Pharmaceutical giant, GlaxoSmithKline (GSK), has been fined £37.6m by the UK’s Competition and Markets Authority (CMA)for making illegal payments to companies to delay their rival medicines entering the British market. Smaller fines were also imposed on the other pharmaceutical companies it paid. The CMA’s investigation found that GSK, the supplier of anti-depressant paroxetine it sold under the […]
Read MoreInvestment bank Morgan Stanley has agreed a $3.2 billion settlement with the New York Attorney General, Eric Schneiderman over the bank’s deceptive practices, in respect of residential mortgage-backed securities (RMBS ), leading up to the 2008 financial crisis. The investigation found that during 2006 the bank deceived investors about the quality of the mortgage loans it securitised and sold […]
Read MoreEnsuring women get promoted to senior positions and receive higher bonuses should form part of the strategy to ensure that the gap between the pay of women and men is closed, according to a report produced by Deloitte and sponsored by “Think, Act, Report“, a UK government campaign. Following an extensive consultation last year the UK […]
Read MoreThe US financial regulator, the Securities and Exchange Commission (SEC), has fined global agri-business firm Monsanto $80 million for violating accounting rules and misstating company earnings in relation to its flagship product Roundup. The company has also agreed to retain an independent compliance consultant in its settlement with the SEC. Three accounting and sales executives have also agreed […]
Read MoreTesco has been told to introduce significant changes to practices and systems after the Groceries Code Adjudicator, Christine Tacon, found the supermarket giant had seriously breached a legally-binding Groceries Supply Code of Practice (the Code) to protect groceries suppliers. Tacon’s investigation covered the period 25 June 2013 to 5 February 2015 and in that time she found that […]
Read MoreAn agreement has been reached between 31 countries for the automatic exchange of information on the taxes paid by, and the economic activity of, multinational businesses. This increase in transparency between countries should help tax authorities understand if multinationals are actually paying what is considered a fair rate of tax in the countries where they do business […]
Read MoreThe UK’s accounting regulator, the Financial Reporting Council (FRC), is to consider whether the accountancy firm, KPMG, or any individuals require further investigation following a review of the report, published last November by the Prudential Regulatory Authority and the Financial Conduct Authority, into the failure of HBOS plc. Following a review of the report by the […]
Read MoreThe board of retailer Next has been forced to call a general shareholder meeting next month after finding a technical infringement of the Companies Act 2006 in respect of the payment of the dividends. The issue relates to the dividends paid in February 2014 and three dividend payouts in 2015. The company said it always had […]
Read MoreThe Bank of England is proposing to strengthen the remuneration requirements on buy-outs of variable remuneration for those regarded as material risk takers at banks, building societies and designated investment firms regulated by the Prudential Regulatory Authority. These proposals are, the Bank of England said, an important addition to the current remuneration rules which seek […]
Read MoreIn a move to assist investors, the French government has adopted clear standards for products that fund managers regard as socially responsible investments. These investments products will need to be certified by accredited certification bodies to be sold under the SRI label. Requirements to be labelled as SRI include the need to take environmental, social and governance (ESG) issues […]
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