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The Securities and Exchange Commission on Wednesday approved changes that make it easier for shareholders to nominate directors of public companies.
The 3-2 vote allows groups that own at least 3 percent of a company’s stock to put their nominees for board seats on the annual proxy ballot sent to all shareholders. The new financial overhaul law enacted last month gave the SEC the authority to make the change. Get the full story »
Shareholders of Hewlett-Packard Co. have filed a “derivative lawsuit” against the technology company and its board over fallout from former CEO Mark Hurd’s abrupt resignation last week.
A derivative lawsuit lets shareholders sue executives or board members over claims that their actions harmed the company. Get the full story »
Kenneth Feinberg on July 22 in Washington. (Alex Wong/Getty Images)
Pay czar Kenneth Feinberg said on Friday that 17 banks overpaid executives in late 2008 and early 2009 by about $1.6 billion during the financial crisis, when taxpayers’ money was being used to support them.
He proposed that financial firms adopt policies that would let them “restructure, reduce or cancel” bonus and other special payments to executives in future crises but said he had no authority to force banks to give back past overpayments. Get the full story »
American International Group Inc. has picked David DeMuro, the former head of compliance and regulation at Lehman Brothers Holdings Inc., as its new head of compliance and regulatory affairs.
DeMuro, expected to start at AIG next week, will be working for his former boss from Lehman, Thomas Russo. The former chief legal officer at the now-failed Wall Street bank, Russo this year was appointed as the government-controlled insurer’s general counsel. DeMuro will be AIG’s deputy general counsel. Get the full story »
The Supreme Court largely affirmed Monday the legitimacy of an accounting regulator created by a post-Enron antifraud law, striking down only a minor provision of it.
The Public Company Accounting Oversight Board was established in 2002 as part of the Sarbanes-Oxley law, which Congress passed after the Enron Corp. scandal exposed a wave of accounting chicanery used by some companies to pump up their stock prices during the late-1990s bull market. Get the full story »
By Wailin Wong | Abbott Laboratories shareholders voted down two proposals seeking
greater participation in corporate governance issues at the North
Chicago company’s annual meeting.
A “say on pay” proposal, which would have allowed shareholders to hold a
yearly advisory vote about senior executive compensation, was defeated
after garnering 41 percent approval, according to a preliminary tally. A
second proposal that would have given shareholders owning more than 10
percent of common stock the ability to convene a special meeting was
also defeated after reaching just 38 percent approval.
