SunOpta Inc. (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural and organic foods, today announced that Vic Hepburn will be retiring as a director effective December 31, 2014. Hepburn has been a member of the Board of Directors since September 2008 and was currently serving as both Chair of the Audit Committee and a member of the Compensation Committee.
"On behalf of the Board of Directors and employees of SunOpta, we thank Vic for his significant contributions to our company during his time as a director, and we want to wish he and his wife Marion many happy and healthy years ahead," said Alan Murray, Chair of the Board of Directors at SunOpta.
On October 28, 2014, M. Shan Atkins was appointed to the Board of Directors of SunOpta Inc., bringing more than three decades of broad business experience to SunOpta, including development and execution of strategic plans for major retail organizations, deep expertise in finance and accounting, and extensive experience as a director of other publicly traded corporations in both the United States and Canada. Atkins will serve as Chair of the Audit Committee.
With Atkins' appointment and Hepburn's retirement, effective January 1, 2015, the Board of Directors of SunOpta will be comprised of ten directors, including eight independent directors.
About SunOpta Inc.
- See more at: http://globenewswire.com/news-release/2014/12/22/693595/10113314/en/SunO...
SunOpta Inc. (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural and organic foods, today announced that Vic Hepburn will be retiring as a director effective December 31, 2014. Hepburn has been a member of the Board of Directors since September 2008 and was currently serving as both Chair of the Audit Committee and a member of the Compensation Committee.
"On behalf of the Board of Directors and employees of SunOpta, we thank Vic for his significant contributions to our company during his time as a director, and we want to wish he and his wife Marion many happy and healthy years ahead," said Alan Murray, Chair of the Board of Directors at SunOpta.
On October 28, 2014, M. Shan Atkins was appointed to the Board of Directors of SunOpta Inc., bringing more than three decades of broad business experience to SunOpta, including development and execution of strategic plans for major retail organizations, deep expertise in finance and accounting, and extensive experience as a director of other publicly traded corporations in both the United States and Canada. Atkins will serve as Chair of the Audit Committee.
With Atkins' appointment and Hepburn's retirement, effective January 1, 2015, the Board of Directors of SunOpta will be comprised of ten directors, including eight independent directors.
About SunOpta Inc.
- See more at: http://globenewswire.com/news-release/2014/12/22/693595/10113314/en/SunO...
SunOpta Inc. (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural and organic foods, today announced that Vic Hepburn will be retiring as a director effective December 31, 2014. Hepburn has been a member of the Board of Directors since September 2008 and was currently serving as both Chair of the Audit Committee and a member of the Compensation Committee.
"On behalf of the Board of Directors and employees of SunOpta, we thank Vic for his significant contributions to our company during his time as a director, and we want to wish he and his wife Marion many happy and healthy years ahead," said Alan Murray, Chair of the Board of Directors at SunOpta.
On October 28, 2014, M. Shan Atkins was appointed to the Board of Directors of SunOpta Inc., bringing more than three decades of broad business experience to SunOpta, including development and execution of strategic plans for major retail organizations, deep expertise in finance and accounting, and extensive experience as a director of other publicly traded corporations in both the United States and Canada. Atkins will serve as Chair of the Audit Committee.
With Atkins' appointment and Hepburn's retirement, effective January 1, 2015, the Board of Directors of SunOpta will be comprised of ten directors, including eight independent directors.
About SunOpta Inc.
- See more at: http://globenewswire.com/news-release/2014/12/22/693595/10113314/en/SunO...
SunOpta Inc. (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural and organic foods, today announced that Vic Hepburn will be retiring as a director effective December 31, 2014. Hepburn has been a member of the Board of Directors since September 2008 and was currently serving as both Chair of the Audit Committee and a member of the Compensation Committee.
"On behalf of the Board of Directors and employees of SunOpta, we thank Vic for his significant contributions to our company during his time as a director, and we want to wish he and his wife Marion many happy and healthy years ahead," said Alan Murray, Chair of the Board of Directors at SunOpta.
On October 28, 2014, M. Shan Atkins was appointed to the Board of Directors of SunOpta Inc., bringing more than three decades of broad business experience to SunOpta, including development and execution of strategic plans for major retail organizations, deep expertise in finance and accounting, and extensive experience as a director of other publicly traded corporations in both the United States and Canada. Atkins will serve as Chair of the Audit Committee.
With Atkins' appointment and Hepburn's retirement, effective January 1, 2015, the Board of Directors of SunOpta will be comprised of ten directors, including eight independent directors.
- See more at: http://globenewswire.com/news-release/2014/12/22/693595/10113314/en/SunO... Financial, a financial services holding company, will pay a total of $150 million in “hard-dollar” assistance to current and former New York borrowers to resolve numerous and significant abuses in violation of a previous settlement agreement with the New York Department of Financial Services.
