Make no mistake. Institutional investors are watching - and taking aim - at companies with less-than-stellar governance practices. That, in turn, puts IR professionals in the line of fire.
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The May 30, 2017, reporting deadline under the Extractive Sector Transparency Measures Act (ESTMA) is fast approaching. This annual reporting deadline under ESTMA applies to entities that: are listed on a Canadian exchange or meet the threshold size requirements (based on assets and revenues); are developing oil, gas and minerals (Reporting Entities); and have a December 31 financial year-end.
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An old debate in corporate law is about the role, and control, of shareholders over the managers of their companies. Some romanticise this notion and call it "shareholder democracy" - no doubt, inspired by goings on in the political realm. The latest iteration of this debate is called "proxy access".
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The third EY survey of institutional investors reveals an increased appetite for companies to disclose their environmental, social and governance risks - an appetite that is not currently being satisfied.
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This document is the first-fruit of Corporate Citizenship's Long-Term Value Project. We
want to identify better ways for companies, and particularly sustainability professionals, to find common ground with their investors. This paper proposes an initial framework for starting the dialogue.
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If you're going to CIRI's annual conference this year, here's a rundown of what's new and notable.
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As reported by BNA, the top accounting staff at the SEC are quite satisfied with companies' responses to the SEC's assault on abuses of non-GAAP financial measures. The staff's concern was that companies’ reporting was often inappropriately painting, through the use of non-GAAP measures, healthier-than-justified pictures of companies' performance, potentially misleading investors. In response, the staff mounted a campaign against the non-GAAP practices that the staff viewed as abusive.
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In late May 2016, the TSX proposed amendments to the TSX Company Manual (Initial Proposal), most notably in Part IV, which contains the requirements for maintaining a listing. At the conclusion of the initial comment period, the TSX identified concerns from market participants regarding the potential increased regulatory burden and the general uncertainty surrounding the types of documents that fall within the scope of the Initial Proposal. As a result, the proposed amendments were revised (Revised Proposal) and the TSX has issued a further request for comments, to be completed by May 8, 2017. While the rationale of providing participants with easy centralized access to key information remains unchanged, the Revised Proposal attempts to remedy the potential regulatory burden and clarity issues of the Initial Proposal.
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As climate risks loom larger in the corporate world - threatening the long-term viability of certain supply chains and product lines, not to mention reputation - how can corporate boards of directors gauge and respond to them more thoughtfully and effectively?
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