June 16, 2022 | Editor: Martin Wennerström
EU to impose gender quota for listed companies
The 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. The proposed directive would require companies to have at least 40% female representation among non-executives and at least 33% female representation among non-executives and executives combined. In addition, the directive would require companies to have clear and transparent appointment procedures for both executives and non-executives. As with all EU directives, Member States will need to transpose its provisions into national law within two years. Possible enforcement mechanisms include the annulment of director appointments, fines, or publication of the names of non-compliant companies.
Bolsonaro considers selling
Blackstone gets greenlight for Crown Resorts takeover
Yandex CEO resigns over EU
Governance in Brief – November 24, 2022
Costco to set new emissions targets following activist demands Activist investment firm Green Century Capital Management claims that Costco Wholesale Corp has pledged to set new Scope 3 climate reduction targets in 2023. At Costco’s January 2022 AGM, 70% of votes supported a proposal from Green Century for the company to include emissions from producers and distributors in its net-zero greenhouse gas emissions targets.
Governance in Brief – November 17, 2022
Renault to potentially spin off EV line and partner with Geely French carmaker Renault Group has announced plans to split its activities into five separate businesses: “Ampere” (electrical vehicles), “Power” (combustion- and hybrid-engine assets), “Alpine” (sports cars), “Mobilize” (financial services), and “The Future is Neutral” (recycling activities). The company is considering listing Ampere on Euronext Paris in 2023 and has said that it will welcome external investors while maintaining a “strong majority.”
Governance in Brief – November 10, 2022
Petrobras to pay massive third quarter dividend Petrobras has approved the payment of around BRL 43.68 billion (USD 8.4 billion) in Q3 dividends. Of the total dividend, around BRL 20 billion (USD 3.9 billion) will go to the Brazilian federal government, Petrobras’ controlling shareholder.
Governance in Brief – November 3, 2022
SEC adopts new rule on executive compensation clawbacks The U.S. SEC has adopted new rules requiring publicly traded companies to recover incentive-based executive compensation if that pay was awarded based on a misstated financial performance measure. The SEC had originally proposed a clawback rule in 2015, but it remained dormant until 2021.