23 May 2019

Lloyd's CEO Antonio Horta-Osorio to appear before parliament

Lloyds CEO will appear before members of the work and pensions committee together with Stuart Sinclair, chair of the bank’s remuneration committee.

22 May 2019

Government Commission adopts new version of German CG Code

New version of the German Corporate Governance code been published.

21 May 2019

JP Morgan executive pay policies receive support from 72% of shareholders

Fewer shareholders voted in favour of the bank’s pay policies, following questions on how bonuses are determined.

21 May 2019

Stephen Clarke to step down as WH Smith CEO

WH Smith CEO will resign in October after being with the company for 15 years.

20 May 2019

Goldman Sachs picks Mazars to audit its European operations

New EU rules on audit force Goldman Sachs to look beyond big four for its new European auditor.

20 May 2019

Cyber expertise on the boards of US banks remains low

Banks recognise the importance of tackling cybersecurity risks and spend billions of dollars to this end, however, their boards lack the necessary expertise to oversee cyber risks.

17 May 2019

Nissan to overhaul board

Nissan's new board will comprise 11 members, 7 of which are external directors.

16 May 2019

Further investigations into Samsung executives misconduct

Executives at Samsung ordered staff to destroy evidence related to the 2015 accounting fraud.

16 May 2019

KPMG UK to form a new Audit Executive Committee

Changes fall short of operational split recommended by watchdog.

16 May 2019

Five banks to pay €1.1 billion in fines for manipulating the foreign exchange market

Barclays, Citigroup, JP Morgan, MUFG, and RBS have been charged by the European Union for their role in manipulating the FX market.

13 May 2019

Luxottica founder agrees to end governance dispute at EssilorLuxottica

Luxottica’s Leonardo Del Vecchio and Essilor’s Hubert Sagnières have reached an agreement to grant more power to their lieutenants and end a governance dispute over the appointment of a new group CEO.

13 May 2019

LAPFF publishes “Employees on Board” a survey of FTSE All-Share companies

The Forum undertook a survey earlier this year to get a sense of how companies are responding to the revised UK Corporate Governance Code, with its new emphasis on workforce engagement.

10 May 2019

Danske Bank appointed a former executive of ABN Amro as its new chief executive

Chris Vogelzang will take on a challening role as the new chief executive of Danske Bank, which is under criminal investigation over money laundering

9 May 2019

Gucci parent company to pay €1.25 billion to settle Italy tax dispute

Kering’s Swiss-based subsidiary has allegedly avoided to pay tax on Gucci’s earnings in Italy between 2011 and 2017

8 May 2019

Proxy advisers to urge Deutsche’s investors to vote against its board

Deutsche Bank's shareholders are urged to back a motion of no confidence against Chairman Paul Achleitner

8 May 2019

Too many banks leave themselves open to financial risks from climate change

Banks are shifting away from viewing climate change risks solely as a corporate social responsibility issue, as they understand their financial implications.

7 May 2019

The Big Four accountancy firms lack diversity

The Big Four accountancy firms (KPMG, EY, PWC and Deloitte) have been scrutinised for their lack of diversity.

6 May 2019

Kraft Heinz will restate its financial results for the past three years

Kraft Heinz has received a second subpoena from the SEC after writing down the goodwill for some its brands.

5 May 2019

Boeing's board of directors comes under scrutiny as company faces 737 Max crisis

Boeing's board failed to answer safety questions in effort to get the new 737 Max to market quickly and at low cost.

2 May 2019

UBS Shareholders revolt over record $5B tax evasion penalty

UBS shareholders refuse to back management from their liability to pay $5 billion penalty for helping French clients evade taxes.

2 May 2019

Bramson suffers heavy defeat in Barclays board bid

Edward Bramson, activist investor has failed to secure a board seat at Barclays plc after 87.21% of shareholders voted against the resolution.

30 April 2019

Eric Schmidt to step down from Alphabet Board

Alphabet announced that Eric Schmidt will not seek re-election at the company's 2019 annual general meeting in June.

30 April 2019

Trump to sue Deutsche Bank and Capital One

In a bid to stop the banks handing over information regarding his financial dealing, Trump has sued Deutsche Bank and Capital One.

30 April 2019

Federal Judge approves agreement which limits use of Twitter by Tesla CEO, Elon Musk

A federal judge has approved the agreement reached by Elon Musk with the SEC to expand the list of topics which cannot be commented upon by the Tesla CEO without obtaining prior approval from the company’s lawyers.