Ocwen Financial, a financial services holding company, agreed to pay a total of $150 million in “hard-dollar” assistance to current and former New York borrowers to resolve numerous and significant abuses in violation of a previous settlement agreement with the New York Department of Financial Services.
In 2010 and 2011, NYDFS participated in a multi-state examination of Ocwen, which identified, among other things, deficiencies in Ocwen’s servicing platform and loss mitigation infrastructure, including robo-signing, inaccurate affidavits and failure to properly validate document execution processes, missing documentation, wrongful foreclosure, failure to properly maintain books and records, and initiation of foreclosure actions without proper legal standing.
Accordingly, Ocwen and NYDFS entered into an agreement in 2011—but when NYDFS conducted a surprise examination of Ocwen to assess its compliance with the agreement one year later, it uncovered significant violations. Consequently, Ocwen entered into a consent order with NYDFS in 2012, which required the appointment of an independent compliance monitor for two years.
Compliance Failures
The independent compliance identified numerous and significant additional violations of the 2011 agreement. For example, a limited review by the Monitor of 478 New York loans that Ocwen had foreclosed upon revealed 1,358 violations of Ocwen’s legal obligations, or about three violations per foreclosed loan.
These violations included:
Failing to confirm that it had the right to foreclose before initiating foreclosure proceedings;
Failing to ensure that its statements to the court in foreclosure proceedings were correct;
Pursuing foreclosure even while modification applications were pending; and
Failing to maintain records confirming that it is not pursuing foreclosure of service members on active duty; and failing to assign a designated customer care representative.
The monitor also identified inadequate and ineffective information technology systems and personnel, and widespread conflicts of interest with related parties.
In the course of its review, the monitor determined that Ocwen’s information technology systems are a patchwork of legacy systems and systems inherited from acquired companies, many of which are incompatible. As a result, Ocwen regularly gives borrowers incorrect or outdated information; sends borrowers backdated letters; unreliably tracks data for investors; and maintains inaccurate records.
Latest Settlement
Under the terms of the most recent consent order, reached Dec. 22, Ocwen will pay a civil monetary penalty of $100 million to the DFS by Dec. 31, which will be used by the State of New York for housing, foreclosure relief, and community redevelopment programs. The company also will pay $50 million as restitution to current and former New York borrowers who had foreclosure actions filed against them by Ocwen between 2009 and 2014.
In addition, Ocwen will undertake significant operational reforms to address serious servicing misconduct and conflict of interest issues at the company, and have an NYDFS-selected, independent monitor on site for up to an additional three years.
Under its latest settlement, Ocwen agreed to several non-monetary provisions relating to New York borrower assistance measures, a monitor-led oversight of Ocwen’s operations, interactions with related parties and certain corporate governance measures. Mortgage servicing rights acquisitions will be subject to Ocwen meeting specified benchmarks, as well as DFS approval.
Specifically, NYDFS will appoint an independent operations monitor to review and assess the adequacy and effectiveness of Ocwen’s operations. The operations monitor’s term will extend for two years from its engagement, and NYDFS may extend the engagement another 12 months at its sole discretion.
The currently existing monitor will remain in place for at least three months and then for a short transitional period to facilitate an effective transition to the operations monitor. The operations monitor will review and approve Ocwen’s benchmark pricing and performance studies semi-annually with respect to all fees or expenses charged to New York borrowers by any related party.
The operations monitor will recommend and oversee implementation of corrections and establish progress benchmarks when it identifies weaknesses. This individual also will report periodically on its findings and progress.
Ocwen will not share any common officers or employees with any related party and will not share risk, internal audit, or vendor oversight functions with any related party. Any Ocwen employee, officer or director owning more than $200,000 equity ownership in any related party will be recused from negotiating or voting to approve a transaction with the related party in which the employee, officer or director has such equity ownership, or any transaction that indirectly benefits such related party, if the transaction involves $120,000 or more in revenue or expense.
Chairman Resignation
As part of the settlement, founder William Erbey will step down from his position as Ocwen’s executive chairman, effective Jan. 16, 2015. Barry Wish, a current director of Ocwen, will assume the role of non-executive chairman on that date.
Erbey was also forced to step down from his positions as chairman of the board of Directors of each of four related companies: Altisource Portfolio Solutions, Altisource Residential, Altisource Asset Management, and Home Loan Servicing Solutions.
“As of these resignations, Erbey will have no directorial, management, oversight, consulting, or any other role at Ocwen or any related party, or at any of Ocwen’s or the related parties’ affiliates or subsidiaries,” DFS stated.
Additionally, Ocwen will add two independent directors who will be appointed after consultation with the monitor and who will not own equity in any related party. Moreover, Ocwen’s board will contain no more than two executive directors at any time.
The board must also consult with the monitor to determine whether any additional members of senior management should be terminated or whether additional officers should be retained to achieve the goals of complying with the agreement, as well as creating a corporate culture of ethics, integrity, compliance, and responsiveness to borrowers.
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