governance in brief

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

Governance in Brief – September 15, 2022

Philip Morris to lower acceptance threshold for Swedish Match bid Faced with shareholder opposition, Philip Morris could reportedly lower the acceptance threshold for its USD 16 billion takeover of Swedish Match.

governance in brief

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

Governance in Brief – September 1, 2022

ASEC strengthens pay-for-performance rules The U.S. SEC has announced amendments to its remuneration disclosure rules, requiring companies to provide information on the relationship between the paid executive compensation and financial performance.

governance in brief

Governance in Brief – August 25, 2022

Activist calls for change at Disney Activist investor Third Point has disclosed a 0.4% stake in Disney and has called for changes at the company, including cost cutting, a spin-off of its sports network and a shake-up of its board.

governance in brief

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

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

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

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

Governance in Brief – July 21, 2022

Musk sued for dropping Twitter deal Twitter has filed suit against Elon Musk over the billionaire’s decision to terminate his USD 44 billion acquisition of the social media platform.

governance in brief

Governance in Brief – July 14, 2022

SEC rescinds proxy advisory restrictions The U.S. SEC has voted to rescind Trump-era rules covering proxy advisers, in a move that is meant to facilitate the “timeliness and independence of proxy voting advice.”

governance in brief

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

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

Governance in Brief – June 23, 2022

he European Parliament and Council of the European Union have reached an agreement to impose gender quotas for the executive and non-executive boards of EU-listed companies.

governance in brief

Governance in Brief – June 16, 2022

he European Parliament and Council of the European Union have reached an agreement to impose gender quotas for the executive and non-executive boards of EU-listed companies.

governance in brief

Governance in Brief – June 9, 2022

Exxon Mobil will face a lawsuit over having allegedly misled investors and consumers about the climate change risks posed by its business, following a rejection of its motion for dismissal on anti-SLAPP grounds.

governance in brief

Governance in Brief – June 2, 2022

Exxon Mobil will face a lawsuit over having allegedly misled investors and consumers about the climate change risks posed by its business, following a rejection of its motion for dismissal on anti-SLAPP grounds.

governance in brief

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

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

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.