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Corporate Governance

February 5, 2003 | From Reuters
Hospital chain HCA Inc. agreed Tuesday to overhaul its corporate governance under a settlement with state pension funds. "The corporate governance plan being adopted by HCA significantly raises the bar on accountability for all of corporate America," New York Comptroller Alan Hevesi said.
July 3, 2013 | By Yuri Vanetik
The May jobs report shows that the American economy added 175,000 positions. Positive employment growth is welcome news, of course. But May's gains weren't big enough to make a dent in the national joblessness rate, which actually ticked up to 7.6%. Meanwhile, revenue at most U.S. companies continues to grow as firms expand operations and accumulate capital. Yet this progress hasn't precipitated a proportional expansion in hiring. This lag has long been a source of frustration on Capitol Hill.
May 6, 2004 | From Bloomberg News
CalPERS said Wednesday that it would withhold votes for seven of Ford Motor Co.'s 16 directors, including former Treasury Secretary Robert E. Rubin, as part of an effort to combat conflicts of interest among corporate directors and auditors. The California Public Employees' Retirement System said Rubin and Ford board members John R.H. Bond and John Thornton had potential conflicts of interest. Rubin, 65, is chairman of the executive committee of Citigroup Inc.
April 26, 2013 | Stuart Pfeifer and Walter Hamilton
Herbalife would seem to have a lot to talk about with its investors, but you'd never know it from Thursday's annual shareholder meeting in Beverly Hills. It lasted less than 15 minutes. Executives didn't address claims raised by hedge fund manager Bill Ackman that the company is a pyramid scheme doomed to fail. Nor did they mention the effort this year by activist investor Carl Icahn to ward off Ackman with the purchase of 15% of Herbalife stock. And Chief Executive Michael Johnson wouldn't take live questions from shareholders.
March 20, 2002 | From Bloomberg News
The New York Stock Exchange and Nasdaq Stock Market should consider prohibiting corporations from donating money to institutions that have ties to corporate audit committee members, a top Securities and Exchange Commission official said. SEC Chief Accountant Robert Herdman said that, in the wake of Enron Corp.'s collapse, regulators for the two leading U.S. markets also should weigh a proposal to stop audit board members from doing consulting work for companies they oversee.
February 6, 2008 | From Reuters
Billionaire investor Carl Icahn said Tuesday that he was starting a blog to discuss ideas on corporate governance, an area in which he has strong opinions. "This country is losing its economic hegemony," Icahn said at a corporate governance conference in New York. "I want to see who is interested in this. I really think there's a lot to do." The blog, whose address is, will be a forum where readers can respond or present ideas and Icahn will respond.
March 19, 1996 | Times Staff and Wire Reports
CalPERS Moves Activism Overseas: The investment board of the nation's largest public pension fund approved a plan for a so-called corporate-governance program in Japan, Britain, France and Germany, where the fund has almost 62% of its international investments.
July 8, 2002
* Today, Senate takes up accounting reform bill. Brookings Institution and American Enterprise Institute hold conference on corporate disclosure. * Tuesday, President Bush goes to Wall Street to address business leaders on corporate reform. Senate Judiciary subcommittee holds hearings on identity theft. .* Wednesday, Treasury Secretary Paul H. O'Neill addresses U.S. Chamber of Commerce on the economy, investor confidence and corporate governance issues.
May 12, 2002
"Vote Urges BofA Curb on Severance" [April 25] states, "The measure (shareholder proposal, if passed) is only a request that the company's board could reject or modify." Many institutional investors and individual investors delude themselves into thinking that they have some positive impact on corporate governance by simply sponsoring nonbinding shareholder proposals. Most of the proposals that pass are never implemented. And, even when implemented, no one can determine that the implementation enhanced shareholder value.
June 29, 2007 | From Times Wire Services
Pfizer Inc. said Thursday that its board would invite the drug maker's largest shareholders to a meeting this fall to discuss corporate governance issues including executive pay.
March 26, 2013 | By Andrew Tangel
NEW YORK - Does Jamie Dimon have too much power? JPMorgan Chase & Co.'s board apparently doesn't think so. Last week, its directors decided to keep Dimon as both the bank's chairman and chief executive, even after a Senate panel's scathing report about $6 billion in trading losses incurred by the so-called “London Whale.” Their decision to keep Dimon in both posts could set the stage for a rift with some big JPMorgan shareholders who support...
