Bank of America Corp., the second-biggest U.S. bank, will stop lending to companies that run private prisons and detention centers.“We have decided to exit the relationship’’ with companies that provide prison and immigration-detention services, Vice Chairman Anne Finucane said Wednesday in an interview. “We’ve done our due diligence that we said we would do at…
Tag: risk
VEA Vice Chair Nell Minow on Boeing: ‘There Is Something Wrong with the Board’
“By virtue of the fact that this company has ended up where it is, there is something wrong with the board, says corporate governance expert Nell Minow, Vice Chair of ValueEdge Advisors. “At the end of the day, the buck literally stops with them.”….A more detailed look reveals some concerning details around Boeing’s board composition….
How Did an Auto CEO Keep his Illness a Secret From the Directors and Shareholders For a Year?
When someone becomes a CEO, he or she relinquishes the luxury of privacy, including regular updates to the board on health issues. If the CEO is important enough to be worth all of that money, then his or her health is a risk factor the board must be able to consider and plan for. The…
‘No President in the U.S.’ Leads $53 Billion Fund to Sell Stocks – Bloomberg
A leadership vacuum in the world’s biggest economy has driven the largest private-sector pension fund in Finland to cut the weight of U.S. stocks in its 45 billion-euro ($53 billion) portfolio.“It seems as if there is no president in the U.S.,” Risto Murto, chief executive officer of Varma Mutual Pension Insurance Co., said in an…
BlackRock CEO Larry Fink letter on Long Term Value
Larry Fink, the chief executive at BlackRock, the world’s biggest investor with $4.6 trillion, just sent a letter to chief executives at S&P 500 companies and large European corporations. The letter focuses on short-termism both in corporate America and Europe, but also in politics, and asks CEOs to better articulate their plans for the future. The…
The gathering financial storm is just one effect of corporate power unbound | George Monbiot | Opinion | The Guardian
Players with huge power and global reach are released from democratic restraint. This happens because of a fundamental corruption at the core of politics. In almost every nation the interests of economic elites tend to weigh more heavily with governments than do those of the electorate. Banks, corporations and landowners wield an unaccountable power, which…
Free Corporate Performance Index Now Available: Interview with Bennett Stewart
From VEA Vice-Chair Nell Minow: I’ve been a big fan of Bennett Stewart’s approach to evaluating the financial performance and health of companies for a long time, so I was delighted when his company, evaDimensions, made a free version of its Corporate Performance Index available for investors, executives, board members, academics, and anyone else who is…
Corporate Secretary | Regulators pushing more personal liability for senior officers, Thomson Reuters says
A pervasive belief that regulators have not held senior executives accountable for conduct and events that led to the financial crisis is fueling an increased emphasis on personal liability in the financial services industry. As a result, compliance officers at several financial institutions have faced fines, banishment, suspension, or firing for their alleged roles in…
Safety Suffers as Stock Options Propel Executive Pay Packages – The New York Times
Outsize executive pay packages have frequently been a flash point for stock market investors. Lavish executive compensation at publicly traded companies should be a significant concern for consumers, too. That’s the message of a new study by three academics at the University of Notre Dame. Their research focuses on companies that rely heavily on stock…
Adam Turteltaub’s Insightful Comments on Group Dynamics and Compliance-Think
It’s a good reminder of what happens whenever group dynamics take over. As individuals we tend to be attuned to those around us. But when we’re in a group, we tend to get drawn into the dynamics of the group and lose track of other people, and even resentful when others intrude. We’re too caught…
