Agenda – Incentive Pay Under Fire

Sen. Elizabeth Warren (D-Mass.) has Wells Fargo & Co. in her cross hairs again. Last week newly elected board chair Stephen Black received a letter from the Massachusetts senator asking for details on CEO Charles Scharf’s compensation incentives, including specific metrics regarding governance and regulatory compliance targets and Scharf’s performance against them. On the same…

Warren Slams $5.2 Million Bonus After Nursing-Home Covid Deaths

Sen. Elizabeth Warren (D-Mass.) is fuming over the “inexplicable and unseemly decision” to pay a $5.2 million “retention bonus” to a nursing home industry CEO after more than 2,800 residents died from Covid-19 in the company’s facilities. In a letter to Genesis HealthCare Inc. released Thursday, Warren said the company approved “exorbitant” bonuses to former…

Warren, Carper, Baldwin, and Warner Form Corporate Governance Working Group to Fundamentally Reform the 21st Century American Economy

United States Senators Elizabeth Warren (D-Mass.), Tom Carper (D-Del.), Tammy Baldwin (D-Wis.) and Mark Warner (D-Va.) announced the formation of a working group to develop legislative proposals and conduct oversight focused on fundamentally reforming corporate governance. Over the last 30 years, corporate profits have surged while the portion shared with labor has declined, resulting in…

Senate Group Working on Corporate Governance Proposals

United States Senators Elizabeth Warren (D-Mass.), Tom Carper (D-Del.), Tammy Baldwin (D-Wis.) and Mark Warner (D-Va.) announced the formation of a working group to develop legislative proposals and conduct oversight focused on fundamentally reforming corporate governance. Over the last 30 years, corporate profits have surged while the portion shared with labor has declined, resulting in…

Two senators demand answers from Wells Fargo following NBC News reports

Citing a recent investigation by NBC News, two U.S. senators have asked the chief executive of Wells Fargo to answer extensive questions about the bank’s practice of pausing mortgage payments for borrowers without their consent under a federal program designed to help homeowners financially hurt by COVID-19. The senators, Elizabeth Warren of Massachusetts and Brian…

Trump and Warren are Both Wrong

Jesse Fried says that Senator Warren and President Trump both want to weaken shareholder oversight, Senator Warren with her legislative proposal and President Trump in asking the SEC to review elimination of quarterly reporting: In the absence of any solid evidence that shareholders harm firms, the case for weakening investors has been based on myths,…

Critique of Warren Proposal on Corporate Accountability

Denise Kuprionis analyzes Senator Warren’s proposal for federal charters of large corporations on the Conference Board corporate governance blog. She finds a number of its provisions are already covered or counterproductive. An excerpt: Perhaps a better answer than the ACA is to better promote benefit corporations as an option for companies. Then to determine and…