The public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under Australia’s Corporations Act continues and a draft report is in preparation. Some 79 initial submissions have received by the Productivity Commission inquiry. Public hearings will be held in Sydney, Melbourne and Brisbane during June and July 2009. Some […]
Read MoreThe Swiss Financial Markets Supervisory Authority (FINMA) has opended the consultation period for the Circular on Remuneration Systems, which is expected to enter into force on 1 January 2010. The Circular will have a direct impact on the remuneration systems of the financial institutions concerned. The Circular will aim to ensure that remuneration systems do […]
Read MoreIf Democratic New York Senator Charles ‘Chuck’ E Schumer has his way, shareholders of US-quoted companies can expect to see their ownership rights significantly enhanced. Schumer’s move was flagged in late April but reports are coming in that the Bill will be presented this week. Schumer’s Shareholder Bill of Rights Act of 2009 has a very clearly stated goal: […]
Read MoreThe European Commision has commissioned a €350,000 research study to assess the effectiveness of monitoring and enforcement mechanisms concerning Member States’ corporate governance codes. Four researcb partners have been selected to underake the review: BUSINESSEUROPE (the Confederation of European Business); RiskMetrics Group; ecoDa (the European Confederation of Directors’ Associations) and Landwell & Associés, a European law firm. According to […]
Read MoreDutch Finance Minister Wouter Bos today hit out at shareholders for doing ‘virtually nothing’ to prevent the current financial crisis. Speaking to the International Corporate Governance conference in Amsterdam, Bos used the platform as an opportunity to make a forthright attack on the role of shareholders in the current financial crisis: “The financial crisis is […]
Read MoreThe UK’s FSA has moved swiftly to address the market’s concerns about rights issues timetable problems. Until mid-February 2009 the Listing Rules’ required a 21 day subscription period; this has now been reduced to 10 business days. The new subscription is a minimum subscription period and applies only to non-statutory rights issues (i.e. where the […]
Read MoreThe US has taken another step forward to bring the US proxy process into line with the rest of the world. Late last week (20/02/2009) the Delaware State Bar Association received a number of proposed amendments from its Corporation Law Section Council members. There are three key proposals on the table: Section 112: Access to […]
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