29 April 2019

Shareholder adviser attacks Metro bank over pay and governance

Shareholder adviser attacks Metro Bank over pay and governance

29 April 2019

Illiad chair faces €600 fine

Iliad chair faces a €600,000 fine for inside dealing related to to Iliad's takeover bid for T-Mobile US in 2014.

25 April 2019

Investors place pressure on Domino’s CEO to step down

Following a dispute between management and Domino’s Pizza franchisees over profits, investors have urged the CEO, David Wild, to step down from the business.

24 April 2019

Norway's wealth fund calls for annual elections to Kellogg's board

Norway's wealth fund calls for annual elections to Kellogg's board

16 April 2019

Legal & General toughens stance on “overboarding”

UK’s biggest fund manager joins BlackRock and Vanguard in cracking down on directors who hold too many directorships.

16 April 2019

Share buyback program authorised at media giant Vivendi’s AGM

Shareholders have authorised a share buyback resolution that allows a reduction of up to 25% reduction in the share capital.

15 April 2019

UniCredit has settled to pay $1.3 billion to US authorities following allegations that it violated US sanctions

UniCredit will pay $1.3 billion in criminal and regulatory penalties for allegedly violating US sanctions against various countries, including Iran and Cuba.

12 April 2019

Netflix CEO Reed Hastings will not stand for re-election to Facebook’s board as company reorganises board

Facebook has announced that two of its longest-serving directors, Reed Hastings and Erskine Bowles, will not stand for re-election at the company’s AGM.

12 April 2019

Standard Chartered hopes of quelling unrest over chief’s pension takes a hit

Glass Lewis is recommending that investors vote against the company’s pay policy.

11 April 2019

Former Nissan boss Carlos Ghosn was rearrested in Japan

After being released on bail just a month ago, Ghosn was rearrested on new charges. He allegedly took for his personal use $5 million of the $15 million paid by Nissan to its Omani distributor.

11 April 2019

Walt Disney CEO Bob Iger announces he will retire from the company in 2021

Disney CEO Bob Iger has announced that he will step down once his contract expires at the end of 2021.

9 April 2019

UBS shareholders told to vote against pay policy due to high payouts

UBS Shareholders have been advised to vote against pay policy due to a number of executives receiving high payouts.

8 April 2019

Korean Air Chairman Cho Yang-ho dies at age 70

Chairman of Korean Air, Cho Yang-ho, died at 70 years of age from a lung-related illness.

7 April 2019

Warren Buffett calls on Wells Fargo not to hire a Wall Street insider as its new CEO

Warren Buffett, Wells Fargo’s largest shareholder, has called on the bank to hire someone from outside Wall Street as its new CEO.

2 April 2019

Future of audit & call for views

The BEIS Committee has published the findings and recommendations of its inquiry into the future of audits.

29 March 2019

Only 3% of Middle East and North Africa bank board members are women

AKTIS data demonstrates that there are still barriers to entry in the corporate world for women in MENA

28 March 2019

Swedbank CEO dismissed by the board after money laundering allegations

CEO of Swedbank, Birgitte Bonnessen was fired Thursday 28 March amid allegations that the bank has been involved in laundering money from the Baltic Countries between 2010-2016

25 March 2019

Standard Chartered challenged by investors over chief executive’s pay

Standard Chartered faces much scrutiny from investors over its chief executive pay, following the changes made to its pension in a way that does not adhere to UK corporate governance standards.

24 March 2019

RBS under pressure from small investors over governance

RBS is under pressure from investors to form a committee of shareholder representatives that would meet regularly with the board and executives.

22 March 2019

The Institute of Directors raises alarms over the Audit, Reporting and Governance Authority remit

The Institute of Directors (IOD) has written a letter to the Audit, Reporting and Governance Authority (ARGA) requesting a halt to proposals which would include oversight of corporate governance to ARGA’s remit.

22 March 2019

A power struggle unfolds at newly formed eyewear company Essilor Luxottica

Luxottica’s Leonardo Del Vecchio, who is the new company’s largest shareholder, has accused Essilor executives of violating the agreement that made the merger possible.

20 March 2019

Hot-button topics this AGM season: pay diversity and the climate

The FT reports that while executive pay is likely to grab headlines, climate-related voting and a greater push for board diversity will be important to investors in 2019.

