Boards & Shareholders


Board table

Are compliance officers good board material?

2021-06-23T19:36:00+01:00By Jonathan Dempsey, Red Laces, for International Compliance Association

Compliance is perfectly primed to adapt, with the ability to influence change in culture as part of integrated and innovative approaches to risk management. Does that translate to the board level?

Exxon

Activist investor win at ExxonMobil should be wake-up call for companies

2021-06-14T20:22:00+01:00By

The growing scope and influence surrounding environmental activist campaigns promises to spill well beyond 2021. Recent developments should inspire boards to reassess how their company’s environmental initiatives align with long-term shareholder value.

VWcrop

Volkswagen secures $21.7M in executive clawbacks for Dieselgate roles

2021-06-10T20:19:00+01:00By

Volkswagen’s supervisory board announced agreements to recover €17.8 million (U.S. $21.7 million) in compensation from former executives and board members for their respective roles in the Dieselgate emissions scandal.

Coronavirus look ahead

‘Cost of Compliance’ survey reflects post-COVID landscape

2021-06-07T20:02:00+01:00By

A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.

Board table

SEC pauses proxy voting rule enforcement amid review

2021-06-03T21:10:00+01:00By

SEC Chairman Gary Gensler announced he is directing staff to consider whether to recommend further regulatory action regarding proxy voting advice, leading the agency to pause related enforcement activity.

John Flint

Elevating compliance key for financial services, says former HSBC head

2021-05-07T15:14:00+01:00By James Thomas, International Compliance Association

John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.

Credit Suisse

Credit Suisse risk committee head to depart amid board reshuffle

2021-05-03T20:28:00+01:00By

Andreas Gottschling, Credit Suisse’s board member in charge of its risk committee, has stepped down as fallout from the collapses of Archegos Capital and Greensill Capital continues to roil the bank.

Credit Suisse

Credit Suisse’s governance rebound a tall task after ‘unacceptable’ losses

2021-04-22T18:41:00+01:00By

Putting the collapses of Archegos Capital and Greensill Capital behind it won’t be simple for Credit Suisse amid staggering financial losses and widening scrutiny from Switzerland’s financial regulator.

Data money

Fines key attention to data privacy from boards, says ICO head

2021-04-21T15:04:00+01:00By

The threat of fines has done more to focus boardroom attention on data privacy and effective cyber-security than any other measure, U.K. Information Commissioner Elizabeth Denham believes.

Board

COVID-19 effects apparent in board composition changes

2021-04-19T18:47:00+01:00By

The enduring impact of the COVID-19 pandemic might be forcing companies and other organizations to rethink what skills, qualities, and experience their executives should have if the business is to succeed.

Danske

Danske Bank CEO, board member resign amid ABN AMRO probe

2021-04-19T16:58:00+01:00By

Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.

Volkswagen

Volkswagen to seek damages from former CEOs over Dieselgate

2021-03-29T20:40:00+01:00By

Volkswagen’s supervisory board has accused former CEOs Martin Winterkorn (Volkswagen) and Rupert Stadler (Audi) of negligent breaches of duty during the diesel scandal.

Tesla

Tesla braces for investor lawsuit with senior compliance appointment

2021-03-23T20:02:00+00:00By

Tesla in February appointed David Searle as deputy general counsel and senior director of compliance. The electric car maker is currently facing an investor lawsuit criticizing its board for failing to appoint a general counsel to control CEO Elon Musk.

Boardroom

Board members named to California’s first-in-the-nation data privacy board

2021-03-19T16:48:00+00:00By

The California Privacy Protection Agency, tasked with enforcing the state’s groundbreaking data privacy laws, now has a five-member board of directors.

Nailedit1200x800

Video: Lawsuit calls out Tesla general counsel carousel

2021-03-18T19:18:00+00:00By Compliance Week

Aly McDevitt praises several German companies for taking initiative ahead of an impending law mandating female representation on boards, while Kyle Brasseur reviews a shareholder lawsuit that criticizes Tesla’s instability at the general counsel position.

Board table

Study: Racial diversity still lacking among Russell 3000 board members

2021-03-15T18:44:00+00:00By

A new board diversity report by BoardProspects reveals companies in the Russell 3000 are at a major inflection point regarding racial equality on their boards, but most (60 percent) still have no Black board members.

Diversity

Four ways you can support diversity and inclusion at your company

2021-03-10T16:51:00+00:00By

Diversity and inclusion leaders from Procter & Gamble and The Hartford share key elements for successfully achieving and sustaining a work environment that respects and fosters diversity, equity, and inclusion.

