With the first quarter in the books, big companies are preparing to disclose to investors early indications of the economic toll of the coronavirus pandemic. The respiratory illness has shut down many parts of the U.S. economy, spurring a wave of layoffs and furloughs that resulted in a record 17 million unemployment claims in a…
The coronavirus pandemic has turned investor dialogue upside down ascompanies go dark on negotiations and investors reset priorities at the start of an unprecedented proxy season. Shareholders have filed a host of proposals for the 2020 proxy season, once again largely focusing on environmental and social issues. Indeed, issues such as climate change, gender pay…
According to a review of SEC filings by S&P 500 companies by MyLogIQ, as of April 7: 55 S&P 500 companies have switched to virtual meetings 39 S&P 500 companies have suspended share buybacks 16 S&P 500 companies have suspended dividends 10 S&P 500 companies have instituted job freezes 28 S&P 500 companies have cut executive compensation (base…
Hundreds of companies say they will transition to a virtual annual shareholder meeting this year while others plan to but are working out the kinks. Yet many companies are still waiting to determine what to do. According to public company intelligence provider MyLogIQ, so far 49 Russell 3000 companies have announced in recent weeks that they…
On March 25, the US Securities and Exchange Commission (SEC) issued another round of relief for public companies with regard to financial filings in light of the Coronavirus Disease 2019 (COVID-19) outbreak. The Commission provided public companies with a 45-day extension to file reports originally due between March 1 and July 1, 2020. This new order is…
According to a review of SEC filings by Fortune 100 companies by MyLogIQ, as of March 30: 36 F100 companies have switched or plan to switch to virtual shareholder meetings 11 F100 companies have suspended share buybacks 4 F100 companies have instituted job freezes 5 F100 companies have cut executive compensation (base salaries) 6 F100 companies have added…
Audit fees are on the rise for large companies, and have been for some time, according to data from public company intelligence provider MyLogIQ. Between 2012 and 2018, the latest year for which data is available, both Russell 3000 and S&P 500 companies experienced a 24% increase in average audit fees. While inflation has occurred…
Companies are taking steps to shore up balance sheets with more cash on hand by drawing on credit facilities, suspending dividends, cutting spending and in some cases eliminating cash payments to CEOs, executives and board members as employees deal with business shutdowns. At such companies as Boeing, Booking Holdings, Darden Restaurants, Delta Air Lines, Kama Corp., United Airlines Holdings, Sabre Corp. and Steelcase, executives…
Today, the SEC’s Division of Corporation Finance (CorpFin) provided new guidance related to disclosures companies should be making in light of the coronavirus (Covid-19) pandemic. The commission will also allow more time for public companies to submit mandatory filings, as long as the company clearly explains why it needs more time. “These actions provide temporary, targeted…
Chief executives of large U.S. companies rode a more than decadelong bull market to a string of record pay days. Now, the stock market’s coronavirus-fueled swoon could wipe out hundreds of millions of dollars from executive pay packages and prompt a recalibration of how CEO compensation is set. The potential losses highlight the flip side…
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