20 March 2019

Metro Bank has work to do to improve governance

Investors have called on the bank to improve its governance following accounting errors that hurt its capital position in January.

20 March 2019

Financial Times: AKTIS data shows that Metro Bank has the lowest refreshment rate and highest tenure next to comparable UK banks

AKTIS data shows that the average tenure on the board of Metro Bank is almost double the average at large and midsized UK banks.

19 March 2019

Governance row at Nissan over plans to appoint a new Chair

Nissan is allegedly considering Sadayuki Sakakibara to replace Carlos Ghosn as Chairman of the board.

19 March 2019

Swiss asset manager GAM lays off whistle-blower

Whistle-blower has been made redundant. Mr Sheard raised concerns about one of GAM’s top fund managers to the UK Financial Conduct Authority last year. The lay-off is part of a firm wide restructuring programme that started after GAM’s shares lost three-quarters of their value in the last 12 months.

19 March 2019

Deutsche Bank and Commerzbank merger talks officially confirmed

Deutsche Bank and Commerzbank have confirmed that they are in talks about a potential merger.

15 March 2019

HSBC bows to investor pressure and cuts executives’ pay

HSBC (UK branch) has limited the amount of money their executives are entitled to in lieu of pension contributions to 10% of base salary, down from 30%.

13 March 2019

Money laundering has to be tackled across borders- a transnational body is needed

Money laundering is an issue across boarders which national authorities are trying to tackle.

12 March 2019

The Federal Reserve ban Tim Leissner and Ng Chong Hwa from the banking industry

The two former Goldman Sachs bankers have been banned from the banking industry for their involvement in scheme to illegally divert and misappropriate billions of dollars from a Malaysian sovereign wealth fund.

12 March 2019

Wells Fargo’s corporate governance is again under scrutiny

The Office of the Comptroller of the Currency (OCC) expressed disappointment with Wells Fargo’s “inability to execute effective corporate governance and a successful risk management program”.

11 March 2019

UBS cuts bonuses of female bankers after maternity leave

The Swiss bank has been criticised for using maternity leave as a reason to cut bonuses.

11 March 2019

Independent Review of the Financial Reporting Council

Consultation launched to seek views on the recommendations made by the independent review of the FRC.

7 March 2019

Swedbank accused of handling $176m connected to alleged Russian fraud

Swedbank accused of handling $176m connected to alleged Russian fraud

6 March 2019

Philip Chronican will replace Ken Henry as Chair of National Australia Bank

Philip Chronican will replace Ken Henry as Chair of the board of National Australia Bank (NAB) later this year.

4 March 2019

Disclosures made following a shareholder lawsuit show two Google executives accused of sexual assault received $135 million in exit packages

Following a shareholder lawsuit, Google has made available documents related to the exit of two former executives, Andy Rubin and Amit Singhal, accused of sexual assault.

4 March 2019

Cybersecurity bill that would require companies to disclose whether the board includes a cybersecurity expert has been reintroduced

A group of Democratic and Republican senators have introduced the Cybersecurity Disclosure Act of 2019, which would require companies to disclose whether any of their directors are cybersecurity experts.

4 March 2019

Nordea money laundering scandal gets bigger

Nordea has been linked to suspicious money flows from the Baltics with a worth of around €700m

1 March 2019

PRA publishes “Transitioning to post-exit rules and standards”

These are being made to ensure an operable legal framework after the UK leaves the EU, and to reflect onshoring changes made by HM Treasury in the relevant Statutory Instruments (SIs).

1 March 2019

Aktis News Watch February 2019

Africa’s biggest asset manager, Public Investment Corporation, faces a governance scandal after accusations of wrongdoing and political interference. Renault has cancelled €30m severance compensation to the former CEO and Chair, Carlos Ghosn, due to his arrest in Japan for financial misconduct at Nissan. British politicians and the High Pay Centre argue for higher employee representation on the board to curb executive pay, while others argue it will have the opposite effect. Check out our February NewsWatch to read more on this and to get the latest news in the corporate governance world!

28 February 2019

FCA confirms proposals in the event of a no-deal Brexit

The Financial Conduct Authority (FCA) has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period.

25 February 2019

Karren Brady quits Philip Green's empire amid controversy

Baroness Karren Brady has resigned her job as non-executive Chairman of Taveta, the holding company of Sir Philip Green's retail empire.

