Corporate Governance – Upbeet Communications http://upbeetcommunications.com/ Sat, 21 May 2022 01:15:53 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://upbeetcommunications.com/wp-content/uploads/2021/07/icon-3.png Corporate Governance – Upbeet Communications http://upbeetcommunications.com/ 32 32 Ninth Circuit Enforces Forum Selection Rules Against Federal Securities Claims https://upbeetcommunications.com/ninth-circuit-enforces-forum-selection-rules-against-federal-securities-claims/ Fri, 20 May 2022 23:37:17 +0000 https://upbeetcommunications.com/ninth-circuit-enforces-forum-selection-rules-against-federal-securities-claims/ May 20, 2022 Click for PDF Last year, we reported on a federal district court decision dismissing a federal securities lawsuit filed derivatively on behalf of The Gap, Inc. pursuant to a forum selection rule. designating the Court of Chancery of Delaware as the exclusive forum for derivative suits (the “Forum Rules”). To see Lee […]]]>

May 20, 2022

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Last year, we reported on a federal district court decision dismissing a federal securities lawsuit filed derivatively on behalf of The Gap, Inc. pursuant to a forum selection rule. designating the Court of Chancery of Delaware as the exclusive forum for derivative suits (the “Forum Rules”). To see Lee vs. Fisher, Case No. 20-cv-06163-SK, ECF No. 59 (ND Cal. April 27, 2021). Plaintiff appealed this decision to the Ninth Circuit Court of Appeals and, on May 13, 2022, the Ninth Circuit upheld. See Lee v. Fisher, case no. 21-15923. This decision is significant because it effectively bars plaintiffs from asserting claims under federal securities law when a company has designated a state court as the exclusive forum for derivative actions.

The applicant in Sinner filed derivative claims allegedly on behalf of Gap against certain directors and officers for their alleged failure to promote diversity at Gap and for allegedly making misleading statements about Gap’s commitment to diversity. The plaintiff claimed that the officers and directors violated both state law by allegedly violating their fiduciary duties and federal securities law by violating the proxy rules under section 14(a) of the Securities Exchange Act. In the district court, the defendants requested the dismissal forum not conveniens in accordance with the rules of the Forum. Plaintiff argued that the court could not apply the forum rules with respect to the federal claim under section 14(a) because (1) that claim was subject to exclusive federal jurisdiction and could not not be asserted in the Court of Chancery of Delaware, and (2) enforcement of the Forum Rules would violate the provision of the Exchange Act that prohibits waiver of compliance with the Exchange Act (the “anti-waiver” provision ). The district court disagreed and dismissed the lawsuit.

The Ninth Circuit upheld the district court’s decision in its entirety. The Court noted that under Supreme Court precedent, forum selection clauses should be applied in the absence of “extraordinary circumstances”. The Ninth Circuit had previously articulated three such circumstances, one of which, according to the plaintiff, was involved in this case: the application of the rules of the Forum “would violate a strong public policy of the forum in which the lawsuit is brought” . As before the district court, plaintiff pointed to the Exchange Act’s anti-waiver provision and exclusive federal jurisdiction over Exchange Act claims as evidence that enforcement of the Forum Rules would violate public policy. The Court rejected these arguments because none of these legislative provisions expressly state that failure to give effect to these provisions would violate public order. Further, the Court noted that it was relevant to its analysis that the plaintiff did not “identify[y] Delaware law clearly stating that she could not obtain any relief in the Court of Chancery of Delaware. The Ninth Circuit therefore upheld because the plaintiff failed to carry its “heavy burden” to overcome the forum provision.

Holding this everything derivative claims must be brought in the Court of Chancery of Delaware, this decision fulfills the purpose of the exclusive forum provisions: to avoid duplicate litigation in multiple forums and thereby increase efficiency and reduce costs for businesses . However, it is important to note that not all courts agree and this decision creates a potential split in the circuit. Earlier this year, the Seventh Circuit declined to enforce a substantially similar forum provision against a claim derived from Section 14(a). To see Seamen’s Pension Plan on behalf of Boeing Co. c. Bradway, 23 F.4e 714 (7th Cir. 2022). We will continue to monitor developments in this space.


Gibson Dunn attorneys are available to answer any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer with whom you usually work, any member of the Securities Litigation or Securities Regulation and Corporate Governance practice groups, or the following authors:

Brian M. Lutz – San Francisco/New York (+1 415-393-8379/+1 212-351-3881, blutz@gibsondunn.com)
Jason J. Mendro – Washington, DC (+1 202-887-3726, jmendro@gibsondunn.com)
Ronald O. Mueller – Washington, DC (+1 202-955-8671, rmueller@gibsondunn.com)
Michael J. Kahn – San Francisco (+1 415-393-8316, mjkahn@gibsondunn.com)

Also, please feel free to contact any of the following practice leaders and members:

Securities Litigation Group:
Monica K. Loseman – Co-Chair, Denver (+1 303-298-5784, mloseman@gibsondunn.com)
Brian M. Lutz – Co-Chair, San Francisco/New York (+1 415-393-8379/+1 212-351-3881, blutz@gibsondunn.com)
Craig Varnen – Co-Chair, Los Angeles (+1 213-229-7922, cvarnen@gibsondunn.com)
Shireen A. Barday – New York (+1 212-351-2621, sbarday@gibsondunn.com)
Christopher D. Belelieu – New York (+1 212-351-3801, cbelelieu@gibsondunn.com)
Jefferson Bell – New York (+1 212-351-2395, jbell@gibsondunn.com)
Matthew L. Biben – New York (+1 212-351-6300, mbiben@gibsondunn.com)
Michael D. Celio – Palo Alto (+1 650-849-5326, mcelio@gibsondunn.com)
Paul J. Collins – Palo Alto (+1 650-849-5309, pcollins@gibsondunn.com)
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Thad A. Davis – San Francisco (+1 415-393-8251, tadavis@gibsondunn.com)
Ethan Dettmer – San Francisco (+1 415-393-8292, edettmer@gibsondunn.com)
Mark A. Kirsch – New York (+1 212-351-2662, mkirsch@gibsondunn.com)
Jason J. Mendro – Washington, DC (+1 202-887-3726, jmendro@gibsondunn.com)
Alex Mircheff – Los Angeles (+1 213-229-7307, amircheff@gibsondunn.com)
Robert F. Serio – New York (+1 212-351-3917, rserio@gibsondunn.com)
Jessica Valenzuela – Palo Alto (+1 650-849-5282, jvalenzuela@gibsondunn.com)
Robert C. Walters – Dallas (+1 214-698-3114, rwalters@gibsondunn.com)
Avi Weitzman – New York (+1 212-351-2465, aweitzman@gibsondunn.com)

