Corporate Governance

Latin American Herald Tribune – Korean Air Head: Daughters Quit Posts amid Uproar over Temper Tantrums

SEOUL – The head of Korean Air Lines said his two daughters had resigned from their positions at the company after an uproar over allegations that they had abused their subordinates. The move by Cho Yang-ho, chairman of Hanjin Group and of Korean Air, was an example of one of South Korea’s sprawling family-run conglomerates responding to growing public anger. On Sunday Cho, the father of Cho Hyun-min, known as Emily, issued an apology for his daughter’s “immature conduct.” Cho…

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Rigrodsky & Long, P.A. Files Class Action Suit Against Layne Christensen Company

Rigrodsky & Long, P.A. Files Class Action Suit Against Layne Christensen Company WILMINGTON, Apr 23, 2018 (GLOBE NEWSWIRE via COMTEX) — Rigrodsky & Long, P.A.: Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Southern District of Texas on behalf of holders of Layne Christensen Company (“Layne”) (NasdaqGS:LAYN) common stock in connection with the proposed acquisition of Layne by Granite Construction Incorporated and Lowercase Merger Sub Incorporated (“Granite”)…

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Activist Fund Elliott Pressures South Korean Auto Giant Hyundai

U.S. activist hedge fund Elliott Management dismissed Hyundai Motor Group’s restructuring plan as insufficient on Monday and called on the South Korean conglomerate to adopt a holding company strategy and appoint more independent board members. Elliott disclosed this month that it holds more than $1 billion worth of shares in three key affiliates of Hyundai Motor Group and called for a “more detailed roadmap” on how the group will improve corporate governance, optimize balance sheets and enhance capital returns. Stepping…

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Infy charts 3-year road map to accelerate growth

Infosys will focus on stabilisation in FY19 followed by building momentum the following year, and acceleration thereafter. India’s second largest IT services firm Infosys on Monday outlined a three-year road map to stabilise and accelerate its business and said it will invest in acquisitions to drive growth.   In a detailed presentation to analysts, Infosys CEO and MD Salil Parekh said the company is betting on growth with strategic investments and “will invest in inorganic moves to expand client relevance”.…

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Proxy advisory firm walks a fine line on Crescent Point dissident decision

Crescent Point Energy CEO Scott Saxberg. Todd Korol for National Post Based on a careful reading of the 47-page proxy analysis and benchmark policy voting recommendations prepared by ISS for the upcoming meeting of Crescent Point Energy, it seems that proxy advisory firms walk a fine line in making recommendations in line with their guidelines and policies. How else to explain ISS’s decision that shareholders should support just two of the four nominees advanced by the dissident shareholder Cation Capital…

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Activist fund Elliott ramps up pressure on South Korean auto giant Hyundai

SEOUL (Reuters) – U.S. activist hedge fund Elliott Management dismissed Hyundai Motor Group’s restructuring plan as insufficient on Monday and called on the South Korean conglomerate to adopt a holding company strategy and appoint more independent board members. FILE PHOTO: A Hyundai logo is seen at Hyundai of Serramonte in Colma, California, U.S., October 3, 2017. REUTERS/Stephen Lam/File Photo Elliott disclosed this month that it holds more than $1 billion worth of shares in three key affiliates of Hyundai Motor…

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Which firms’ reputations have risen in 2018, and which have plunged?

The survey by RepTrak found British people are less likely to give firms the benefit of the doubt in 2018 than they were one year earlier (27 per cent, versus 40 per cent in 2017). They are also less likely to say something positive about them (37 per cent, against 48 per cent last year), trust them to do the right thing (37 per cent versus 47 per cent) or recommend a company (38 per cent versus 47…

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Govt may empty its pockets to encourage PSX listings – Newspaper

“The budgets over the last five years have all but hurt the stock market,” laments a senior stock broker. Past performance leaves him with little hope for the upcoming budget 2018-19. Like Oliver who “asks for more”, the Pakistan Stock Exchange (PSX) has once again put forward the begging bowl. But the government might all but pull its pockets inside out. No one really believes that the corporate tax rates would be trimmed and there are slim chances for a…

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Govt may ask ICICI Bank tough questions on governance issues

