Lloyds CEO will appear before members of the work and pensions committee together with Stuart Sinclair, chair of the bank’s remuneration committee.
New version of the German Corporate Governance code been published.
Fewer shareholders voted in favour of the bank’s pay policies, following questions on how bonuses are determined.
WH Smith CEO will resign in October after being with the company for 15 years.
New EU rules on audit force Goldman Sachs to look beyond big four for its new European auditor.
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.
Nissan's new board will comprise 11 members, 7 of which are external directors.
Executives at Samsung ordered staff to destroy evidence related to the 2015 accounting fraud.
Changes fall short of operational split recommended by watchdog.
Barclays, Citigroup, JP Morgan, MUFG, and RBS have been charged by the European Union for their role in manipulating the FX market.
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.
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.
Chris Vogelzang will take on a challening role as the new chief executive of Danske Bank, which is under criminal investigation over money laundering
Kering’s Swiss-based subsidiary has allegedly avoided to pay tax on Gucci’s earnings in Italy between 2011 and 2017
Deutsche Bank's shareholders are urged to back a motion of no confidence against Chairman Paul Achleitner
Banks are shifting away from viewing climate change risks solely as a corporate social responsibility issue, as they understand their financial implications.
The Big Four accountancy firms (KPMG, EY, PWC and Deloitte) have been scrutinised for their lack of diversity.
Kraft Heinz has received a second subpoena from the SEC after writing down the goodwill for some its brands.
Boeing's board failed to answer safety questions in effort to get the new 737 Max to market quickly and at low cost.
UBS shareholders refuse to back management from their liability to pay $5 billion penalty for helping French clients evade taxes.
Edward Bramson, activist investor has failed to secure a board seat at Barclays plc after 87.21% of shareholders voted against the resolution.
Alphabet announced that Eric Schmidt will not seek re-election at the company's 2019 annual general meeting in June.
In a bid to stop the banks handing over information regarding his financial dealing, Trump has sued Deutsche Bank and Capital One.
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.
Shareholder adviser attacks Metro Bank over pay and governance
Iliad chair faces a €600,000 fine for inside dealing related to to Iliad's takeover bid for T-Mobile US in 2014.
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.
Norway's wealth fund calls for annual elections to Kellogg's board
UK’s biggest fund manager joins BlackRock and Vanguard in cracking down on directors who hold too many directorships.
Shareholders have authorised a share buyback resolution that allows a reduction of up to 25% reduction in the share capital.
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.
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.
Glass Lewis is recommending that investors vote against the company’s pay policy.
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.
Disney CEO Bob Iger has announced that he will step down once his contract expires at the end of 2021.
UBS Shareholders have been advised to vote against pay policy due to a number of executives receiving high payouts.
Chairman of Korean Air, Cho Yang-ho, died at 70 years of age from a lung-related illness.
Warren Buffett, Wells Fargo’s largest shareholder, has called on the bank to hire someone from outside Wall Street as its new CEO.
The BEIS Committee has published the findings and recommendations of its inquiry into the future of audits.
AKTIS data demonstrates that there are still barriers to entry in the corporate world for women in MENA
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
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.
RBS is under pressure from investors to form a committee of shareholder representatives that would meet regularly with the board and executives.
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.
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.
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.
Investors have called on the bank to improve its governance following accounting errors that hurt its capital position in January.
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.
Nissan is allegedly considering Sadayuki Sakakibara to replace Carlos Ghosn as Chairman of the board.
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.
Deutsche Bank and Commerzbank have confirmed that they are in talks about a potential merger.
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%.
Money laundering is an issue across boarders which national authorities are trying to tackle.
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.
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”.
The Swiss bank has been criticised for using maternity leave as a reason to cut bonuses.
Consultation launched to seek views on the recommendations made by the independent review of the FRC.
Swedbank accused of handling $176m connected to alleged Russian fraud
Philip Chronican will replace Ken Henry as Chair of the board of National Australia Bank (NAB) later this year.
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.
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.
Nordea has been linked to suspicious money flows from the Baltics with a worth of around €700m
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).
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!
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.
Baroness Karren Brady has resigned her job as non-executive Chairman of Taveta, the holding company of Sir Philip Green's retail empire.
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.
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.
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.
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.
In the historic case, the French court has found UBS guilty of helping wealthy clients avoid tax.
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.
One of Sweden’s biggest bank have appointed Carina Akerstrom as CEO.
Brian Moynihan, CEO of Bank of America, received a remuneration of $26.5 million in 2018, 15% more than what he received in 2017.
The FT reports on having worker representation on the board of UK companies.
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.
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.
Renault has cancelled €30m pay to Carlos Ghosn.
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.
Rosalind Brewer is currently the COO of Starbucks. She is the second black woman to ever serve on the Amazon board.
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.
Sherborne Investors submit resolution to elect Edward Bramson to the board of directors.
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!
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.
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.
Report finds that executive remuneration was a hot topic with 12 remuneration report “strikes”
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!
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!
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.
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.
In the October edition of Aktis' NewsWatch, you will find key recent governance updates from around the world all in one convenient place.
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.
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.
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!
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.
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.
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.
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.