Securities Regulation and Corporate Governance Group:
Elizabeth Ising – Co-Chair, Washington, DC (+1 202-955-8287, eising@gibsondunn.com)
James J. Moloney – Co-Chair, Orange County, CA (+949-451-4343, jmoloney@gibsondunn.com)
Lori Zyskowski – Co-Chair, New York (+1 212-351-2309, lzyskowski@gibsondunn.com)
Brian J. Lane – Washington, DC (+1 202-887-3646, blane@gibsondunn.com)
Ronald O. Mueller – Washington, DC (+1 202-955-8671, rmueller@gibsondunn.com)
Thomas J. Kim – Washington, DC (+1 202-887-3550, tkim@gibsondunn.com)
Michael A. Titera – Orange County, CA (+1 949-451-4365, mtitera@gibsondunn.com)

© 2022 Gibson, Dunn & Crutcher LLP

Publicity for Lawyers: The attached materials have been prepared for general information purposes only and are not intended to provide legal advice.

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Prescience Point Capital Management asks MiMedx to confirm that the company has received letters of serious concern from other shareholders https://upbeetcommunications.com/prescience-point-capital-management-asks-mimedx-to-confirm-that-the-company-has-received-letters-of-serious-concern-from-other-shareholders/ Wed, 18 May 2022 12:55:00 +0000 https://upbeetcommunications.com/prescience-point-capital-management-asks-mimedx-to-confirm-that-the-company-has-received-letters-of-serious-concern-from-other-shareholders/ Disappointed that the MiMedx board used misinformation and distortions to distract shareholders from the board and management’s own failures Reiterates intention to withhold votes against directors Phyllis Gardner and James Bierman at the 2022 annual meeting and vote against approving executive compensation BATON ROUGE, The., May 18, 2022 /PRNewswire/ — Prescience Point Capital Management LLC […]]]>

Disappointed that the MiMedx board used misinformation and distortions to distract shareholders from the board and management’s own failures

Reiterates intention to withhold votes against directors Phyllis Gardner and James Bierman at the 2022 annual meeting and vote against approving executive compensation

BATON ROUGE, The., May 18, 2022 /PRNewswire/ — Prescience Point Capital Management LLC (“Prescience Point”), a research-based, catalyst-focused investment company, which owns approximately 6.7% of the outstanding common shares of MiMedx Group, Inc. (“MDXG” or the “Company”) (NASDAQ: MDXG), today issued the following statement:

“In recent press releases and letters, MiMedx has misleadingly portrayed Prescience Point as a single disgruntled shareholder. However, from what we understand, several other significant MiMedx shareholders, representing millions of MDXG shares, have sent correspondence to the Company outlining concerns similar to ours.With an important vote pending at the Company’s annual meeting of shareholders on June 7, 2022, we believe it is imperative that shareholders know the truth. As such, we ask the board and management to publicly confirm that they have received letters of concern from other significant shareholders in recent weeks,” declared Eiad AsbahiFounder and managing partner of Prescience Point.

As an example of the apparently widespread discontent within MiMedx’s shareholder base, Prescience Point noted the following comments from an email sent to the Board of Directors by a large, long-time shareholder that was recently made public on an investor information website:

“…However, the final blow to all of this is [CEO] Tim and this “Let ‘Em Eat Cake” board plan to hand out stock like candy. Shareholders are held hostage by the resulting dilution of this ill-gotten compensation.

“Shame also on this Board of Directors for accepting hundreds of thousands of shares and cash each year while shareholders are suffering. You are all failing in your fiduciary responsibility to us – the true owners of MIMEDX who have invested our hard-earned money in this company.

“This leadership and this board of directors are not aligned with the best interests of shareholders and are a classic example of everything that is wrong with corporate governance in today’s world of greed and self-centeredness.”

“Rather than acknowledge the blatant destruction of value caused by the flawed strategies and actions of the board and management, and the totally unwarranted stock awards they granted themselves, the company has engaged in personal attacks on me based on events from more than two decades ago which It is both a distressing weakness of character in a publicly traded health care company and a desperate attempt to deflect the shareholder attention to board and management failings,” Mr. Asbahi said.

Prescience Point reiterated its intent to abstain from voting against two MDXG board members, Phyllis Gardner and James Biermanwho are up for election at the annual meeting of the Corporation, and to vote AGAINST the approval of the executive compensation program.

“We intend to send a message that the repeated failures and shortcomings of MiMedx’s board and management will not be tolerated by shareholders, by voting WITHHOLD against two directors and voting NO on the excessive and undeserved compensation for company executives. We believe that MDXG shareholders should not swallow all of the misleading and self-serving misinformation consistently served up by the board and management, and that it is the responsibility of the board as a trustee to set the record straight,” Mr. Asbahi noted.

Warning

This document does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. Further, the discussions and opinions contained in this press release are for general information only and are not intended to provide investment advice. All statements in this press release that are not clearly historical in nature or necessarily dependent on future events are “forward-looking statements”, which are not guarantees of future performance or results, and the words “anticipate “, “believe”, “expect”, “potential”, “could”, “opportunity”, “estimate” and similar expressions are generally intended to identify forward-looking statements. Projected results and statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release, and involve risks that may cause actual results to materially different. Certain information included in this document is based on data obtained from sources believed to be reliable. No representation is made as to the accuracy or completeness of this data, and any analysis provided to assist the recipient of this presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one of the alternative methodologies that produce different results. Accordingly, any analysis should also not be relied upon as factual, nor should it be considered an accurate prediction of future results. All figures are unverified estimates and subject to revision without notice. Prescience Point disclaims any obligation to update the information contained herein and reserves the right to modify any of its opinions expressed herein at any time as it deems appropriate. Past performance does not represent future results.

