Is it against securities laws to hire your brother and in-laws? RELATED DISCLOSURE Lear Receives Informal SEC Inquiry Southfield, Mich., January 20, 2004 – Lear Corporation [NYSE: LEA] today announced that the U.S. Securities and Exchange Commission (SEC) has commenced an informal inquiry into the Company’s September 2002 amendment of its 2001 Form 10-K. The […]
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Former Bath & Body Works CEO Joins Albertsons Board
Prichard $35.6 billion food and drug retailer Albertsons recently named Beth Pritchard to its board of directors. Pritchard retired in January, 2003, as president and CEO of $1.8 billion Bath & Body Works. Previously, she had served with Schlitz Brewing Company, S.C. Johnson & Son, and, earlier in her career, the Central Intelligence Agency. She […]
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New Year’s Resolutions For Independent Directors
The last three years have seen an exponential increase in corporate implosions. The defalcations at Enron, WorldCom, HealthSouth, Ahold, Parmalat and countless other global companies have produced: Stringent new legislation, in the form of Sarbanes-Oxley; A plethora of new rules and regulatory requirements from the SEC, the NYSE and Nasdaq; […]
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$134 Billion GE Names Vice President, General Counsel
Denniston Brackett Denniston, GE’s former senior counsel for litigation and legal policy, has been named the company’s new vice president and general counsel, reporting directly to CEO Jeffrey Immelt. Responsible for the worldwide GE legal organization, Denniston will also join the GE Capital Corp. board of directors, and will continue to chair the company’s policy […]
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ISS Details How It Will Vote On Compensation Issues
Institutional Shareholder Services announced last week that it had updated its corporate governance policies to reflect stricter governance standards. According to the Rockville, MD-based company, over 700 institutions use ISS to analyze proxies and make vote recommendations for over 10,000 U.S.-based public companies. However, the company’s governance policy is not widely available. When asked for […]
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$1.5 Billion May Be Slated For “Fair Funds.” What Is It?
In the few days leading up to Christmas, the SEC was either playing the role of Santa Claus or Scrooge, depending upon your perspective. On Dec. 22 it reached a settlement with the Canadian Imperial Bank of Commerce (CIBC), for its role in Enron’s manipulation of its financial statements. As part of the deal, CIBC […]
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$15 Billion Rite Aid Demotes CFO After SEC Probe
After four years with Rite Aid, Christopher Hall has agreed to relinquish his role as CFO as the result of a proposed settlement with the SEC concerning his work at another company. Effective immediately, Hall will serve as senior vice president of real estate and planning. John Standley, the company’s senior executive vice president and […]
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Boards Logging More Hours, But Most Not Paid More
Nearly two-thirds of corporate boards spent more time fulfilling their fiduciary obligations during the past year. That’s according to a recent survey by PricewaterhouseCoopers, which blames the added work on Sarbanes-Oxley and more strict governance requirements. Despite the added workload, board compensation increased at only 20 percent of companies. And for those receiving a raise, […]
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First Filings On Director Communication Processes
Late last year, the SEC adopted new rules requiring companies to disclose specific information about the process for nominating directors and communicating with directors. Regarding director communications, companies must disclose whether they have a process for communicating with directors, and if not, why. Companies must also describe the process, including whether the communications are screened […]
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Former GE Supply CEO Joins Board Of $4.6b IKON
IKON Office Solutions recently announced the election of William Meddaugh to its board of directors. Recently retired as president and CEO of General Electric Supply Co., Meddaugh served with the $2.5 billion global distributor of electrical, voice and data products for 37 years. He joins an IKON board that includes Xerox SVP Cathy Lewis, Lockheed […]
