As companies seek to gird their reputations, boards are looking for new directors with deep corporate affairs backgrounds to help them oversee and safeguard an intangible asset that can swiftly erode. A short list of corporate affairs experts who have ascended to boardrooms in recent years includes Dee Dee Myers, the former Clinton administration White House…
This week the SEC announced charges against Hilton Worldwide Holdings for failing to disclose approximately $1.7 million worth of perquisites related to personal use of the company’s corporate jet and executive hotel stays. The commission says the hotelier “failed to appropriately apply the SEC’s compensation disclosure rules to its system for identifying, tracking and calculating perquisites.” This enforcement action…
In the past decade, the number of outgoing CEOs who’ve stepped into executive chair roles has quietly tripled from single digits to two dozen or more. So far this year, there have been 13 such moves, with a few more companies still to file corporate proxies. In 2020, the list includes chair appointments at blue…
Boards are formalizing the approaches they take in evaluating and assessing the performance of independent chairs and lead directors, at times even decoupling succession planning for the role from CEO transitions as governance processes and structures evolve. Boards traditionally have looked to the director with the longest tenure who is also a former CEO to…
Boardrooms are abuzz about human capital. This is largely due to the Covid-19 pandemic’s impact on the workforce, SEC updates to disclosure requirements, and a growing investor consortium prodding companies to get a handle on workforce strategy and related disclosures. Investors are asking for more details on emergency succession planning, workforce turnover and the talent pipeline as companies…
Three large U.S. companies this week said goodbye to their chief financial officers, continuing a surge in CFO departures following months of relative stability. The Wall Street Journal reports that so far this year, 83 CFOs at Fortune 500 companies have left their posts, compared with 84 last year at the same time. But it took several recent departures…
While hundreds of California companies have moved to comply with the state’s women on boards law, the state has not penalized nor brought any enforcement against companies that have ignored aspects of it, from neglecting to file required disclosures to failing to recruit any women. Additionally, the data that has been published by the office…
As states other than California contemplate board quota laws and federal regulators consider legislation concerning mandated board-level diversity disclosure, the women on boards law in California so far has led to an influx of new directors with backgrounds in finance and technology who also hold C-suite roles. According to a new report from data intelligence…
There are several reasons for boards to move on from a compensation consulting firm, and as the mandate facing comp committees increases in magnitude and scope, some comp consultants may not be the right fit any longer. According to data from public company intelligence provider MyLogIQ, 299 Russell 3000 companies switched comp consulting firms between 2019…
As the time of year approaches when many board committees conduct reviews of director compensation, boards are pressing pause on annual increases to cash and equity retainers, and only making small surgical changes to compensation programs if it appears necessary due to leadership transitions. George Paulin, chairman and CEO of Frederic W. Cook & Co., says…
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