Hutchins As long distance phone and data services company MCI prepares to emerge from Chapter 11 bankruptcy protection next month, its board will increase to 11 members. Glenn Hutchins, founder and managing member of investment firm Silver Lake Partners, will join Mark Neporent, COO, general counsel and senior managing director of Cerberus Management as the […]
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Posted inAccounting & Auditing
Stock Incentives To Meet Earnings Thresholds
Two professors from the University of Michigan Business School and another at NYU notes that a “disproportionately large number” of companies just meet (or beat) earnings forecasts, and examines the managerial incentives that could that explain the phenomenon.
Posted inBoards & Shareholders
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; […]
Posted inFrom the Archive
$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 […]
Posted inFrom the Archive
Ex-Goldman Pres. May Replace Retiring Nokia Director
Van OordtThornton Nokia director Robert van Oordt, the former CEO of one of Europe’s leading property management firms, has reached the board’s mandatory retirement age of 68. As a result, the former chief of Rodamco Europe will not stand for re-election at the Finland-based company’s annual meeting in March. Nokia’s corporate governance and nomination committee […]
Posted inInternal Controls
Survey Shows Where 404 Fixes Are Likely To Be Made
If Section 404 is requiring more effort than predicted, you’re not alone. Nearly three-quarters of Sarbanes-Oxley project leaders recently acknowledged that they’ve seen an increase in the level of effort required to comply with internal control provisions. That’s according to a survey conducted by PricewaterhouseCoopers at a Sarbanes-Oxley Section 404 Compliance conference last week. According […]
Posted inBoards & Shareholders
Is Nepotism Against The Law? It’s All In The Disclosure
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 […]
Posted inFrom the Archive
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 […]
Posted inBoards & Shareholders
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 […]
Posted inFrom the Archive
$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 […]