Our Audit of EY’s Apology for Wirecard Finds it Inadequate

Note use of passive voice and that faintest of excuses: it was really, really hard. Not acceptable when the auditor’s primary job is to verify the company’s accounts, and that included detecting fraud. “Many people believe that the fraud at Wirecard should have been detected earlier and we fully understand that,” Mr Di Sibio wrote…

Kurt Schacht:

The Labor Department Is Tearing Down a Landmark of Investor Protection Kurt N. Schacht, head of policy for the CFA Institute and former chair of the SEC Investor Advisory Committee. writes in Barron’s: Corporate governance and shareholder rights have seldom witnessed an assault on investor protection like the current federal government’s onslaught. Whether weakened rules…

VEA Vice Chair Nell Minow Quoted in P&I About the DOL/EBSA Proposal on Proxy Votes

P&I’s above the fold front page headline is “Proxy proposal angers institutions”. VEA Vice Chair Nell Minow is quoted: “It’s just a reflection of the fact that institutional investors have become more aware of corporate governance as an element of shareholder value and corporations don’t like that,” said Nell Minow, Washington-based vice chairwoman of ValueEdge…

Fidelity, BlackRock Reject Trump Limits on 401(k) ESG Investing – Bloomberg

The world’s largest asset managers are speaking out against a Trump administration plan that would make it more difficult for them to incorporate environmental, social and governance factors when making investment decisions, a move that could limit green investing in 401(k) plans. Fidelity Investments wrote in an 11-page letter to the U.S. Department of Labor that the…