The accounting fraud at Lukin Coffee is just the latest reason to raise concerns about investment risks in Chinese companies. The SEC has issued a new report that includes the exposure of the biggest pension funds in the UA. Excerpts here (footnotes omitted), full report below. More than 150 China-based companies with a combined market…
Category: international corporate governance
Congress And Nasdaq Propose Rules That May Result In Delisting Of Chinese Companies – Corporate/Commercial Law – United States
Congress and The Nasdaq Stock Market have both proposed rules that may result in the delisting of Chinese companies. On May 20, 2020, the Senate passed by unanimous consent S. 945, the Holding Foreign Companies Accountable Act, which would prohibit securities of a company from being listed on any U.S. securities exchange or traded “over-the-counter”…
New Corporate Governance Code for Italian Equity-Listed Issuers |
A new edition of the Corporate Governance Code was released on 31 January 2020. The new Code focuses on four essential objectives and principles: sustainability, engagement, proportionality, and simplification. Sustainability: The new Code intends to encourage Italian equity-listed issuers to adopt strategies based on sustainability. It recommends sustainable success as a priority for company management…
Changing the Timeline on Corporate Financial Reporting: SGX Scraps Quarterly Updates – Glass Lewis
he Singapore Exchange Limited (“SGX”) announced that it would change its reporting regimen to remove the requirement for quarterly earnings reporting to instead only require half-yearly reporting. The change provides for risk-based exceptions, which require certain companies to continue quarterly earnings reports if: A company received a disclaimer, adverse or qualified opinion from its auditor…
Women on Boards: Hitting an Ambitious Goal in the UK| Korn Ferry
It was an ambitious goal when it was set in 2010: triple the percentage of female board directors on corporate boards by 2020. But as this new year dawned, more than three out of every ten directors—30.6%, to be exact—at the 250 largest publicly traded firms in the UK are women. The goal now? Keep…
Board of tech group Inex to step down amid governance row
Big corporations are in favor of activism and engagement when they are investors. The entire board of tech group Inex will step down following pressure from some of its leading members, including Google and BT Ireland, arising from a corporate governance row. In an email to members shortly before Christmas, the company confirmed that three…
Asia-Pacific investors more open to ESG investing | The Asset ESG Forum – Environmental, Social & Governance
ESG consideration is gaining more acceptance from investors across the Asia-Pacific (APAC) region, according to the APAC results released by Franklin Templeton of a comprehensive global study on ESG adoption, implementation and development across institutional and wholesale asset owners globally. The study was conducted by NMG Consulting. ESG considerations gain acceptance Results show investor predisposition…
UK Labour Proposal: Climate change: Firms failing to tackle crisis will be delisted from stock exchange
Companies that fail to act on the climate change they cause will be axed from the stock exchange, under radical Labour plans. John McDonnell, the shadow chancellor, pledged his government would ensure firms are “pulling their weight” to tackle the “existential threat” to the planet. And he warned: “For those companies not taking adequate steps…
Dual share structures could erode accountability at the top | Financial Times
George Dallas writes about the possibility of loosening restrictions on dual class stock in the UK. We only disagree with one point — he says it is “ironic” that this is being considered just after the adoption of the robust new UK stewardship code that is the new standard other jurisdictions should aspire to. It…
Stewardship moves beyond box ticking | Minerva-Manifest
The Financial Reporting Council (FRC) has published a new UK Stewardship Code which is due to come into effect on 1 January 2020. The revised Code has set a higher standard for how money is invested on behalf of UK savers and pensioners that the FRC said reflects “the changing expectations of investors and the…
