clayton Act.
