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Tag >> compliance
Jan 25

AFSCME files shareholder votes at 27 companies

Posted by Stephen Taub in say-on-payCounty and Municipal Employeescorporate governancecompliancecompensationAmerican Federation of StateAFSCMEAFL-CIO

Stephen Taub

It's all about pay.

When shareholders gather at this year's annual meetings, executive compensation figures to be the number one issue on the proxy. This is partly because the Dodd-Frank Act requires all companies whose annual meetings take place after January 21, 2011 to hold so-called Say on Pay votes on their Compensation Discussion and Analysis (CD&A)-an advisory non-binding up-or-down vote. They also will be required to vote on whether the company should hold future votes annually, bi-annually or tri-annually.

Jan 20

CFOs: health care reform will raise costs

Posted by Stephen Taub in health care reformhealth careDeloittecomplianceCash

Stephen Taub

Most CFOs of large companies believe health care reform will raise costs and reduce quality.

According to a new survey, more than 90 percent expect benefits cost per employee to rise. What's more, half of the respondents expect the quality and/or breadth of offered benefits to decline.

Jan 19

The impact of restatements on stocks

Posted by Stephen Taub in restatementsinsider tradinginsider sellinginsider buyingcompliance

Stephen Taub

Want to know how badly a company's stock will be hit when it announces an earnings restatement? Check out what the insiders were doing.

A new academic study found the restatement's impact on the stock price depends, to a significant extent, on whether company insiders were buying or selling the stock during the misstatement period.

Jan 13

Two finance execs charged over CEO's perks

Posted by Stephen Taub in Securities and Exchange CommissionsecperquisitescomplianceCash

Stephen Taub

The Securities and Exchange Commission charged a Kansas company that manages government websites, as well as four current and former executives, including two finance executives, for failing to disclose more than $1.18 million in perquisites to the former chief executive officer.

The Commission alleges that NIC filed false and misleading proxy statements, annual reports and registration statements that failed to disclose Jeffrey Fraser's benefits and falsely represented he worked virtually for free from 2002 until 2005, and continued to materially understate the benefits Fraser received in 2006 and 2007.

Jan 12

Surge in deferred, non-prosecution agreements

Posted by Stephen Taub in Securities and Exchange Commissionnon-prosecution agreementsGibson dunnforeign corrupt practices actDepartment of Justicedeferred prosecution agreementscompliance

Stephen Taub

The Department of Justice has aggressively ramped up its use of deferred prosecution agreements (DPAs) and non-prosecution agreements (NPAs).

According to a recent detailed report issued by law firm Gibson Dunn, in 2010 there were 32 DPAs and NPAs. This compares with 21 in 2009 and just 19 in 2008. In 2000, there was only one publicly reported DPA.

Jan 04

Companies will feel sting of Dodd-Frank costs

Posted by dbedell in Risk and ComplianceDodd-Frankcompliancebank lending


Companies that look to banks for loan facilities are the ones that ultimately will pay for rising bank regulatory costs under Dodd-Frank, and a group of lenders are in the process of changing loan document standards to ensure that is the case.

New corporate loan documents are already seeing clauses added to shift the cost of Dodd-Frank compliance from the bank to the borrower, according to a report on Tuesday in the Wall Street Journal.

Jan 03

Employers warming up to Obama Care

Posted by Stephen Taub in retirement benefitsretiree healthcarehealth-care reformhealth carecomplianceCash

Stephen Taub

Despite threats from incoming Republicans to overturn President Obama's healthcare reform, a majority of companies are seemingly embracing the changes. However, they clearly are concerned about the associated costs.

More than half (53 percent) of all employers--and 67 percent of large employers--say they do not plan to drop health benefits, according to a recent national employer survey conducted by the Midwest Business Group on Health (MBGH) and co-sponsored by the National Business Coalition on Health, (NBCH), Business Insurance and Workforce Management.

Jan 03

New Year's resolutions for the SEC

Posted by dbedell in SEC enforcementDodd-Frankcompliance


Although it published a timeline in September for implementing changes under the Dodd-Frank Act, the SEC was not wholly successful in meeting it.

In fact, the regulatory body missed on a broad range of changes that it expected to have done by year-end. For example, the creation of a number of new offices and units under the SEC was put off due to budgetary uncertainty, according to an update by lawyers at law firm Leonard, Street and Deinard.

Dec 23

Dodd-Frank compliance rules worry RIAs

Posted by annearf in RIADodd Frankcompliance


Looks like new regulatory requirements for RIAs mandated by Dodd-Frank are causing a lot of agita, as well as confusion, among advisors.

According to a TD Ameritrade study of 500 RIAs, nearly 60 percent say their greatest concern with the regulation is the increase in time and money they'll have to spend to meet the new compliance requirements. A smaller number, 15 percent, worry that regulators won't understand their business. And an even smaller percent, 6, suspect the fiduciary standard will be adversely impacted.

Dec 22

Key accounting issues for 2011

Posted by Stephen Taub in revenue recognitionliquidityleaseslease accountingInternational convergencegenerally accepted accounting principlesGAAPCredit Suisse SecuritiescontingenciescomplianceAccounting

Stephen Taub

Credit Suisse Securities has sent clients a neat concise report detailing the "hot button" accounting issues for 2011that were discussed at the recent annual AICPA Conference on Current SEC & PCAOB Developments.

The report highlights four major topics: International Convergence, Liquidity, Contingencies and Restoring the Public Trust.

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