About Prescience Point Capital Management

Prescience Point Capital Management is a private investment manager that uses forensic investigative techniques to uncover significant mispricings in global markets. He specializes in in-depth investigations of hard-to-analyze public companies to uncover important elements of the business that have been overlooked or overlooked by others.

Prescience Point manages private funds on behalf of its clients and principals and takes long and short positions in support of its research. Prescience Point invests in a wide range of stocks which it believes have abnormally large mismatches between the intrinsic value of their underlying businesses and the selling price of their securities. The company was founded by the investor Eiad Asbahi in 2009 and is headquartered in Baton Rouge, LA. Prescience Point Capital Management is a registered investment adviser with the state of louisiana. To follow @PresciencePoint.

Quote

View original content: https://www.prnewswire.com/news-releases/prescience-point-capital-management-calls-on-mimedx-to-confirm-the-company-has-received-letters-of-serious – concern-of-other-shareholders-301549997.html

SOURCE Prescience Point Capital Management

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Fiserv’s Corporate Social Responsibility Report Details Commitment to People, Environment and Strong Governance https://upbeetcommunications.com/fiservs-corporate-social-responsibility-report-details-commitment-to-people-environment-and-strong-governance/ Mon, 16 May 2022 13:08:02 +0000 https://upbeetcommunications.com/fiservs-corporate-social-responsibility-report-details-commitment-to-people-environment-and-strong-governance/ Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment technology solutions and financial services, today released its 2021 Corporate Social Responsibility (CSR) Report, outlining its proactive approach to empowering people, advancing communities, championing responsible business practices and investing in sustainable systems to create positive results. The 2021 report aligns with the reporting standards of […]]]>

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment technology solutions and financial services, today released its 2021 Corporate Social Responsibility (CSR) Report, outlining its proactive approach to empowering people, advancing communities, championing responsible business practices and investing in sustainable systems to create positive results.

The 2021 report aligns with the reporting standards of the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) and highlights achievements across the four environmental, social and governance (ESG) pillars.

“Our approach to corporate social responsibility reflects our global presence and is embedded in how we deliver solutions and services to people’s financial lives every day,” said Neil Wilcox, corporate social responsibility manager. businesses at Fiserv. “We are advancing our CSR programs and ESG reporting, and encouraging associate engagement as we seek to advance our communities and society in meaningful and impactful ways.”

Empower people

Diversity and inclusion are key to creating an innovative and inclusive work environment at Fiserv. Of its U.S. workforce, 34% are racially or ethnically diverse, a 2% year-over-year increase. Fiserv’s senior leadership is 28% women in the U.S. and 27% globally, while 18% of U.S. leaders are racially or ethnically diverse, a 4% year-over-year increase. the other.

Fiserv has established strong partnerships with historically black colleges and universities as well as the National Black MBA Association, creating a diverse candidate pool for future positions in finance. Fiserv received the organization’s 2021 Silver Torch Award in recognition of efforts to promote equal opportunity for minority professionals.

Fiserv actively welcomes veterans into its workforce through its military community engagement program, Fiserv Salutes, and received numerous accolades in 2021, including placement on Forbes’ list of Best Employers for Veterans.

The Fiserv Cares Fund has provided charitable grants to Associates who have experienced hardship due to qualified disasters, as well as to charitable organizations in the communities where Fiserv Associates live and work.

Advancing communities and society

Fiserv believes its platform and global reach can create positive change in the communities in which it operates. In 2021, the Fiserv Back2Business initiative, which originally committed $10 million to support minority-owned small businesses negatively impacted by the pandemic, was increased to $50 million. To date, Back2Business has provided over 1,400 grants of $10,000 in the US and UK

Beyond Back2Business, Fiserv’s philanthropic donations have totaled more than $6 million to more than 180 organizations worldwide. During the company’s Season of Giving campaign, associates, along with a corporate match, donated nearly $600,000 to more than 1,200 community groups and contributed more than 3,500 volunteer hours. Using the Fiserv Gives Back portal, associates have donated nearly $1 million and over 8,000 volunteer hours to more than 2,000 causes.

Fiserv also partners with a number of philanthropic organizations and community groups to offer programs designed to support small businesses. In partnership with Syracuse University’s Institute of Veterans and Military Families (IVMF), Fiserv is a founding member of the Coalition for Veteran Owned Business (CVOB), a unique national initiative to support the success businesses owned by veterans, military personnel and military spouses.

Promote responsible business practices

Underscoring the importance of ESG to business, Fiserv’s Board of Directors amended its Nominating and Corporate Governance Committee Charter to formalize committee oversight of programs, policies, disclosures and reporting ESG, and the responsibility to identify, assess and monitor ESG-related trends, opportunities and risks that could materially impact the business. In addition, the Talent and Compensation Committee is responsible for overseeing human capital strategy, including with respect to diversity, equity and inclusion, talent engagement and culture.

It is paramount for Fiserv and its associates to operate ethically in order to better serve its customers, communities, partners and fellow associates. All associates are required to participate in anti-bribery and anti-corruption training, and Fiserv opposes labor abuses as outlined in its modern slavery statement.

Investing in sustainable systems

Efforts to reduce energy consumption and greenhouse gas (GHG) emissions continued. In 2021, Fiserv expanded reporting of Scope 3 GHG emissions to include categories other than business travel.

In 2021, 250,000 short tons of paper were recycled, or nearly 375,000 pounds. of CO2 avoided emissions, 1.3 million cubic meters of landfill space conserved, 4.3 million trees preserved, 7.1 million gallons of water saved and over 585 million kWh of energy conserved.