Boss

Are CEOs really the best people to set the compliance example?

2021-02-18T16:14:00+00:00By

After a bad week for motivational leadership in the United Kingdom, experts expound on who should really set “tone from the top.”

SayOnPay

A critical look at pandemic-related executive compensation changes

2021-02-17T15:05:00+00:00By

With 2021 proxy season underway, a new analysis by Compensation Advisory Partners reveals what impact proxy advisory firm Institutional Shareholder Services will have on say-on-pay concerning executive compensation actions made in response to the pandemic.

2021

Survey: Pandemic pervades executives’ top 10 risks for 2021

2021-02-05T17:39:00+00:00By

The aftermath of the coronavirus pandemic dominates the top risks that will keep boards of directors and executive management teams on their toes in 2021, a new survey by Protiviti and NC State’s ERM Initiative finds.

ESGReporting

Poll: More companies linking ESG initiatives to executive incentive plans

2020-12-17T17:02:00+00:00By

Current events have significantly accelerated the need for companies around the world to link ESG initiatives to their executive incentive plans, according to a recent poll conducted by Willis Towers Watson.

Analytics

Regulators catching up on use of analytics; compliance better take notice

2020-12-14T19:23:00+00:00By

If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.

Kolster quote

Ask a CCO: How to meet data analytics expectations of both board and regulators

2020-12-14T16:49:00+00:00By Compliance Week

Six senior compliance practitioners share some big-picture thoughts on how their companies are using data within the context of regulators’ increased expectations in the area.

Nailedit1200x800

Video: Praise for Nasdaq diversity push; Vodafone’s GDPR woes prove costly

2020-12-03T21:52:00+00:00By Compliance Week

In our inaugural video edition of Nailed It or Failed It, Dave Lefort praises Nasdaq’s efforts to get the SEC to require board diversity disclosures, while Kyle Brasseur critiques Vodafone’s numerous run-ins with the GDPR.

Board

Nasdaq to SEC: Adopt listing rules requiring board diversity disclosures

2020-12-01T18:19:00+00:00By

Nasdaq has filed a proposal with the Securities and Exchange Commission to adopt new listing rules that would impose board diversity disclosure requirements.

Climate

KPMG report: World’s largest companies slow to address climate change risks

2020-11-24T17:21:00+00:00By

The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.

Boardroom

ISS 2021 proxy voting updates address racial, ethnic, gender diversity

2020-11-16T18:27:00+00:00By

Proxy advisory firm Institutional Shareholder Services released updates to its 2021 benchmark proxy voting policy, with the biggest changes this year addressing racial, ethnic, and gender diversity on boards.

Compliance executive level

COSO report: Elevating compliance leads to more informed decision-making

2020-11-11T22:35:00+00:00By

Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.

Werner

VW integrity chief: Culture has changed … and we have stress test to prove it

2020-11-09T17:38:00+00:00By

In a Q&A with Compliance Week, Volkswagen integrity chief Hiltrud Werner said that while compliance efforts “never have a finish line,” the company has made great strides since Dieselgate.

Cyber risk

Audit committee best practices for understanding and acting on cyber-threats

2020-11-05T20:44:00+00:00By

Cyber-security risk oversight is the area with the greatest increase in audit committee disclosures in proxy statements, so you better make sure you’ve got a handle on understanding your responsibilities.

Board table

Emerging state board diversity laws encourage proactive approach

2020-11-03T16:40:00+00:00By

As more states enact statutes that directly address diversity in the boardroom, corporate boards that have not already done so would be wise to begin strategizing their diversity efforts now.

Goldman Sachs

Goldman board demands accountability with widespread 1MDB clawbacks

2020-10-28T14:58:00+00:00By

The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.

ICA launches new certification in corporate governance

2020-10-27T22:01:00+00:00By GRC Announcements

The International Compliance Association has relaunched its Specialist Certificate in Corporate Governance course designed to provide an understanding of the requirements and principles of good corporate governance.

Canada

Leading the way: Diversity standouts among Canadian public companies

2020-10-16T17:47:00+01:00By

A new report assessing diversity disclosure trends among Canadian public companies also showcases several corporate standouts for chief ethics and compliance officers to benchmark their programs against.

Diversity & Inclusion

What compliance can do to advance diversity and inclusion efforts

2020-09-29T20:05:00+01:00By

Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.

woods

What the Wirecard story tells us about red flags, healthy skepticism

2020-08-28T16:51:00+01:00By

How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.

Nailedit1200x800

McDonald’s handling of ex-CEO scandal gets compliments, criticism

2020-08-13T14:37:00+01:00By Compliance Week

A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.