corporate governance Archives

US Federal Reserve takes strong action against Wells Fargo

The US central bank, the Federal Reserve, which regulates the country’s financial institutions, has restricted the growth of Wells Fargo following “recent and widespread consumer abuses and other compliance breakdowns”. The restriction on the bank is to continue “until …

“Delusional” former Carillion directors appear before MPs

The former directors of Carillion who appeared before the joint Work and Pensions and Business, Energy and Industrial Strategy Committees inquiry into the company’s collapse last month were labelled as “delusional” by its co-chairs Frank Field MP and Rachel Reeves …

UK: Labour criticises choice of chair for private firm governance review

The Labour Party has criticised the UK government’s choice of chair for its coalition group that will be developing corporate governance principles for private companies. James Wates CBE, chairman of Wates, a family-owned construction firm, chaired the first meeting …

Nigeria: More companies pass corporate governance rating test

Nigeria’s Corporate Governance Rating System (CGRS) has announced that 25 companies successfully passed its rating test joining the eight firms that retained their rating from the CGRS pilot in 2014. This brought the total number of companies that reached the

Code round-up: Singapore consults on revised governance code

Singapore’s corporate governance council, which was established by the Monetary Authority of Singapore in February 2017, is consulting on a revised corporate governance code for the country which it is hoped will strengthen investor confidence in its capital markets.…

Carillion collapse – early warning flags ignored?

The collapse of Carillion raises concerns not only about corporate governance at the firm and KPMG’s audit, but also how the directors were able to get changes to their pay passed the vote. Speaking in The Guardian on Saturday (20-Jan-18), …

Global governance round up: South Korea’s president promises reform

In the opening remarks of his New Year press conference South Korea’s President, Moon Jae-in promised to push for corporate governance reform through the introduction of a stewardship code and improvements in shareholders’ voting rights.

He admitted that the …

Investor groups repeat call for shareholder committee at RBS

Over 100 shareholders have again requisitioned a resolution calling on the Royal Bank of Scotland (RBS) to establish a shareholder committee in a campaign organised by private investor groups – the UK Individual Shareholders Society (ShareSoc) and the …

Sri Lanka releases revised corporate governance code

Sri Lanka’s Institute of Chartered Accountants (CA Sri Lanka) recently published its revised Code of Best Practice on Corporate Governance 2017.

Speaking at the launch event outgoing president of CA Sri Lanka Lasantha Wickremasinghe said that good corporate governance …

LSE consults on governance rules changes for AIM companies

The London Stock Exchange (LSE) is consulting on rules changes for AIM companies including the requirement for firms to report against a recognised corporate governance code. Responses to the LSE’s discussion paper released in the summer found a majority supported …