Fiserv has made progress in reducing its carbon footprint by eliminating redundant operations in data centers and exiting the real estate space. To date, more than 30 data centers have been consolidated. For all new offices and facilities, incorporating green building design principles is a priority.

Additional Resources

Fiserv Corporate Social Responsibility Report – https://fiserv-csrreport.com/

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in ways that move the world. As a global leader in payments and fintech, the company helps its customers achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuer processing and network services; Payments; e-commerce; acquiring and processing merchants; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of the FORTUNE® World’s Most Admired Companies for 11 of the past 14 years and named one of the World’s Most Innovative Companies by Fast Company for two consecutive years. years. Visit fiserv.com and follow social media for more information and the latest company news.

FISV-G

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UAE telecommunications company e& acquires 9.8% of British group Vodafone for $4.4 billion https://upbeetcommunications.com/uae-telecommunications-company-e-acquires-9-8-of-british-group-vodafone-for-4-4-billion/ Sat, 14 May 2022 10:51:27 +0000 https://upbeetcommunications.com/uae-telecommunications-company-e-acquires-9-8-of-british-group-vodafone-for-4-4-billion/ The UAE’s largest telecoms operator, e&, has acquired a 9.8% stake in British mobile operator Vodafone Group for $4.4 billion as it seeks to diversify its operations to scale world. Emirates Telecommunication Group, formerly known as Etisalat, has acquired around 2,766 million shares of Vodafone, it said in a statement on the Abu Dhabi Stock […]]]>

The UAE’s largest telecoms operator, e&, has acquired a 9.8% stake in British mobile operator Vodafone Group for $4.4 billion as it seeks to diversify its operations to scale world.

Emirates Telecommunication Group, formerly known as Etisalat, has acquired around 2,766 million shares of Vodafone, it said in a statement on the Abu Dhabi Stock Exchange (ADX) on Saturday, where its shares are negotiated.

“Vodafone is one of the leading companies at the heart of digital communications in Europe and Africa with a compelling business offering essential digital connectivity and services,” said Hatem Dowidar, e& Group Chief Executive.

“Our investment represents a unique opportunity to acquire a significant stake in one of the largest and strongest global telecommunications brands, and a company we know well. We look forward to building a mutually beneficial strategic partnership with Vodafone with the aim of driving value creation for both our businesses, exploring opportunities in the rapidly developing global telecommunications market and supporting the adoption of new technologies. generation.

The Abu Dhabi-based company was founded in 1976 and is the oldest telecommunications company in the United Arab Emirates. It is present in nearly 16 countries in the Middle East, Asia and Africa, serving more than 156 million customers.

In February this year, e& changed its name as it sought to transform itself into a global technology investment conglomerate.

The UAE telecom operator is not seeking representation on Vodafone’s board and does not intend to bid for the company, the statement said.

Vodafone is one of the leading companies at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services

Hatem Dowidar, e& Group Managing Director

“e& sees this investment as a highly effective use of its strong balance sheet at a compelling and attractive valuation with strong currency diversification benefits. It offers a clear opportunity to realize future value through potential capital gains and dividends. It may also lead to potential business partnerships in R&D, technology applications and procurement,” the statement said.

Vodafone’s reputation as a digital-first operator, underpinned by its strong approach to corporate governance and well-regulated global footprint, makes it an attractive opportunity for e& at the current time, the statement said.

e& announced a 3.6% increase in its net income in the first quarter, supported by growth in the number of subscribers.

Net profit attributable to owners of the company for the three-month period ended March 31 was 2.4 billion dirhams ($653.3 million), compared to 2.3 billion dirhams in the same period last year.

The operator’s turnover remained stable at over MAD 13.3 billion during the period. Earnings per share rose to 0.28 cents.

In October, it signed a binding agreement with Abu Dhabi-based artificial intelligence service provider G42 to merge its data center services and create the largest data center provider in the United Arab Emirates.

Last August, Etisalat acquired an additional stake in the Maroc Telecom group, increasing its effective stake from 48.4% to 53%.

Updated: May 14, 2022, 11:03 a.m.

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Ministers delay plans to force UK companies to disclose environment https://upbeetcommunications.com/ministers-delay-plans-to-force-uk-companies-to-disclose-environment/ Thu, 12 May 2022 03:00:06 +0000 https://upbeetcommunications.com/ministers-delay-plans-to-force-uk-companies-to-disclose-environment/ Ministers took the last-minute decision to withdraw plans to require major UK businesses and asset managers to disclose their environmental impact from the Queen’s Speech on Tuesday, government sources say. The move to remove ‘sustainability disclosure requirements’ from a new financial services bill comes as the government more broadly backs away from tightening corporate governance. […]]]>

Ministers took the last-minute decision to withdraw plans to require major UK businesses and asset managers to disclose their environmental impact from the Queen’s Speech on Tuesday, government sources say.

The move to remove ‘sustainability disclosure requirements’ from a new financial services bill comes as the government more broadly backs away from tightening corporate governance.

Other measures postponed – partly at the request of David Canzini, deputy chief of staff at Downing Street – included audit reforms, increased powers for the internet regulator and the regulation of professional football.

The Treasury said it “remains committed to implementing the sustainability disclosure requirement and will proceed with the necessary legislation in due course.”

Chancellor Rishi Sunak announced in October that major UK companies, investment groups and pension schemes should start disclosing the environmental impact of their activities.

The SDRs will require companies to “clearly” substantiate their sustainability claims while setting out their transition plans to help achieve the UK’s goal of becoming net zero carbon by 2050.

They will cover disclosure rules for investment products, asset managers and owners and listed companies.

The government has said it will allow these corporate reporting standards to be set in conjunction with the International Financial Reporting Standards Foundation, an international body that is developing its own climate-related standard.

Although ministers never announced the SDR legislation would feature in the Financial Services Bill or the wider Queen’s Speech, they hoped to do so privately until the end of the week. last.

An aide said there had been a last minute U-turn: ‘I would see this in the context of Downing Street not wanting to impose new regulations on business at this stage.

Canzini, who is said to have strong free-market instincts, told his aides to drop or postpone policies that could be considered “unconservative” in order to differentiate the party from Labour.

