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March 15, 2005 | Marc Lifsher, Times Staff Writer
The board of the California Public Employees' Retirement System on Monday changed its much-criticized criteria for casting protest votes against corporate directors who may have conflicts of interest. Under the old policy, CalPERS automatically withheld its proxy votes from all members of corporate audit committees that hired outside auditors to do non-audit jobs, such as creating tax shelters.
April 5, 2008 | From Times Wire Services
Starbucks Corp. is testing letting its customers pour their own coffee at some stores as part of an effort to halt two quarters of customer declines. Customers can pay before or after getting their own drip coffee, the coffee chain said.
Stung by the conflict-of-interest controversies tainting Wall Street's stock analysts, an association of financial professionals is pushing for new rules of conduct that it believes go far beyond the reforms recently adopted by major brokerages. The Assn. for Investment Management and Research has issued a series of proposals it hopes will become the industry standard for analyst practices worldwide.
April 9, 2008 | Hector Tobar, Times Staff Writer
President Felipe Calderon on Tuesday called for a sweeping modernization of Mexico's state-owned oil company, outlining a series of reforms that would allow private firms to assume a greater role in the petroleum industry. "We must act now," Calderon said in a televised address timed to coincide with the formal presentation of his initiative to the Senate. "Time and our oil are running out." The reserves of Pemex, as the oil company is known, could disappear in a decade, officials say.
April 17, 2003 | Thomas S. Mulligan, Times Staff Writer
The nation's new accounting watchdog panel voted Wednesday to take over standard-setting for corporate auditors, effectively ending the beleaguered industry's long tradition of self-policing. From now on, the Public Company Accounting Oversight Board will write the guidelines that govern key areas of accounting industry behavior, including auditing procedures, ethics and independence.
FORTUNA, Calif.--Corky Cornwell is the picture of small-town prosperity, with his ample belly, ruddy cheeks and the service-club pin neatly fixed to the lapel of his tweed sport jacket. His chain of six cell phone stores is thriving, even as much of the North Coast struggles economically. As Cornwell says, the little gadgets are as much a staple these days as bread or milk.
October 24, 2002 | From Reuters
One in 10 publicly traded companies made financial restatements because of accounting irregularities in the last five years, the U.S. General Accounting Office said Wednesday. Annual restatements from accounting irregularities will increase 170% to a projected 250 by the end of 2002 from 92 in 1997, the report says.
December 5, 2001 | Reuters
An increasing number of the 500 largest U.S. companies have appointed women as board directors over the last nine years, a report released Tuesday said, but the progress of change has slowed to a near-glacial pace. Fortune 500 companies with female board members have risen 25.8% since Catalyst, a nonprofit research group, ran its first census on the subject in 1993. But from 1997 to the present, companies with female board members rose by only 3.6%, compared with a 21.
August 30, 2005 | Josh Friedman, Times Staff Writer
For corporate directors, there's an upside to all their extra headaches in the post-Enron world: more money. The median pay for directors at large U.S. companies jumped 18% in 2004, said a study issued Monday by Mercer Human Resource Consulting. The median compensation rose to about $155,000, from $132,000 in 2003, according to Mercer's review of regulatory filings by 350 companies with annual revenues topping $1 billion.
March 23, 2005 | From Times Wire Reports
French lawmakers voted to essentially dismantle the nation's 35-hour workweek, opening the door for companies to increase employees' working time in exchange for better pay. Nearly a million people joined strikes and demonstrations this month to defend the 35-hour week and protest other perceived threats to their working conditions and pay.
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