Tuesday October 07, 2008
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Representing important shareholder initiatives and activist efforts in corporate governance that are of significant interest to boards of directors.
An Embattled Fuld Gets BatteredOctober 7,2008While saying he felt "horrible" for the bankruptcy of Lehman Brothers, Chief Executive Richard Fuld in testimony on Capitol Hill yesterday faulted short sellers for the downfall of the once venerable investment bank. Today, former AIG executives are expected to appear before the House Oversight and Government Reform Committee. Full Story  CalPERS Seeks Corporate Governance OfficerOctober 7,2008The California Public Employees’ Retirement System (CalPERS) announced yesterday its search for a senior portfolio manager to lead its corporate governance operations. Dennis Johnson, billed as the company’s corporate governance director, stepped down from his position in July, leaving senior investment officer of global equity Eric Baggesen as his interim replacement. Full Story Changes in CEO Pay & Firm PerformanceOctober 7,2008The design and efficacy of CEO compensation contracts following an earnings restatement doesn't change significantly but there is a significant shift from options-based compensation to salary, a new study finds. Full Story SEC Fairness and Impartiality QuestionedOctober 7,2008A federal inquiry has concluded that the Securities and Exchange Commission should consider disciplining its director of enforcement and two supervisors for their role in handling an insider trading investigation that resulted in an SEC lawyer being fired for attempting to interview an influential Wall Street executive. Full Story TNK-BP VPs Latest to GoOctober 7,2008Two vice presidents at TNK-BP will reportedly step down this month, the latest in a string of personnel changes at the British-Russian oil venture, based in the Russian oil fields. Vice presidents Tom Wright and Steve Riddlington will be leaving the company for unknown reasons. Full Story EU Ministers Join Call for 'Say on Pay'October 6,2008A meeting today and tomorrow in Luxemburg between the finance ministers and government officials of the European Union has "say on pay" as a crucial part of its agenda. Full Story Executive Turnover SlowingOctober 6,2008Surprisingly, executive turnover in the third quarter of 2008 has declined from the totals registered in 2007 and 2006, according to Liberum Research. Full Story Lilly to Buy ImClone for $6.5 BillionOctober 6,2008Eli Lilly said it agreed to acquire ImClone Systems in an all-cash deal the companies valued at $6.5 billion. The $70-per-share bid beat out Bristol-Meyers Squibb’s $62-per-share offer. Full Story  Name Your Favorite Biz BooksOctober 6,2008We invite you to participate in our online forum on the "The Well-Read Director." We will compile the feedback into our "Readings" column in the next issue. Which are your favorites and why? Is The Snowball: Warren Buffet and the Business of Life by Alice Schroder on your list? How about Perkin's Valley Boy: The Education of Tom Perkins? Something outside the management mainstream? We'll consider that, too. Full Story Paulson Advisor to Head Bailout ProgramOctober 6,2008Treasury Secretary Henry Paulson will appoint senior advisor Neel Kashkari to manage the repurchasing of securities in the upcoming $700 billion bailout, according to the Wall Street Journal. Full Story Comp Regulations Tucked Into Rescue BillOctober 3,2008Tucked into the Emergency Economic Stabilization Act of 2008--also known as the bailout or rescue plan--are new provisions governing compensation of chief executives at those financial institutions selling troubled assets. While vague, Section 111 of HR 1415 approved by the U.S. Senate Wednesday and expected to go to the House for a full vote today, gives the federal government authority to regulate compensation. Full Story  Directorship Rings Closing Bell at NASDAQOctober 3,2008Directorship Chairman Jeffrey Cunningham was invited to ring the closing bell at NASDAQ on September 30, capping one of the most successful days of trading in the history of the exchange. Click Here to Watch the Ceremony Full Story IASB Modifies Rules On Bank DisclosuresOctober 3,2008The International Accounting Standards Board (IASB) has mandated that banks report with greater detail their off-balance sheet activities, particularly structured investment vehicles. Participants in an IASB meeting yesterday called for tighter controls over assets that in the past have been excluded from banks’ balance sheets, citing hopes that such an amendment would clarify and legitimize such activity. Full Story TCI Targets Chair of German ExchangeOctober 3,2008The Children’s Investment Fund (TCI) is again ramping up its shareholder