Government officials said “the best vehicle to deliver” the DTS had yet to be decided.

They said the Financial Services Bill was already a cumbersome piece of legislation that could get bogged down in parliament if it got any longer.

Officials pointed out that progress was still being made under the auspices of the Department for Business, Energy and Industrial Strategy and the Financial Conduct Authority, for example moving towards mandatory disclosure of the planning of the transition for financial companies. However, they confirmed that legislation would eventually be needed for the new system.

The Government’s Transition Plan Task Force will create the framework for companies to disclose their plans for transitioning to net zero. He launched a call for testimonials this week.

Ed Miliband, shadow energy secretary, said the government was backing away from commitments just six months after hosting the COP26 global climate talks in Glasgow. “Government backtracking on this is the wrong choice and is holding back the UK’s and the world’s green transition.”

Heather McKay, policy adviser for sustainable finance at think tank E3G, said the Queen’s Speech had been “a bit of a wet squib” in tackling climate change.

“There was real potential with the Financial Services Bill to underpin this green economic firework of innovation around how we manage climate risk in the UK.”

The Treasury insisted the UK was always at the forefront of efforts to ensure corporate environmental disclosure.

“The UK was the first major economy to commit to mandatory climate reporting and we have delivered on that commitment by establishing a comprehensive regime this year,” the department said. “Today we also launched a call for evidence to develop the gold standard for transition planning, helping to deliver on our ambition to make the UK the first net zero aligned financial center in the world. “

Video: “Net zero will not change the way we live”

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Paul L. Choi to Lead Harvard Supervisory Board | News https://upbeetcommunications.com/paul-l-choi-to-lead-harvard-supervisory-board-news/ Tue, 10 May 2022 05:27:30 +0000 https://upbeetcommunications.com/paul-l-choi-to-lead-harvard-supervisory-board-news/ Paul L. Choi ’86, a corporate governance lawyer, will serve as chairman of Harvard’s board of supervisors for next year, the university announced Monday. Leslie P. Tolbert ’73, professor of neuroscience, will serve as vice chair. The Board of Overseers – Harvard’s second governing body – is made up of 30 alumni who advise on […]]]>

Paul L. Choi ’86, a corporate governance lawyer, will serve as chairman of Harvard’s board of supervisors for next year, the university announced Monday. Leslie P. Tolbert ’73, professor of neuroscience, will serve as vice chair.

The Board of Overseers – Harvard’s second governing body – is made up of 30 alumni who advise on the direction of the school, advise top administrators, and approve certain actions of the Harvard Corporation. Choi and Tolbert were elected to the board in 2017 and will lead the organization in the final year of their six-year term.

The announcement comes amid voting for new Supervisory Board members. Nine Harvard alumni are vying for six vacancies. Except for those who already serve on university governance, all Harvard degree holders who graduated before Jan. 1 can vote. Voting closes May 17.

Six nominees were endorsed by the Coalition for a Diverse Harvard, a network of Harvard affiliates dedicated to increasing diversity and promoting equity at the University.

After graduating from Harvard College and Harvard Law School, Choi became a clerk at the DC Circuit Court of Appeals. Today, he is a partner at Sidley Austin, an international law firm, where he is the global co-head of its mergers and acquisitions practice and a member of the firm’s executive committee.

As a member of the oversight board, Choi sits on several internal committees, including the body’s executive committee, institutional policy committee, and election task force. Choi has also served or sits on visiting committees—panels of experts and alumni charged with evaluating schools and departments—across the University.

Prior to joining university governance, Choi served as president of the Harvard Alumni Association from 2015 to 2016 and serves on the law school dean’s board of directors.

“It is a tremendous honor and privilege to be elected Chairman of the Board of Supervisors and to have the opportunity to serve the university and my fellow board members in this new role,” Choi said in an interview with The Harvard Gazette, a publication overseen by the University’s Public Affairs Department.

After graduating from Harvard College with honors, Tolbert earned a Ph.D. in Anatomy from the University and continued his research at Harvard Medical School and the Faculty of Arts and Science. Tolbert then left Cambridge for Washington DC, where she joined Georgetown University Medical School before later moving to the University of Arizona, where she is now a professor emeritus.

Leslie P. Tolbert '73

Leslie P. Tolbert ’73

Tolbert’s research focuses on cellular and developmental neuroscience, namely the impact of sensory inputs on brain circuitry, the interactions of neurons and glial cells, and the development and plasticity of the olfactory system.

She has also held leadership positions at the University of Arizona, including Senior Vice President for Research, Acting Dean of the Graduate College, and Chair of the Campus Committee on Neuroscience.

At Harvard, Tolbert serves on the executive council of the Board of Overseers and several other internal committees, including the Natural and Applied Sciences Committee and the Harvard Library Visiting Committee.

Choi said he was “grateful to have Leslie Tolbert, a distinguished scientist and a wonderful colleague, as a partner at the helm of the board.”

University president Lawrence S. Bacow praised Choi and Tolbert in an interview with the Harvard Gazette, a publication run by the university.

“Both Paul Choi and Leslie Tolbert served Harvard with uncommon dedication and distinction, particularly during their final five years as invigilators,” he said. “Paul has extensive experience in the governance of complex organizations, including Harvard, and a long leadership experience in alumni affairs. Leslie is a widely admired scientist, educator and university leader who has played a particularly valuable role in our visitation committee process over the past few years.

Choi and Tolbert succeed Helena Buonanno Foulkes ’86 and P. Lindsay Chase-Lansdale ’74. Foulkes is currently running for governor of Rhode Island.

