Battle Lincoln Electric, the 109 year old manufacturer of arc-welding products best known for its employee incentive system, recently named Anthony Battle director of internal audit. Battle, who joined Lincoln last year, previously held audit positions at Owens Corning and TRW, including senior auditor. Earlier in his career, he held audit and accounting positions at […]
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Posted inFrom the Archive
Top Compensation List From 2003
Below is the top compensation list for 2003. The charts include data from disclosures filed with the SEC and processed by eComp Data Services from Jan 1, 2003 through Dec 31, 2003. Data has been broken into four tables: Top Cash Compensation Highest Value of Option Exercises Aggregate Value of FYE Options Largest Restricted Stock […]
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Stock Option Expensing Mandatory Now For Canada
Effective January 1, 2004, the Canadian Accounting Standards Board now requires public companies to expense all stock-based compensation awards including stock options. Cherry The board, known as the “AcSB,” firmly places Canada into the “early adopter” category, although AcSB chair Paul Cherry claims the ultimate goal is to harmonize with global standards. As a result, […]
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SEC Targets Another Possible Regulation FD Violation
Will loose lips sink another ship? Amylin Pharmaceuticals said shortly before the holidays that the Securities and Exchange Commission is looking into whether it violated the three-year-old Regulation Fair Disclosure rules. In a brief, two-sentence announcement in an 8-K filing, the San Diego-based biopharmaceutical company with a $2.1 billion market cap said the SEC is […]
Posted inBoards & Shareholders
Environmental Disclosures Next For Public Companies?
Is there a connection between global warming and good corporate governance? The answer to that question is a resounding “yes,” according to many of the biggest and most influential pension funds. So, last Friday a number of state and city treasurers and comptrollers and large labor pension funds met with senior representatives of Wall Street […]
Posted inAccounting & Auditing
Non-Audit Service Approvals: Recent Disclosures
As most companies are aware, the new auditor independence rules adopted in January list nine non-audit services that are “outside the scope of practice of auditors.” That means they’re banned, courtesy of Sarbanes-Oxley Section 201. The services include: Bookkeeping or other services related to client’s accounting records or financial statements; Financial information systems design and […]
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Three More Companies Act On Investor Recommendations
A growing number of companies are suddenly listening to what their shareholders have to say. In just the past couple of weeks alone, at least three companies announced new governance rules, apparently in response to majority votes at their shareholder meetings earlier in the year. Now, remember, those votes were not binding. “Companies are more […]
Posted inInternal Controls
11 Internal Control Disclosures In November 2003
As public company executives surely know by now, Sections 302 and 404 of SOX require public companies to establish, implement and evaluate their internal controls for purposes of financial statement reporting and operational integrity. Outside auditors must attest to management’s assessment. In doing so, both parties would be — in theory — demonstrating to shareholders […]
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The Coming Storm: Mandatory Expensing of Stock Options
In 1995, FASB required corporations either to expense stock options at the time of grant, reflecting their estimated fair value directly in their income statements, or to disclose the pro forma impact of expensing options in a financial statement footnote. Typical stock option plans that establish the number of shares and exercise price at the […]
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British Propose Their Own Version Of Sarbanes-Oxley
Last week, the British House of Lords introduced its own version of Sarbanes-Oxley in an effort, according to MP Jacqui Smith, to “raise corporate performance across the board and beyond.” Smith The bill, known as “The Companies (Audit, Investigations and Community Enterprise) Bill,” would force companies to publish non-audit services provided by their auditors, impose […]
