The Pre-Emption Group has published a monitoring report looking at implementation of the 2015 Statement of Principles and the template resolutions. The principles relate to the when considering the case for disapplying pre-emption rights Over the course of the year, the template resolutions and the Statement of Principles have generally been followed. The Statement of Principles […]
Read MoreThe Financial Reporting Council (FRC) has commenced an investigation under its audit enforcement procedure into the conduct of KPMG, in relation to its audit of Rolls-Royce’s financial statements from 2010 to 2013. The FRC’s investigation follows an announcement in January that a Deferred Prosecution Agreement (DPA) had been reached between the Serious Fraud Office (SFO) and the engineering company. […]
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Shareholders in scandal-hit US bank Wells Fargo gave the company a signal of their dissatisfaction in voting at its recent AGM. While the re-election of the directors was passed with the majority of votes cast the proportion in favour for many of the directors was considerably lower than normal. The chairman of the board, Stephen […]
Read MoreGlobal mining group Anglo-American received strong support from shareholders for its remuneration policy as well as its remuneration report at its AGM this week. The remuneration report gained 99% support while the policy – which is a binding vote – received a 93% vote in favour. These voting results are in stark contrast to last […]
Read MoreOil giant BP, which last year lost its advisory vote on its remuneration report at its AGM, has reduced the pay of its chief executive, Bob Dudley, and will propose a simpler pay policy to shareholders at this year’s meeting on 17th May. BP disclosed in its annual report published this week that Dudley’s total remuneration for […]
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Tesco has reached an agreement with the Serious Fraud Office (SFO) which, if approved by the court, will allow it to pay a fine for its false accounting in 2014 rather than face prosecution. Separately it has agreed with the Financial Conduct Agreement (FCA) that it will pay compensation to investors for market abuse when it presented misleading […]
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Investors in machinery, vehicle and engine manufacturer Caterpillar have called on its board to establish a special committee to investigate any risks related to tax schemes set up by the company which are now subject to investigations by US federal authorities. At the beginning of March Caterpillar admitted that US law enforcement authorities had entered three of […]
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Building materials supplier LafargeHolcim has admitted to failings by company bosses running its Syrian cement plant. They engaged in dealings with armed groups as they sought to protect employees as the area became increasingly dangerous as a result of the civil war. The plant which opened in 2010 was eventually abandoned in 2014 as a result of the […]
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Marissa Mayer, Yahoo chief executive, has lost her 2016 cash bonus and forgone her 2017 equity award after an investigation found that executives at the technology company were aware of a cyber security data breach in 2014 but did not actively investigate the incident. The company’s general counsel and secretary Ronald Bell resigned due to the investigation’s […]
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