RELATED RESOURCES href=”http://www.pbgc.gov/laws/lawsregs/federalreg/050704.tinyproprule.pdf”> href=”http://www.pbgc.gov/laws/lawsregs/federalreg/050704.tinyproprule.pdf”>Details On Assessment, Relief Of Penalties src=”/images/pdf.gif” border=0> href=”http://www.complianceweek.com/s/documents/wilshire-051804.pdf”>View Corporate Funding Survey on Pensions The Pension Benefit Guaranty Corporation, the federal entity that protects retirement incomes in pension plans, last week unveiled new penalties for companies that fail to inform participants of underfunded pension plans. The penalties could impact hundreds of companies; […]
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Posted inInternal Controls
Protiviti, Stellent To Collaborate On Compliance Platform
Stellent, a $78.5 million content management company that addresses SOX 404 through a “Sarbanes-Oxley Solution,” will announce this week that it plans to collaborate on a compliance platform with internal audit and risk consulting firm Protiviti. The co-marketed solution will combine Protiviti’s industry expertise with Stellent’s content management framework. In a recent conversation with Compliance […]
Posted inFrom the Archive
Tech Employees Swamp FASB With Option Comments
Three weeks ago, we reported that one-third of the comment letters pouring into FASB regarding its stock option expensing proposal were from Cisco employees. That number has increased to over 78 percent; of the 2,364 comment letters posted on FASB’s site at press time, 1,841 were from Cisco employees. Another 171 were from Intel employees. […]
Posted inBoards & Shareholders
Bitter Pill: How Companies Circumvent Shareholders Wishes
Companies increasingly seem to be in a more compromising mood these days when it comes to governance issues. But not, apparently, when it comes to the issue of rights offerings, or poison pills. Oh sure, since last year’s annual meetings, at least 30 companies have eliminated or at least amended their poison pills, according to […]
Posted inFrom the Archive
A Talk With The EVP And CGO Of $2.3 Billion Fleetwood Enterprises
This profile is the third 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. How did the corporate governance job come to be created at Fleetwood? And how did you land in the position? […]
Posted inBoards & Shareholders
Companies Grudgingly Agree To Declassify Their Boards
A growing number of companies seem willing to compromise on one high-profile governance issue: the declassification of the board of directors. For example, in just the past few months, about two dozen companies proposed annual elections of directors at their annual meetings. They include Avon, BellSouth, Cendant, Merck, The Dow Chemical Co., Starwood and Weyerhaeuser. […]
Posted inFrom the Archive
Corporate Boards In Norway Must Be 40 Percent Female
An an attempt to equalize gender representation on boards of directors, the Norwegian government recently ruled that companies will face legal action if their boards don’t consist of at least 40 percent of each sex by mid-2005. Gabrielsen “I would be surprised if businesses don’t take care of this themselves,” Norway’s Minister of Trade and […]
Posted inRegulatory Enforcement
Court Overturns SEC’s SOX-Based Payment Freeze
Reversing an SEC decision that had been based on a section of Sarbanes-Oxley, a federal appeals court ruled last week that two former Gemstar-TV Guide executives could seek $37.6 million in severance payments and back pay. Yuen The executives, former CEO Henry Yuen and former CFO Elsie Leung, left Gemstar in November 2002 amid a […]
Posted inAccounting & Auditing
Why Do Corporate Managers Misstate Financial Statements?
Study by three professors at Texas A&M University analyzes the role of option compensation, corporate governance, and other factors in financial misstatements.
Posted inFrom the Archive
Don’t Stop When You Comply With FASB Options Standard
This is Part One of a two-part series written by Miller and Bahnson. Part Two appeared in the May 18 edition of Compliance Week. On March 31, amid much fanfare—both cheers and jeers—the FASB finally issued its long-awaited exposure draft of a new standard that would mandate recognizing an expense when stock options are granted. […]