24 February 2019

The Reserve Bank of India to remove Corporation bank and Allahabad bank out of the Prompt Corrective Action (PCA) supervision

The move out of the PCA framework is as a result of the recent capital infusion of Rs 48 239 crore in 12 public sector banks.

22 February 2019

Kraft Heinz reveals SEC investigation for improper accounting policies in its procurement department

Kraft Heinz has disclosed to have received a subpoena from the SEC in October 2018 as a result of its accounting policies in procurement. The company stated that it is investigating the matter and that it is planning to implement changes to its internal controls system.

21 February 2019

The SEC has launched an investigation into Danske Bank’s alleged money laundering in its Estonian branch

The US Securities and Exchange Commission has opened an investigation into the alleged money laundering which occurred at Danske Bank’s Estonian branch.

20 February 2019

National Australia Bank’s Chairman and CEO have resigned following the Banking Royal Commission’s report on misconduct in the financial industry

Ken Henry and Andrew Thorburn, Chairman and CEO of National Australia Bank (NAB), have resigned following the criticism received in the final report of the Banking Royal Commission.

20 February 2019

UBS fined €4.5bn for tax evasion in France

In the historic case, the French court has found UBS guilty of helping wealthy clients avoid tax.

18 February 2019

Norwegian Air shuttle leaders agree to sell some of their subscription rights to raise emergency funds

The chief executive and board Chair of the company has agreed to sell some of their subscription rights to raise capital.

18 February 2019

Handelsbanken have appointed a new female CEO

One of Sweden’s biggest bank have appointed Carina Akerstrom as CEO.

15 February 2019

Pay of Bank of America’s CEO Brian Moynihan increased 15% in 2018

Brian Moynihan, CEO of Bank of America, received a remuneration of $26.5 million in 2018, 15% more than what he received in 2017.

14 February 2019

‘We need to rethink conventional wisdom about pay’

The FT reports on having worker representation on the board of UK companies.

14 February 2019

Vivendi’s largest shareholder to leave the board

Vincent Bolloré, Vivendi's largest shareholder, will give his seat on the supervisory board to his son Cyrille Bolloré at the next annual general meeting of the media and entertainment group.

13 February 2019

ABN Amro profits decrease due to cost of anti-money laundering safeguards

Recent scandals at Danske Bank, ING and Rabobank as well as increasing regulatory requirements have motivated ABN Amro to improve their anti-money laundering safeguards.

13 February 2019

Carlos Ghosn has been denied €30m severance compensation

Renault has cancelled €30m pay to Carlos Ghosn.

12 February 2019

Africa’s biggest asset manager faces a governance scandal

The leadership of Public Investment Corporation, which manages mainly the government employee pension fund, has been accused of wrongdoing and political interference by whistle-blowers.

5 February 2019

Amazon diversify their Board by appointing Rosalind Brewer

Rosalind Brewer is currently the COO of Starbucks. She is the second black woman to ever serve on the Amazon board.

5 February 2019

Apple announces that its head of retail operations, Angela Ahrendts, will be leaving in April, five years after joining the company

Apple announced that its head of retail Angela Ahrendts, will be leaving the company in April “for new personal and professional pursuits.” She will be succeeded by Deirdre O’Brien, Apple’s head of human resources, who first joined the company in 1988.

5 February 2019

Investor Edward Bramson seeks to muscle way on to Barclays board

Sherborne Investors submit resolution to elect Edward Bramson to the board of directors.

5 February 2019

Aktis News Watch January 2019

In this month’s issue of the Aktis NewsWatch you can read about Santander reversing its decision to hire UBS banker Andrea Orcel as new CEO, while Danske bank is facing new allegations for money laundering in France. Investors are criticising the proposed reform to executive pay in Germany for being too inflexible, and proposed Swiss legal reforms to protect whistle blowers are also being criticised for not being far reaching enough. Read our latest NewsWatch to find out more and to stay up to date on the latest news in the corporate governance world!

4 February 2019

Executives at Australian banks face potential criminal charges following the release of the Banking Royal Commission’s final report

The Australian Banking Royal Commission released its final report into misconduct in the financial services industry. The report blames both greed and a lack of regulation as the causes of the misconduct; 24 financial institutions and individuals were referred to regulators for further potential action.

25 January 2019

Are onsite regulators the best way to drive behavioural change within banks?

There is a great deal of debate about how to facilitate behavioural change within banks. One way could be to have regulators on site, as ASIC is planning to do in Australia following a spate of banking scandals. But is it the right approach? By Lisa Andersson, head of research at Aktis.