Finance ministry wants to know why Chanda didn’t recuse herself in Videocon loan case. New Delhi: The finance ministry is unlikely to be a silent spectator of the ongoing affairs in ICICI Bank. It is likely to raise the allegations of conflict of interest and corporate governance issues in the next board meeting of ICICI Bank on May 7 or even before that once its new nominee director formally joins the board this week. ICICI Bank is mired in a…

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ONGC targets onshore dollars | Reuters

* Loans: Oil giant’s US$1bn borrowing to test foreign currency liquidity By Prakash Chakravarti HONG KONG, April 23 (IFR) – India’s biggest oil explorer Oil and Natural Gas Corp is looking to raise US$1bn in the onshore market, in the first big deal to target foreign-currency deposits with domestic lenders. The one-year loan would set a benchmark for size and pricing in the onshore US dollar market, where financings typically come in small sizes of US$30m–$50m. It also offers Indian…

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Banking royal commission: AMP’s Catherine Brenner has ‘serious questions to answer’

Updated April 23, 2018 10:57:58 The future of AMP chairman Catherine Brenner and possibly the wealth manager’s entire board is in jeopardy after admissions that it meddled with a supposedly independent report to the corporate regulator. The Australian Shareholders Association (ASA) is threatening to use its proxy voting power at AMP’s annual general meeting on May 10 unless Ms Brenner provides a proper explanation justifying the board’s interference with the Clayton Utz report. ASA director Allan Goldin is unimpressed at…

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Why BoU sells banks cheaply

Auditor General spills secrets of Coop Bank, Greenland Bank Kampala, Uganda | HAGGAI MATSIKO | On March.23, Auditor General (AG) John Muwanga wrote a confidential note to the Governor of the Central Bank, Emmanuel TumusiimeMutebile. The note a copy of which The Independent has seen is titled Draft report of the Special Audit on the Defunct Banks. Muwanga was directed by the Parliamentary Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) to undertake a special audit on the closure of…

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Aamal absorbs blockade challenge: Sheikh Faisal

Aamal absorbs blockade challenge: Sheikh Faisal  23 Apr 2018 – 0:00 Sheikh Faisal bin Qassim Al Thani (third right), Founder and Chairman, Aamal Company; Sheikh Mohamed bin Faisal Al Thani (third left), Vice Chairman, Aamal and Sheikha Al Jazi bint Faisal Al Thani(second left), Board Member; with other officials and board member during the AGM, yesterday. Pic: Abdul Basit / The Peninsula DOHA: Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company, stated yesterday the conglomerate had witnessed a…

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BAT director ‘has too many jobs’ to be re-elected at AGM

Pressure has been piled on a member of British American Tobacco’s board to step down due to claims she has too many commitments to devote enough time to the world’s largest ­cigarette maker. Marion Helmes, who was appointed as a non-executive director in 2016, has five other directorships, including being non-executive director of energy company Uniper and industrial construction firm Bilfinger, both of which are based in Germany. Two corporate governance agencies that advise investors how to vote in annual…

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Comparing Labor In The Waste Industry (1/2): Executive Compensation. – Advanced Disposal Services (NYSE:ADSW)

In celebration of the recently released schedule 14A statements we research the labor efficiency of common and executive labor from an investors perspective for: Republic Services (NYSE:RSG) , Waste Management (NYSE:WM) , Waste Connections (NYSE:WCN) , Advanced Disposal Services (NYSE:ADSW) , and Casella Waste Services (NASDAQ:CWST). What Can We Look At? Four things drive an operating company. Fixed tangible assets, intangible assets, working capital, and labor. There are many ways to measure the importance of each aspect, but the relative…

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Fiat Chrysler to Spin Off Magneti Marelli

Fiat Chrysler Automobiles NV (FCAU) said Thursday, April 5, it is preparing to spin off Magneti Marelli, a part of its components unit that is thought to be worth between $4 billion and $6 billion. The move doesn’t spark quite the same conversation as a long-anticipated sale of Jeep, RAM Trucks or the whole of Fiat likely would have. But it does further demonstrate how the parts of Fiat Chrysler appear for all intents and purposes more valuable than the…

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