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New CEO for Baptist Community Ministries, New Hires at Baker Donelson, Obatala Sciences Choose Best Chief Scientist | Economic news https://upbeetcommunications.com/new-ceo-for-baptist-community-ministries-new-hires-at-baker-donelson-obatala-sciences-choose-best-chief-scientist-economic-news/ Sun, 08 May 2022 05:15:00 +0000 https://upbeetcommunications.com/new-ceo-for-baptist-community-ministries-new-hires-at-baker-donelson-obatala-sciences-choose-best-chief-scientist-economic-news/ New Orleans Margaux T. Dastugue and Ryan B. Gonzales we’re joining Donelson Baker as partners in the New Orleans office. Dastugue focuses his practice in the areas of mergers and acquisitions, corporate planning, corporate governance, and general affairs and corporate affairs. Prior to joining Baker Donelson, she practiced in Washington, DC and London with an […]]]>

New Orleans

Margaux T. Dastugue and Ryan B. Gonzales we’re joining Donelson Baker as partners in the New Orleans office.

Dastugue focuses his practice in the areas of mergers and acquisitions, corporate planning, corporate governance, and general affairs and corporate affairs. Prior to joining Baker Donelson, she practiced in Washington, DC and London with an international law firm headquartered in London.

She earned a bachelor’s degree from the University of Virginia and a law degree from Vanderbilt University School of Law.

Gonzales focuses his practice in the areas of mergers and acquisitions, finance, tax, corporate contracts and governance. Prior to joining Baker Donelson, Ryan worked as an in-house counsel at a Fortune 500 integrated energy company. Previously, he was a legal counsel for the U.S. Senate Finance Committee and a senior tax partner in the New York office of Ernst & Young. .

He graduated with honors with a bachelor’s and master’s degree in accounting from Tulane University. He earned his law degree from Loyola University New Orleans College of Law and a master’s degree in tax law from Georgetown University Law Center.

Cecile Sanchez was appointed chief scientific officer and vice president for research and development at Obatala Science.

Sanchez obtained his PhD in Strasbourg, France, working in the laboratory of Pierre Chambon, an international leader in transcriptional biology. She then moved to Tulane University in New Orleans for post-doctoral fellowships,

Sanchez then joined the pulmonary division of the Tulane Department of Medicine.

Obatala Sciences is a New Orleans biotechnology company focused on advancing tissue engineering and regenerative medicine.

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Korey Patty was appointed regional delegate for economic competitiveness for The New Orleans BioInnovation Center.

Twice a day we’ll send you the day’s headlines. Register today.

Patty will coordinate resources and facilitate collaboration within the South Louisiana life sciences industry in conjunction with the Gulf Coast Health Sciences Corridor.

Prior to joining the center, Patty served as executive director of Feeding Louisiana, the state association of Louisiana’s five Feeding America food banks. His experience also includes business and economic development for the State of Louisiana, as well as management, public policy and advocacy in a variety of industries.

He earned a bachelor’s degree in marketing from the University of Tulsa and a master’s degree in commerce from LSU.

The New Orleans BioInnovation Center is a private, not-for-profit business incubator that supports entrepreneurship and is dedicated to growing bioscience innovation throughout Louisiana.

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Inman J. Houston was named CEO of Baptist Community Ministriesa faith-based Christian foundation serving greater New Orleans.

Houston is the ordained prime minister to lead the foundation. He has served as senior pastor of First Baptist Church in Lawrenceville, Georgia since early 2008.

Previously, Houston served for five years with First Baptist Church in New Orleans, ending as a global impact associate pastor and director of the Baptist Crossroads Project. Among other roles, he coordinated the response in the aftermath of Hurricane Katrina, which used nearly 10,000 volunteers to help more than 800 homeowners, and he helped launch the effort to rebuild what is now called Musicians’ Village.

He received a bachelor’s degree in management from the Georgia Institute of Technology. After graduating, he completed a nine-month internship at the Federal Reserve Bank of Atlanta. He went on to earn a master’s degree in theology of Christian thought and a master’s degree in theology from New Orleans Baptist Theological Seminary.

Red Stick

Denis Bluntpartner of Phelpslitigation, was appointed deputy managing partner of the Baton Rouge office.

Blunt will lead initiatives that will expand the company’s relationships with policymakers, industry leaders, nonprofits and other community influencers.

Blunt is used to leading projects and working with community partners to revitalize the Baton Rouge area. He has held leadership positions with the Baton Rouge Area Chamber, Louisiana Public Affairs Research Council, Capital Area Finance Authority, and 100 Black Men of Metro Baton Rouge.

Purchases made through links on our site may earn us an affiliate commission

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Center for evaluating UAPs on capital management, investors convene among new metrics https://upbeetcommunications.com/center-for-evaluating-uaps-on-capital-management-investors-convene-among-new-metrics/ Wed, 04 May 2022 00:32:00 +0000 https://upbeetcommunications.com/center-for-evaluating-uaps-on-capital-management-investors-convene-among-new-metrics/ PSUs must also comply with asset monetization targets collectively set by their parent ministry. TopicsGEM | PSUs | public sector companies Nikunj Ohri | New Delhi Last Updated May 4, 2022 06:02 IST The number of times public sector enterprises (PSUs) held conference calls with investors, their capital management and debt […]]]>

PSUs must also comply with asset monetization targets collectively set by their parent ministry.

Topics
GEM | PSUs | public sector companies


Nikunj Ohri |
New Delhi


The number of times public sector enterprises (PSUs) held conference calls with investors, their capital management and debt financing are among the metrics the Center will use to judge their performance for the first time, said said a well-informed senior official.

