This document is a proposal and set of investor recommendations on a stock exchange listingstandard focused on corporate sustainability disclosure. The aim of the proposal is toestablish key elements of a minimum global standard for corporate sustainability reporting
that would provide investors with:
Month: March 2014
“Marubeni Gets Hit Again for FCPA Violations – DOJ Says Company Did Not Voluntarily Disclose the Conduct, Refused to Cooperate”
Client Alert by Davis Polk, containing many lessons to be learned regarding FCPA compliance and enforcemnt.(By Paul T. Friedman, Stacey M. Sprenkel and Tiffany A. Rowe)
English Draft of Japan’s New Stewardship Code; and Related Events in Other Countries
Soon Japan will have its first stewardship code. You can download a translation of the exposure draft of the stewardship code here:
http://bdti.mastertree.jp/f/yj8ez02t
At the same time, Matthew Orsagh of the CFA Institute has written this useful summary of recent development related to stewardship and engagement around the world:
http://blogs.cfainstitute.org/marketintegrity/2014/03/26/shareholder-engagement-bridging-the-divide-between-boards-and-investors/
Active Ownership (Engagement)re CSR Shows Outperformance, Especially Where Reputation Considered Important
Abstract: We analyze an extensive proprietary database of corporate social responsibility engagements with US public companies over 1999–2009. Engagements address environmental, social, and governance concerns. They are followed by a one-year abnormal return that averages +1.8%, comprising +4.4% for successful and zero for unsuccessful engagements. We document outperformance following environmental/social, as well as governance, engagements.
Marubeni Pays $88 Million FCPA (Criminal) Fine, Second in Three Years, – Emails Point the Finger
On March 20, Marubeni agreed to pay an $88 million fine and plead guilty to foreign bribery charges handed down by the DOJ, markingMarubeni’s second payout in three years. Marubeni stood accused of bribing high-ranking officials in Indonesia in order to secure a $118 million contract for an energy project as part of a consortium. Once again, digital discovery of email traffic made it easy for the DOJ to pursue Marubeni:
Marubeni Pays $88 Million FCPA (Criminal) Fine, Second in Three Years, – Emails Point the Finger
On March 20, Marubeni agreed to pay an $88 million fine and plead guilty to foreign bribery charges handed down by the DOJ, markingMarubeni’s second payout in three years. Marubeni stood accused of bribing high-ranking officials in Indonesia in order to secure a $118 million contract for an energy project as part of a consortium. Once again, digital discovery of email traffic made it easy for the DOJ to pursue Marubeni:
Nasa-Funded Study: Industrial Civilisation Headed for ‘Irreversible Collapse’?
A new study sponsored by Nasa's Goddard Space Flight Center has highlighted the prospect that global industrial civilisation could collapse in coming decades due to unsustainable resource exploitation and increasingly unequal wealth distribution.
Best Practices In Director Training
The Editor of the Metropolitan Corporate Counselinterviews Steven R. Walker, General Counsel, Secretary, and Director of Board Advisory Services at the National Association of Corporate Directors (NACD).
SEC Close to Weighing Possible Action on Proxy Advisory firms
WASHINGTON (Reuters) – The Securities and Exchange Commission will soon review recommendations for possible regulatory action targeting proxy advisory firms, SEC Chair Mary Jo White said on Wednesday.
White did not offer any details on what kinds of new rules or changes could be in store for proxy advisory firms like Glass Lewis and Institutional Shareholder Services, which help large institutional investors weigh how to vote on critical company issues such as board elections and compensation.
Kenya to Set Quotas for Female Directors in Corporate Governance Code
”Kenya’s Capital Markets Authority (CMA) is reviewing the Code of Corporate Governance that will among other things make sure women representation on boards of public listed companies is legalised.
Initially, the regulator wanted companies to abide by the guidelines without making it legal, but CMA Chairman Kung’u Gatabaki complained of lethargy in appointing women to the boards.
He said the issue of men dominating boards is overdue and it was time the corporate world supports women leadership.