UK Governance Watch At AIM-listed infrastructure group Hargreaves Services’ 2017 AGM around 20% of shareholders opposed the adoption of its remuneration report. Shareholders likely held concerns with the level of disclosures provided in the report regarding performance targets and the lack of director shareholding guidelines and clawback provisions. The disclosures on these policy aspects continue […]
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The Securities and Exchange Commission of Pakistan (SECP) has begun a consultation into draft Shariah governance regulations, which it said are a comprehensive set of requirements for the governance of Shariah-compliant companies and entities, Shariah-compliant securities and Islamic financial institutions under its jurisdiction. The concept of a Shariah-compliant company and security was introduced through provisions incorporated […]
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UK MPs investigating the collapse of Carillion gave Steve Haddrill, Financial Reporting Council (FRC) chief executive, a grilling over the regulator’s role in recent years. In his evidence to the joint inquiry by the House of Commons’ Work and Pensions and Business, Energy and Industrial Strategy select committees Haddrill confirmed that the FRC had been […]
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The House of Commons’ Work and Pensions and Business, Energy and Industrial Strategy Committees have launched a joint inquiry into the collapse of construction firm Carillion. The select committees said they would be investigating how a company that was signed off by KPMG as a going concern in Spring 2017 could crash into liquidation with a […]
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Hong Kong’s Financial Reporting Council (FRC) has welcomed the governments plans to strengthen auditor oversight in Hong Kong. The Financial Reporting Council (Amendment) Bill 2018, will be introduced into the Legislative Council of Hong Kong for its first reading next week (24th January). Under the proposed amendments, the FRC will become Hong Kong’s independent auditor […]
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The Hong Kong Stock Exchange (HKEX) is to expand its listing regime in a bid to attract more companies from growing business sectors and to boost its competitiveness compared with other major financial centres. This follows a consultation which began in June which identified certain gaps within Hong Kong’s listing regime affecting its overall competitiveness […]
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The Australian Competition and Consumer Commission (ACCC) is taking subsidiaries of pharmaceutical giants GlaxoSmithKline (GSK) and Novartis to court over misleading marketing of the Voltaren Osteo Gel and Voltaren Emulgel pain relieving gels. It is alleged that both firms claimed that the Osteo Gel was specifically formulated for treating osteoarthritis conditions, and was more effective than Emulgel […]
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UK pension fund trustees who want to fulfil their fiduciary duty should be able to implement their environmental, social and governance (ESG) policies and challenge their investment advisers on these issues according to The Pensions Regulator (TPR). The regulator issued a range of guidance, including on investment strategy, for defined contribution schemes last year and has […]
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US institutional investors have written to the Securities and Exchange Commission (SEC), following a meeting with the financial regulator voicing their public support for the SEC’s Rule 14a-8 which provides them with the right to put forward resolutions at company meetings. For advocates of the system of non-binding shareholder resolutions or proposals at US company meetings, […]
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The UK’s Financial Reporting Council (FRC) is looking to improve audit committee reporting in respect of company disclosures in annual reports and how auditors report information to audit committees, Melanie McLaren, executive director, audit and actuarial regulation division said in her speech at the regulator’s recent Developments in Audit conference. She said the FRC had launched a pilot project […]
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