Top Stories

As Shareholder Fights Heat Up, Activists Aim at Bigger Targets

The annual proxy season battle between shareholders and corporations appears to have reached a tipping point in favor of shareholders this year. And while some may hope that this will change public companies for the better, we may instead end up with something resembling trench warfare.

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Alberta Securities Commission Decision Highlights the Importance of Context in Assessing Materiality

A recent decision of the Alberta Securities Commission addresses allegations of insider trading (and in the case of one respondent, tipping) against several senior officers of a public company and a spouse of an executive. In that decision, market participants were reminded that context is "all-important" in the determination of materiality. While the decision expressly dealt with allegations of insider trading, it also provided broader guidance on issues of materiality.

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Financial Analyst Survey: "Chinese Wall?Reg FD? Never Heard of Them..."

This new study about sell-side equity research analysts entitled "Inside the 'Black Box' of Sell-Side Financial Analysts" by Profs. Brown, Call, Clement & Sharp may surprise you - or it may not given all that is wrong with this world. The findings are disturbing.

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Three Recent Surveys Provide Insights On Corporate Governance

Since January, three new surveys have become available that provide insights on corporate governance practices at public companies. The surveys, which are released annually, are from Institutional Shareholder Services Inc. ("ISS"), The Conference Board, Inc. (in collaboration with NASDAQ OMX and NYSE Euronext), and Deloitte LLP (in collaboration with the Society of Corporate Secretaries and Governance Professionals). These surveys can be a useful tool for companies seeking to benchmark their board practices against those of their peer companies.

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Canada Out of Step On Say ON Pay

Every spring, a bespectacled little man with a silver moustache and a penchant for theatrics takes the microphone at select annual shareholder meetings in Canada and gives directors and management a multi-minute tongue-lashing about every corporate governance flaw he's identified at their company. It's the gospel according to Yves Michaud.

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