February 22, 2013 | By Chris O'Brien
A New York federal judge on Friday blocked Apple's plan to hold a vote next week to change the way it issues a special class of stock.  The decision was a victory for David Einhorn of Greenlight Capital, a dissident shareholder who has been lobbying Apple for the last year to issue the special stock to shareholders as a way to make better use of the $120 billion in cash on its balance sheet.  QUIZ: Test your Apple knowledge ...
February 14, 2013 | By Marc Lifsher
SACRAMENTO -- The country's second-largest public pension fund is opposing the reelection of Walt Disney Co. Chairman and Chief Executive Robert Iger to the entertainment and theme-park giant's board of directors. Citing concerns about the company's corporate governance, the $158-billion California State Teachers' Retirement System, known as CalSTRS, announced Thursday that it will vote its 5.3 million shares of Disney stock against Iger and five other board members who are up for election at an annual meeting March 6. CalSTRS' holdings in Disney are worth $263 million and represent 0.3% of the company's outstanding shares.
January 8, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - American International Group Inc. has been trying to put on a new face by thanking America for its bailout. But it may end up with more egg on its face for weighing a lawsuit against the U.S. government over the rescue. Directors of the insurance giant, at their regular meeting Wednesday, are expected to consider joining a suit that argues the bailout - U.S. pledges totaling more than $182 billion - shortchanged the company's shareholders. "It takes a lot of gall to say the government that bailed you out didn't pay you enough," said John C. Coffee, a Columbia Law School professor and expert on corporate governance.
January 8, 2013 | By Matea Gold
WASHINGTON - A decision by the U.S. Securities and Exchange Commission to consider a new rule this year requiring companies to release information about their political spending has buoyed disclosure advocates, who say such a move could be a game-changer in their quest for more transparency. If approved by the SEC, the regulation could require all publicly traded corporations to detail how much money they give for political activities, including to tax-exempt advocacy groups and trade associations such as the U.S. Chamber of Commerce.
November 5, 2012 | By Dawn C. Chmielewski
Within hours of Netflix Inc. announcing that it had adopted a "poison pill" measure to block a hostile takeover, activist investor Carl Icahn responded with a broadside calling the move "an example of poor corporate governance. " Icahn called Netflix's plan -- which would trigger whenever an individual or group tried to buy 10% or more of the company -- "particularly troubling" because of its "low and discriminatory" threshold.  The billionaire disclosed on Oct. 31 that he had taken a 10% stake in the video subscription company, through stock and options.  "As one of the company's largest shareholders we are concerned about the poor corporate governance at Netflix that these and other actions reflect," Icahn said in a statement filed Monday with the Securities and Exchange Commission.
August 19, 2005 | Kim Christensen, Times Staff Writer
Walt Disney Co.'s board has joined a growing number of U.S. companies in amending corporate governance guidelines to give shareholders more clout in the removal of directors. The changes announced Thursday would require directors who receive a majority of "withhold" votes from shareholders to submit letters of resignation to the board's governance and nominating committee, which in turn would make a recommendation to the full board.
November 5, 2012 | By Dawn C. Chmielewski and Joe Flint, Los Angeles Times
Netflix Inc. adopted a stockholder rights plan to thwart hostile takeovers a week after activist investor Carl Icahn announced that he had acquired a 10% stake in the company. Netflix said the move was intended to protect the video subscription service and its shareholders from outside bids for control that the board of directors determined was "not in the best interests" of the company or its investors. The billionaire Wall Street investor, who last week said he had no complaints about Netflix's management, issued a broadside calling the move "an example of poor corporate governance.
September 25, 2012 | By Melanie Mason
Undisclosed political money is playing an outsize role in the 2012 election cycle. But as some political donors are seeking to hide their identities, a new study has found that at least one set of contributors - corporations - is increasingly opting for transparency when it comes to their political spending. The study, released Tuesday by the nonpartisan Center for Political Accountability and the Zicklin Center for Business Ethics Research at the University of Pennsylvania's Wharton School, examined the top 200 companies in the S&P 500 and found that that almost 60% of them are disclosing at least some of their political activity.
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