Governance in Brief – September 22, 2022
DOJ unveils crimefighting policies for corporate misconduct The U.S. Department of Justice has announced a new “carrots and sticks” approach to fighting corporate crime that encourages companies to report misconduct while making it more difficult for repeat offenders to enter settlements and deferred prosecutions.
Governance in Brief – September 8, 2022
BHP shareholders seek coherent climate policy Shareholder activist group The Australasian Center for Corporate Responsibility (“ACCR”) has, with the support of circa 100 co-sponsors, submitted a set of climate-focused resolutions to BHP Group’s next AGM. The ACCR is urging the miner to "proactively advocate for Australian policy settings that are consistent with the Paris Agreement's objective of limiting global warming to 1.5° Celsius."
Governance in Brief – August 18, 2022
HSBC pressured to spin off its Asia business Hong Kong-based investor Ping An, which holds an 8.3% stake in HSBC, continues to pressure the lender to spin off its Asia business. The investor first advanced the idea in April 2022, but was at that point rebuffed by HSBC’s leadership.
Governance in Brief – August 11, 2022
At Tesla AGM, ESG proposals fall short of goal line Tesla’s August 4, 2022, AGM rejected seven shareholder proposals addressing: reporting on anti-harassment and discrimination efforts, board diversity reporting, employee arbitration, lobbying reporting, freedom of association and collective bargaining, child labour reporting, and water risk reporting.
Governance in Brief – August 4, 2022
Alibaba plans primary listing in Hong Kong Alibaba Group will apply for a primary listing in Hong Kong, with the process expected to be completed by the end of this year. Currently, the Chinese tech giant has a primary listing in the US and a secondary listing on the Hong Kong Stock Exchange.
Governance in Brief – July 28, 2022
German government bails out gas supplier Uniper amid energy crisis The German government has agreed to bail out gas importer Uniper in a deal worth EUR 15 billion. Faced with reduced gas flows from Russia and soaring energy prices, the company had recently asked the government for financial support, making use of newly adopted legislation allowing energy companies to receive support from the government.
Governance in Brief – July 7, 2022
Microsoft and Cisco Systems have come under shareholder pressure to bring their tax disclosure in line with the Global Reporting Initiative’s GRI 207 tax transparency standard, which requires granular country-by-country disclosure on non-U.S. profits and tax payments, as well as other financial data relating to tax risk appetite
Governance in Brief – June 30, 2022
Glencore subsidiary admits to bribery in UK trial Glencore Energy, a subsidiary of Glencore PLC, has pleaded guilty to all counts of bribery brought against it by UK authorities. The company admitted to paying bribes amounting to USD 28 million for access to unduly favourable oil deals in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan. Sentencing is expected at the beginning of November.
Governance in Brief – May 25, 2022
Woodside shareholders approve BHP deal Woodside Petroleum’s 2022 AGM has approved the company’s merger with BHP Group’s petroleum business. The merged entity will change its name to Woodside Energy Group Ltd. and will be one of the world’s largest fossil fuel energy producers.
Governance in Brief – May 19, 2022
Moderna’s new CFO leaves after just one day in office Moderna has announced the departure of its newly appointed CFO Jorge Gomez, one day after his official instatement. His departure comes after his former employer, Dentsply Sirona, announced an internal probe into its recent quarterly financial reporting, and in particular the way it accounted for sales incentives.
Governance in Brief – May 12, 2022
TotalEnergies faces shareholder pressure to boost climate targets A group of TotalEnergies shareholders has requested that the firm tighten its greenhouse gas reduction targets to better align its climate strategy with the Paris Agreement. The proponents contend that the proposal would make Total the first oil and gas firm to align its 2030 targets with the agreement’s 1.5°C goal.