The government will assess PSUs for FY22 based on new parameters that have been finalized by the Department of Public Enterprises (DPE) in consultation with the Department of Investment and Public Assets Management (DIPAM) the last year, the official said. The government had included more conditions in the memorandum of …




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CIG Pannnia letbiztost: Report on corporate governance for the year 2021 https://upbeetcommunications.com/cig-pannnia-letbiztost-report-on-corporate-governance-for-the-year-2021/ Fri, 29 Apr 2022 16:18:33 +0000 https://upbeetcommunications.com/cig-pannnia-letbiztost-report-on-corporate-governance-for-the-year-2021/ CORPORATE GOVERNANCE REPORT Introduction The shares of CIG Pannónia Life Insurance Plc. (registered address: H-1095Budapest, Könyves Kalman krt. 11.B., hereinafter: Company) have been classified by Budapest Stock Exchange Company Limited by Shares (hereafter: BSE) in the “Premium” category from July 1, 2013. The decisive proportion of 94,428,260 shares is held by Hungarian companies and Hungarian […]]]>

CORPORATE GOVERNANCE REPORT

Introduction

The shares of CIG Pannónia Life Insurance Plc. (registered address: H-1095Budapest,

Könyves Kalman krt. 11.B., hereinafter: Company) have been classified by Budapest Stock Exchange Company Limited by Shares (hereafter: BSE) in the “Premium” category from July 1, 2013. The decisive proportion of 94,428,260 shares is held by Hungarian companies and Hungarian individuals. According to information officially known to our Company, based on direct and indirect shareholding, the share of Hungarikum Biztosítási Alkusz Kft. is 57.27%, Kaptár Befektetési Zrt. at 3.33%, while dr. Gabor Moricz as a natural person holds an ownership share of 3.17%. The number of other shareholders is about six thousand. The Company considers its responsibilityshareholders to fully comply with corporate governance recommendations. In accordance with his requirements, we present the governance and operation of the Companyrational characteristics as follows.

Table

The management body of the Company is the Board; it is the duty of the Board to develop and manage the organizational structure of the Company. The extent of its powers is defined by the applicable laws, the The statutes, the resolutions of the General Assembly Meeting and Council’s rules of procedure. The Board is responsible for adopting its own rules of procedure by majority vote of Board members. The rules of procedure regulate, between other points, matters related to the Council’s the functioning, the structure of the Board and the mandatory elements of the content of meetings and minutes. The Board of Directors of the Company is composed of at least three, but not more than seven members; its members are appointed and revoked by the General Assembly. The rules applicable to senior employees as specified in Act LXXXVIII of 2014 on insurance activities (hereinafter referred to as: Insurance Act) apply to members of the Board of Directors. The Board fulfilled its mission as a body of 3 members at the beginning of the year, and as a body of 4 members after the meeting of the Management Board with competence of the General Meeting of April 7, 2021.

Given the fact that the hierarchy of the Company is less articulated due to given the relatively low number of employees, the members of the council have not formally divided up the tasks but exercise them as a college.

The Board has defined a wide range of powers reserved for it, in addition to those provided for in the articles of association. These are mainly the skills that require continuous operational assignment, control and significant resources in the area of ​​strategy, risk management, and the consequences of the decision can be longer term. All other operational decisions at the level of day-to-day operations are made independently by the management of the company, within the framework and in the manner defined in the internal policies of the company.

Members of the board of directors of the company

Zoltan PolanyiChairman of the Board (Board member since April 7, 2021, Chairman since May 12, 2021)

Zoltán Polányi was the director of CIG Pannónia Life Insurance Plc. and Deputy CEO of CIG Pannonia First Hungarian general insurance cPlc. since January 2021. Since October 2004 to January 2021 employee of UNIQA Biztosító Zrt., held commercial management positions between 2004 and 2007, from 2008 to 2011 responsible for the insurer’s dependent agent network, from 2012 to 2013 responsible for all insurance sales channels, between June 2014 and 2016 he was General Manager of Sales, General Manager, then from the summer of 2016 a member of the Board of Directors in charge first of sales, then after the transformation of the insurer, of the corporate field (Corporate, Bank, Affinity). Before UNIQA Insurance, he was an employee of the K&H Leasing group between 1999 and 2004. Until 2003, he was commercial director of K&H Leasing, then general manager of K&H Alkusz Kft. In 1999, he was head of the wholesale division of Porsche Hungaria Kft.

Areas of specialization within its competence: insurance and financial markets, business strategy and business model, governance system, regulatory requirements.

Expiry of his Board membership: 19.04.2024

dr. Istvan FedakChairman of the Board (Director since June 21, 2019, Chairman of the Board since August 14, 2020)

dr. István Fedák graduated from the MBA faculty of Budapest University of Economics in 1998 and then from the Faculty of Law of the Pázmány Péter Catholic University in 2002. He is a certified auditor. He started his career at Creditanstalt Rt. as a risk manager, then he was first business development manager, then head of risk management at the Rt factor. After completing his law studies, he started working at the law firm Fedák, later worked at MFB Bank. He held financial and executive positions within the OT Industries group between 2008 and 2015. He was then CEO of Eurobond Ltd.one year period. He was Deputy General Manager for Law and Finance of Keszthelyi Holding cPlc. since 2016 and CEO of Agenta-Consulting Ltd. from 2017 until 2020.

Areas of specialization within its competence: insurance and finance markets, business strategy and business model, governance system, regulatory requirements.

Expiry of his Board membership: 21.06.2022

dr. Peter BogdanffyDirector (since May 17, 2019)

dr. Péter Bogdánffy graduated from the Faculty of Law of József Attila Tudományegyetem in Szeged. He obtained a qualification in German and Hungarian economic law at the University of Potsdam. He started his professional career as a lawyer at the law firm Noerr in 2000, then worked as a partner at the law firm Faludi Wolf Theiss. He was a board member of Siemens cPlc. between 2008 and 2011, he had in the meantime been responsible for legal management as chief legal counsel for the companies of Siemens in Hungary. He was a member of the Board of Directors and Deputy Managing Director of BROKERNET Investment Holding cPlc. since 2012, Chairman of the Board of Directors of BROKERNET Investment Holding cPlc. since 2012 and member of the Supervisory Board of Quantis Alpha cPlc. since 2012. He was a member of the Supervisory Board of CIG Pannonia Life Insurance Plc. between 2013 and 2015, he then worked as a management consultant as a private entrepreneur. He has been working as a lawyer since 2016. He was a member of the supervisory board of Keszthelyi Holding cPlc. since February 2019. In addition to his law degree and his licenser review, dr. Péter Bogdánffy speaks perfect English and German Professional competence. He is a member of the Budapest Bar Association and the Hungarian Association for Corporate Compliance.

Areas of specialization within its competence: insurance and finance markets, business strategy and business model, governance system, regulatory requirements.