1 January 2019

ASIC published an overview of the 2018 AGM season for S&P/ASX 200 listed entities

Report finds that executive remuneration was a hot topic with 12 remuneration report “strikes”

20 December 2018

Aktis News Watch December 2018

The last Aktis NewsWatch for this year is our first to feature governance beyond banks to reflect our expanding database and widening focus to include other industries. This month you can read about the critique of UK’s Big Four accountancy firms, why improved communication on cybersecurity between the board and management is crucial, and the arrest and release of Huawei’s CFO in Canada as the US government alleges that the company violated sanctions against Iran. Read our latest NewsWatch to stay up to date in the corporate governance world!

7 December 2018

Aktis News Watch November 2018

BEIS has published updated guidance for the companies (Miscellaneous Reporting) Regulations 2018, which contains several new reporting provisions for private and public companies. Goldman Sachs is under pressure for its role in the 1MDB scandal and there have been police raids at Deutsche bank offices as a result of investigations triggered by the Panama Papers. Read our latest NewsWatch to find out more and to stay up to date on the latest news in the bank governance world!

21 November 2018

Gender lens investing: Banks not included

This article by Helen Avery published in Euromoney, based on Aktis' data, focuses on gender lens investing and notes that banks still have some way to go to reach full gender equality.

20 November 2018

Aktis News Watch September 2018

The EU’s failure to effectively address and prevent money laundering can be illustrated by two recent examples involving Europe’s leading banks. Just last week, Danske Bank’s Chief Executive resigned following “the largest money laundering scandal in European history” while the Swiss financial supervisory authority has judged the anti-money laundering protocol at Credit Suisse inadequate.

30 October 2018

Aktis News Watch October 2018

In the October edition of Aktis' NewsWatch, you will find key recent governance updates from around the world all in one convenient place.

30 October 2018

How Can Data Help Banks Rebuild Trust?

The public’s trust is at a premium for major banks after the global financial crisis a decade ago and the high-profile banking scandals that have since unfolded. Questions about how to restore that trust abound, including whether leadership at some companies even have an interest in looking inward.

30 August 2018

Aktis News Watch August 2018

Why should companies care about corporate governance? And why is international experience and diversity on the board important? To find out, read our August NewsWatch. It includes the latest banking governance news around the world.

26 July 2018

Aktis News Watch July 2018

Good news for compliance and counter corruption in companies as the first business integrity rating agency,Sigma, is set to launch this month. The same company has found that Gulf Cooperation Council (GCC) banks are more transparent than in many other countries. Finma, the Swiss regulator questions the Co-operative structure and says it may contribute to weaker governance practices than in non-cooperatives. Read our latest NewsWatch to find out more about this, and to stay up to date in the bank governance world!

8 July 2018

National Report on Corporate Governance

Aktis is proud to have contributed to Russia's 10th edition of the National Report on Corporate Governance. The scope of the 10th edition focuses on a variety of topics from the institutional and socio-cultural aspects of corporate governance in Russia to the effectiveness of corporate governance practices in organisations with state participation. Aktis’ contribution incorporates governance best-practice with a strong focus on Western Europe’s 25 largest banks both before and after the financial crisis.

29 June 2018

Aktis News Watch June 2018

Goldman Sachs announces their new initiative to support women in business, two leading European banks are looking at the possibility of a merger and UAE Central Bank introduces new regulations as it wants a more active supervision of the banking sector. Read our June NewsWatch to find out more about this, and to find the latest news in the bank governance world! Read more.

21 June 2018

Governance of the 25 Largest European Banks a Decade After the Crisis

Written by our very own Lisa Andersson (Head of Research) and Stilpon Nestor (Founding Chairman), this article explores bank governance a decade on from the financial crisis which substantially rocked the banking universe. Appropriately titled, ‘Governance of the 25 Largest European Banks a Decade After the Crisis’, this article combines Aktis data with expert analysis. Exploring themes such as board size, composition, diversity and tenure, as well as composition of top management committees both before and after the crisis, this article is not one to miss.

8 June 2018

Aktis News Watch May 2018

Stay up to date on corporate governance news in the banking sector by reading the Aktis News Watch. Each month we provide insight in to the most relevant news related to banking governance across Europe, US, Oceania and MENA. The Aktis News Watch is an easy way to stay up to date on changes and trends in bank governance.