Sherbin Southfield, Mich.-based auto parts manufacturer Federal-Mogul recently announced that Daniel Sherbin, the company’s former corporate compliance officer, deputy general counsel and secretary with the company, would be promoted to senior vice president, general counsel and secretary. In his new role, Sherbin assumes overall responsibility for the company’s legal and compliance efforts. Prior to joining […]
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Posted inFrom the Archive
Companies Learn To Cope As SEC Alters 8-K Rule
This summer, companies will have more items to disclose to investors, and less time in which to do so. That’s thanks to a new SEC rule that—starting Aug. 23, 2004—will force public companies to disclose 10 new material events “on a rapid and current basis.” The 10 events, which are reportable on Form 8-K, include […]
Posted inBoards & Shareholders
Additional Companies Link Chairman And CEO Position
Last week, two public companies announced that their CEOs would take on the additional roles of chairman, while another appointed a new candidate to hold both positions. The moves follow similar announcements covered in our Mar. 30 edition, in which we mentioned three other companies—Dynegy, $1.4 billion Banta, and $180 million Ampco-Pittsburgh—that had recently combined […]
Posted inFrom the Archive
Accounting Probe At $3.1 Billion CA Leads To Shakeup
Ranieri Cron Last week, Islandia, N.Y.-based Computer Associates’ Chairman and CEO Sanjay Kumar resigned amid a lengthy probe into the company’s accounting practices. Kumar, who was president of the company under founder Charles Wang when the misconduct took place, will become chief software architect. After the resignation, former lead director Lewis Ranieri—a former vice chairman […]
Posted inFrom the Archive
OECD Approves New Corporate Governance Guidelines
The Organisation for Economic Cooperation and Development announced last week that its 30 member governments had approved new guidelines on corporate governance. The principles would strengthen the rights of investors, noting—as the SEC is considering—that shareholders should be able to “participate effectively in the nomination and election” of directors. The new guidelines also state that […]
Posted inBoards & Shareholders
Pension Funds Want To See More Green In MD&A
A group consisting of many of the nation’s largest institutional investors is stepping up its efforts to make a company’s environmental policies a mainstream corporate governance issue.. Their goal is for the Securities and Exchange Commission to clarify the importance of companies detailing their climate risk disclosure under existing disclosure rules regarding the Management’s Discussion […]
Posted inFrom the Archive
SOX Scam? Tell Finance To Look Out For Registry Bill
An outfit called the Federal Compliance Registry recently emerged on the Internet, offering a list of publicly traded companies that are “in compliance” with Sarbanes-Oxley. Companies pay the site $125 to be listed as compliant. Lawyers and financial officers who have encountered the site call it a scam. Nowhere does the site explain how it […]
Posted inFrom the Archive
The Critical Importance, and Changing Face, of Corporate Transparency
With so much current emphasis on popular buzz words, it’s easy for companies and investors to lose sight of exactly what’s meant when reference is made to “corporate governance.” For too many, the concept conjures up questions about the appropriate number of independent directors, the nature of various corporate committees, and the timing of shareholder […]
Posted inInternal Controls
SEC Mulling Some Relief On Internal Control Rules
The U.S. Securities and Exchange Commission is considering a move to relieve companies from having to assess the financial- reporting processes at certain previously off-balance-sheet entities, an SEC accounting official said.
Posted inEthics & Culture
Editorial: There Is No Connection Between Education And Ethical Behavior
The week this print edition went to press, Bloomberg had run yet another story drawing a line between business schools and high-profile ethics failures. Focusing on former Enron chief executive Jeff Skilling, who—the reporter went out of her way to mention—had an MBA from Harvard, the article also touched on the higher education and honorary […]
