Shareholders of Australian companies are showing their muscle in this year’s proxy season with significant opposition votes over the governance of retailer Harvey Norman and a rejection of executive pay at the Commonwealth Bank of Australia. The Australian Shareholders Association has called on the chairman of Harvey Norman, Gerry Harvey, to resign and for an independent non-executive […]
Read MoreFTSE 100 companies paid more out in dividends to shareholders last year than the combined pension deficit figure according to the annual Accounting for Pensions report produced by pensions advisers Lane, Clark Peacock (LCP). The survey found that the combined pension deficit of the 56 companies in the FTSE 100 that disclosed a deficit at their […]
Read MoreThe UK’s Financial Reporting Council (FRC) has revised the audit firm governance code aiming to improve its visibility, relevance to investors and increase its alignment to the UK’s corporate provenance code. This follows a review carried out into the implementation of the original 2010 code between 2014-2015 and a consultation into the draft revised code published last December. […]
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Confidence in the quality of auditing is improving according to the UK’s Financial Reporting Council, however there remains concerns about the level of concentration in the market which is dominated by four major firms. The overview of auditing report is the first since becoming the country’s Competent Authority for audit under EU rules. Two years ago, the FRC said […]
Read MoreThe UK’s Financial Reporting Council (FRC) has launched two separate audit investigations,one into KPMG’s audit of HBOS in 2007 and secondly PricewaterhouseCoopers audit of BHS in 2014 – under its accountancy scheme which it allows it to take disciplinary action against members of the profession. The investigation into KPMG has been instituted by the FRC’s conduct committee […]
Read MoreThe German investors’ association, DSW, has tabled a shareholder resolution to be considered at next month’s AGM of carmaker Volkswagen (VW), which is proposing a special audit into the actions of its directors in respect of the ‘dieselgate’ scandal. Last year the company admitted falsifying emissions test results in its diesel cars around the world. The appointment of the a special […]
Read MoreRoyal Dutch Shell experienced a relatively modest level of investor opposition to its executive remuneration report at its recent AGM with a 14% vote against, this follows the rival oil company BP’s loss of its pay vote last month. However, Manifest data shows it is the highest level of opposition Shell has received in the past six years – […]
Read MoreThe US Public Company Accounting Oversight Board (PCAOB) has announced that its rules to improve the transparency of the audit by disclosing the names of audit engagement partners, as well as information about other firms that participate in the audits, were approved by the Securities and Exchange Commission. Audit firms are required to file with the PCAOB […]
Read More…as the UK’s Financial Reporting Council finalises auditor rules The Financial Reporting Council (FRC) has published final drafts of the latest UK corporate governance code and the associated guidance on audit committees so they will meet the requirements of forthcoming legislation on audit committees and auditor appointments. This forms part of the UK’s implementation of the EU’s […]
Read MoreChanges may be needed to ensure audit teams have the right skills in the future and there needs to be an open and constructive debate on the future of audit findings from two international studies produced for the UK’s Financial Reporting Council and ICAS show. ICAS and the FRC commissioned the research in 2013 and this […]
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