Wayne Brody, currently serving as vice president, legal affairs, and assistant secretary with Arrow Electronics, was recently appointed to the additional position of chief compliance officer. Brody Brody has served with the electronic components distributor since 1985, in such positions as corporate counsel, general counsel North American operations, and vice president, legal affairs. His new […]
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Posted inRegulatory Enforcement
Chairman Sues His Company Over Poison Pill
Last week, the chairman of $435 million railcar manufacturer filed a lawsuit against his own company. The suit was filed by Alan James after the board of The Greenbrier Companies adopted a poison pill against his wishes. The suit alleges that board members breached their fiduciary duties to shareholders, and seeks a rescission of the […]
Posted inFrom the Archive
Impact Of Independent Research Settlement Unclear
As a result of a $1.4 billion global research settlement, the 10 largest U.S. brokerage firms must now provide clients with a source of independent research. The effective date for the independent research mandate was last Tuesday, July 27. As a result, starting last week firms like Morgan Stanley, Credit Suisse First Boston, and Citigroup’s […]
Posted inFrom the Archive
Keeping Pace, Working Smart: Is The SEC Overextended?
Last week, The Wall Street Journal ran a Page One story on the new role of the Securities and Exchange Commission: policing the world’s securities market. But the Commission already has so much to track: public companies, the stock exchanges, brokers-dealers, mutual funds, and now hedge funds…not to mention the myriad minutiae of governance, from […]
Posted inTechnology
META Survey Raises Eyebrows; Questions Over Results
The results of new study by META Group run contrary to other surveys on the topic of compliance budgeting. According to the study, 64 percent of companies have budgets dedicated to financial regulatory compliance, with the average budget projected to be $7.2 million in 2005. However, that information runs counter to two recent and separate […]
Posted inBoards & Shareholders
Q&A With Tyco SVP Governance Eric Pillmore
This profile is the latest in a series of weekly conversations with executives at U.S. public companies who are currently involved in establishing and developing compliance programs. An index of previous conversations is available here. You volunteered for this job—lots of people would guess you’re a glutton for punishment. What was your thinking? Well, it […]
Posted inFrom the Archive
8-K Readiness Begins With Disclosure Controls And Procedures
On August 23, 2004, the number and type of events required to be reported on Form 8-K will expand significantly—as will the amount of attention and effort that public companies must devote to their Form 8-K reporting obligations. To get ready for these new reporting obligations, most public companies will need to make changes to […]
Posted inAccounting & Auditing
SOX 206 Forces Auditor To Resign From Firm
Accounting firm Grant Thornton resigned as auditor of Peoples Community Bancorp last week after the $38.4 million bank hired one of GT’s managers as CFO. The firm was forced to resign due to independence issues. According to Section 206 of The Sarbanes-Oxley Act of 2002, an accounting firm cannot conduct the audit of a company […]
Posted inInternal Controls
SEC, PCAOB Staff Comment On SOX 404 FAQs
At a recent teleconference hosted by financial print giant RR Donnelley, SEC Division of Corporation Finance Director Alan Beller and Public Company Accounting Oversight Board Member Daniel Goelzer fielded a variety of questions and recommended filers “listen to the music” being played in the FAQs. The session was produced by legal publisher Glasser LegalWorks, which […]
Posted inRegulatory Enforcement
2003 PricewaterhouseCoopers Securities Litigation Study
According to a recent study, the number of securities litigation cases with accounting allegations remains well above historical averages. Settlement values are creeping up, as well.