activism, this time targeting Kurt Viermetz, the chairman of German stock exchange operator Deutsche Boerse. Full Story Who's In, Who's OutOctober 3,2008Merrill Lynch's CEO John Thain will stay aboard after Bank of America acquires the world's largest brokerage firm. The fate of Wachovia CEO Robert K. Steel is uncertain while JP Morgan clears the executive floor at Washington Mutual's Seattle headquarters. Full Story Eli Lilly in Talks to Buy ImCloneOctober 2,2008Eli Lilly is the unnamed "large pharma company" that activist investor and ImClone chairman, Carl Icahn, said is prepared to acquire the company for about $70-per-share. Full Story Former Secretary: Bailout 'Crazy'October 2,2008In an interview with Bloomberg yesterday, former U.S. Treasury secretary Paul O’Neill blasted the $700 billion bailout plan as “crazy,” claiming that “the consequences of it are unbelievably bad in terms of public intrusion into the private sector.” Full Story GLG Partners’ Letter to InvestorsOctober 2,2008GLG Partners, one of London's largest hedge funds, released a letter to investors, providing the latest updates in its efforts to withdraw money from Lehman Brothers. Full Story McAfee's Roberts Awaits JuryOctober 2,2008Former McAfee general counsel Kent Roberts, who is facing backdating charges, now awaits a jury's decision after the defense rested on Tuesday without calling any witnesses. Full Story SEC Extends Short Selling BanOctober 2,2008The Securities and Exchange Commission announced yesterday that its three-week ban on the short selling of more than 950 finance-related stocks would be extended until the $700 billion bailout bill is passed. The SEC statement said that the ban will continue up to three days after the bailout is enacted, but through no date later than October 17. Full Story Boards Must Anticipate CrisesOctober 1,2008The rapid financial downturn has surely tested the mettle of all market participants, from executive officers to shareholders, but corporate directors have learned that they must do more to anticipate problems. Full Story CEOs Take Pay CutsOctober 1,2008Russ Smyth, CEO of H&R Block agreed, in advance, to take a pay cut from his $950,000-a-year salary should the tax-return preparer face financial problems. More CEOs may follow suit as economic turmoil continues to hurt business. Full Story Economic Ills Spur Greater Board ScrutinyOctober 1,2008 by Judy WarnerWith Wall Street swooning and bailout battles shaping debate in the nation's capital, Directorship hosted a "Directors to Watch" Forum at Nasdaq OMX yesterday that opened with a timely discussion led by PricewaterhouseCoopers' Catherine Bromilow on directors' major concerns. Full Story  Greenberg Seeking AIG AssetsOctober 1,2008Maurice “Hank” Greenberg, former CEO and AIG critic, has asked the company’s CEO for the opportunity to bid on any assets the insurer plans to sell. Greenberg made the request to Edward Libby, who took over AIG two weeks ago when the government agreed to let AIG borrow up to $85 billion in order to help it avoid a possibly bankruptcy filing. Full Story Sovereign Names Perrault CEOOctober 1,2008Sovereign Bancorp said Paul A. Perrault will succeed CEO Joseph Campanelli, effective January 3, 2009. Full Story  A Diplomat in the BoardroomSeptember 30,2008 by Theodore L. DysartSpurred by reforms in corporate governance, the number of boards that include the position of lead director, or some variant, has escalated dramatically. So has advice about what the role entails in such key areas as strategy, fiduciary responsibility, and subject matter expertise. But what of the personal attributes that a lead director must have to meet the subtle challenges of the role? Full Story Candor Leads to Good Decision MakingSeptember 30,2008While compliance and management succession are the two primary responsibilities of corporate directors, two other important duties include managing conflict and creating consensus on important decisions. Full Story Lord & Taylor Replaces CEO Before HolidaysSeptember 30,2008Lord & Taylor’s longtime CEO, Jane Elfers, is leaving amid a shift in strategy just before the holiday season. She will be replaced with Brendan Hoffman, the 40-year-old CEO of Neiman Marcus Direct. Full Story Microsoft CEO Feeling the BurnSeptember 30,2008Microsoft CEO Steve Ballmer said today that no company is immune to the global financial crisis, which he expects to hurt both consumer and business spending. Full Story Mitsubishi to Pay $9B for Morgan StanleySeptember 30,2008Morgan Stanley announced on Monday that it had completed its previously announced deal to raise capital from the Mitsubishi UFJ Financial Group. Mitsubishi will pay $9 billion for ownership of Morgan Stanley. Full Story |
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