Board membership expires: 17.05.2022

Zsuzsanna Ódorné AngyalMember of the Board (since August 14, 2020)

Zsuzsanna Ódorné Angyal graduated from the UNUniversity of Agricultural Sciences of Gödöllő as an economist and graduated in accounting, then she graduated as a professor of engineering. At Szent István University, she broadened her professional knowledge with postgraduate studies at the Faculty of Agricultural Experts of the European Union. She also has the qualifications of tax consultant, payroll manager, social security manager and internal auditor.

She began her professional career in small companies, then from 2009, she first managed the direct relations of the subsidiaries of OPUS GLOBAL Plc. then coordinated and supervised activities in the economic and management area (finance, accounting, management control) and compliance. From 2017 for two years, she was CEO of OPUS GLOBAL Plc., then currently, as Deputy General Manager of the company, she coordinates day-to-day operations, global management, consolidation and preparation of financial statements of the group.

She speaks English and German. She has been a member of the Company’s Board of Directors since August 14, 2020.

Areas of specialization within its competence: money and capital markets, business strategy and business model, development and operation of a management system, financial analysis, regulatory requirements and frameworks.

Expiry of his Board membership: 14.08.2023

Akos VeiszMember of the Supervisory Board (since September 26, 2017)

Ákos Veisz graduated in economics in 2006, at the Budapesti Corvinus University, majoring in Finance, and he wasward with the college professional Award. In 2005 he studied at the University of Tilburg (Netherlands) with an ERASMUS scholarship, and between 2007 and 2010 he participated in several continuing professional training courses abroad in the fields of exchange rate policy, financial markets and sovereign debt management. Between 2006 and 2010, he worked as a financial analyst in the Economic Policy Department of the Ministry of Finance, then as an economic analyst in the

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Enable sustainable corporate governance https://upbeetcommunications.com/enable-sustainable-corporate-governance/ Wed, 27 Apr 2022 17:46:00 +0000 https://upbeetcommunications.com/enable-sustainable-corporate-governance/ ESG – environmental, social and governance – is no longer just a buzzword. $15 trillion in global funds are focused on this space. Priority areas include responsible carbon management, greening market offerings and the supply chain that provides it, employee health and safety, community development and the circular economy. The Securities and Exchange Board of […]]]>
ESG – environmental, social and governance – is no longer just a buzzword. $15 trillion in global funds are focused on this space. Priority areas include responsible carbon management, greening market offerings and the supply chain that provides it, employee health and safety, community development and the circular economy.

The Securities and Exchange Board of India (Sebi) now wants India’s top 1,000 companies by market capitalization to report on how they promote sustainable growth this fiscal year. The U.S. Securities and Exchange Commission (SEC) recently proposed new rules for U.S. corporate climate-related disclosures. Now seems like a good time to move towards universal social good and legitimate profits in a post-pandemic world. Here are elements of what should be part of an ESG action plan for companies.

Equipment used in an engineering company may not perform optimally. Verification of performance ratings against original equipment manufacturer (OEM) specifications and ongoing monitoring will indicate which parts need to be replaced and whether equipment needs to be overhauled or replaced. This also works for other equipment.

Optimizing energy consumption always presents an opportunity for significant improvement. The type and source of energy used should be inspected, to encourage a transition to environmentally friendly and renewable energy options. Related steps include reinforcing building insulation to prevent energy dissipation, using fuel-efficient vehicles, and the simple discipline of turning off lights and appliances when not in use.

In addition, the emission of greenhouse gases (GHG) requires special attention. The adoption of recycling and destruction processes in industry is crucial. We need to be equally vigilant about sulfur hexafluoride emissions from electricity transmission and hydrofluorocarbon (HFC) releases from air conditioning system refrigerants. Sensing and compensation mechanisms are needed for this, and planting more trees could be an effective first step.

Understanding the innate benefits of a circular economy is key to progress. This involves sharing, reusing, recycling or reselling products, rather than throwing them away. It includes all forms of waste, including fabrics, scrap metal and obsolete electronics. Waste prevention and redesign can be considered later.

As with other initiatives, the big question is where to start. To get things off the ground, it’s a good idea to set up a think tank for a macro scan. Ideally, the team should include a board member, people leading manufacturing or other critical operations, and analysts who will gather and make sense of the data. The macro-scan should examine the regulatory, competitive and cross-industry landscape. The domains to target and the metrics to collect should be an explicit result.

The benchmark of the selected metrics should follow to determine the current status. This will involve studying past reports and current systems. Interactions with other stakeholders in the organization are essential to break down silos and develop insights beyond the numbers.

Next, the team must develop a roadmap for concerted action. The idea is to clarify the level of ambition of the organization, aligned with its objective. Also, key metrics, resources, and a phased program that ensures accountability. This is a good time to share the plan – macro-scan, baseline and roadmap – with the board. A key decision will be whether a subject matter expert is needed for step-by-step guidance in the ESG journey.

It is important to note that investors attracted to socially and environmentally responsible companies are also changing the valuation equations. The top 100 companies have published sustainability plans and their firm commitments. Many are eligible to issue ESG bonds that could yield $15 billion in the fiscal year. Listed entities, as well as those considering doing so, will soon want to apply for an ESG rating. Sebi proposed that these ratings be provided by accredited ESG rating providers (ERPs). It solicited input on the selection, methodology and rating process of LES.

While incremental greening is ESG nirvana, the invisible costs and destruction of the planet’s resources require further examination. Take the batteries that store energy in electric vehicles (EVs). To be truly green, the energy stored in batteries must exclude that obtained from coal-fired power plants. And electric vehicle batteries are large, weigh a ton, and contain significant amounts of lithium, nickel, cobalt, manganese, copper, aluminum, steel, and plastic.

Solar panel arrays require processing to make pure silicon, involving a variety of acids and hydrogen fluoride, trichloroethane and acetone. Additionally, toxic elements like gallium and arsenide are also needed. Wind turbines for wind power are huge and involve tons of concrete, steel, iron, fiberglass, and various rare earths. And whether recycling is happening in all of these spaces is also a key question. There is a need to consciously redefine ESG.

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