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. UPS is a sprawling, worldwide company. How does it divide up and manage the compliance function? We created our compliance […]
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Posted inFrom the Archive
Study Suggests Director Compensation Up 19 Percent
The median director pay among Fortune 500 companies last year rose to $140,350, according to a new study by Towers Perrin. For both years, companies paid 40 percent of a director’s total pay in cash, with 60 percent coming from stock. The study suggests that more companies are paying additional fees to lead directors, and […]
Posted inBoards & Shareholders
Surge In Lead Directors: Is This A Big Deal?
One of the hottest trends in corporate governance is the surging number of companies that have appointed lead or “presiding” directors to provide some independent oversight of their boards. In 2004, 53 percent of S&P 500 companies had a lead director. This was more than double the 26 percent that had a lead director just […]
Posted inFrom the Archive
Telecom Co. Provides Compliance Week With SEC Request Letter
As you’ve likely read from recent news accounts, the Securities and Exchange Commission recently sent letters to more than 20 telecommunications companies, asking for specific information about how they count their subscribers. Most companies were wary of providing Compliance Week a copy of the actual letter, but CW editors were able to track down a […]
Posted inRegulatory Enforcement
Why Would Siebel Challenge Reg. FD Charges?
When the Securities and Exchange Commission recently charged Siebel Systems with violating Regulation Fair Disclosure, the maker of business software enjoyed a couple of dubious firsts. For example, it was the first company to be charged for a Reg. FD violation for the second time. In addition, the Commission charged Siebel with violating Exchange Act […]
Posted inInternal Controls
Take Control: Do You Know Your Role In Internal Control?
With the continued emphasis on Sarbanes-Oxley and related regulatory mandates, managers are never far removed from the topic of internal control. And a recurring discussion topic revolves around responsibility—just who should own internal control? It’s not an unreasonable query—penalties for failure to follow the dictates of Sarbanes-Oxley and related laws make compliance a personal and […]
Posted inInternal Controls
41 Internal Control Disclosures In June
According to a review of regulatory filings during the month of June, 41 companies disclosed material weaknesses or significant deficiencies in internal controls, or provided updates on the status of their control-improvement processes. SECTION 404 That number is down from 51 similar disclosures in May. There were 39 disclosures in April, and 28 in March. […]
Posted inFrom the Archive
Chief Finance Officer Resigns From KPMG
Richard Rosenthal, who joined KPMG in 1978 and became CFO in 2002, announced that he would retire from the firm. Rosenthal is the latest senior executive to leave amid an ongoing IRS investigation into KPMG’s tax shelter activities. In November 2003, The IRS declared that the tax shelters in question, known as “contested liability acceleration […]
Posted inAccounting & Auditing
FASB, IASB Release Questionnaire On Joint Ventures
The International Accounting Standards Board has released a joint venture questionnaire to identify the various structures of joint arrangements used worldwide. Though joint ventures aren’t specifically on the agenda of the U.S.-based Financial Accounting Standards Board, the FASB is still encouraging U.S. public companies to provide the researchers “with information on prevailing joint arrangement structures […]
Posted inFrom the Archive
Insiders Who Missed Filing Deadlines In May 2004
Once again, we present a list of insiders who failed to report trades to the SEC within the required two business days. New rules effective since August of 2002 require insiders to report trades “before the end of the second business day following the day on which the subject transaction has been executed …” But […]
