Fears that EU measures against financial crime will be weakened

European council proposals on company information would lead to ‘business as usual’ in wake of Panama Papers, critics say

Efforts to tackle tax abuse and financial crime are at risk of being weakened by new European council proposals that would restrict public access to key company information, civil society groups have warned.

Only those with a “legitimate interest” should be able to identify a beneficial, or true, owner of a company in a European Union member state, according to a new draft text on the EU anti-money-laundering directive.

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Delaware Supreme Court Finds Relationships Taint Director Independence, Promotes Internet Searches

Recently, the Delaware Supreme Court reversed the Court of Chancery in Sandys v. Pincus on findings of director independence at Zynga.  The Court of Chancery had dismissed the suit for failure to make pre-suit demand on the board or alleging that demand would have been futile, but the Delaware Supreme Court found that the plaintiff had created a reasonable doubt that the board could have properly exercised independent, disinterested business judgment in responding to a demand.  If director independence is compromised, then demand is excused.  

The plaintiff had brought suit for breach of fiduciary duties after the board exempted several insiders, both top managers and directors, from its insider trading policy.  Continue Reading

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Why are women still not getting on boards? They are stuck on the bench

Our Executive Director, Douglas Chia, has penned an article on gender board diversity for the recent issue of Directors & Boards. Below is an excerpt: The reasons women aren’t landing on boards—or perhaps excuses—are not new: not a priority . . . fear of change . . . unconscious bias. In conversations with male and […]

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UK MPs unite to push for greater transparency from tax havens

Cross-party group backs amendment to criminal finances bill making overseas territories introduce public registers

The UK’s overseas territories face renewed pressure to abandon corporate secrecy after 80 MPs joined forces to demand greater financial transparency from offshore havens.

The cross-party group is backing an amendment to the government’s criminal finances bill on Tuesday that would force Britain’s 14 overseas territories to introduce public registers revealing the true owners of locally registered companies.

Related: Bermuda is world’s worst corporate tax haven, says Oxfam

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Thoughts on corporate governance

Good corporate governance is about ‘intellectual honesty’ and not just sticking to rules and regulations. Capital flowed towards companies that practiced this type of good governance. Mervyn King Apply yourself. Get all the education you can, but then, by God,

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SEBI Set to Overhaul Disclosure Norms for Better Monitoring

India’s Capital markets regulator, SEBI, will soon put in place a system-driven disclosure regime for listed companies, according to sources. The move is expected to strengthen real-monitoring of insider-trading cases and detect other corporate governance-related lapses. A working group formed

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Risk, ethics and whistleblowing in business

Corporate governance standards have increased significantly in recent years, especially against the backdrop of the lack of accountability in institutions during the global financial crisis. This volume aims to provide a comprehensive insight into what it is like to be

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Companies With Good Governance Practices Are Most Valued

The CEO of the Capital Market Commission (CMC), Archer Mangueira, said on Friday in Luanda that empirical studies from various sources show that companies that adopt good corporate governance practices are most valued by investors. According to the official, who

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Integrity, culture and compliance

Some years back, Lagos State government imposed restrictions on operation of commercial motorcycles (“Okadas”) as means of public transportation. Apart from restricting “Okadas” from major expressways, highways and bridges, Okada riders and their passengers were mandated to wear crash helmets.

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Corporate culture has been seen as a nebulous idea for too long

In his recent article entitled “UK corporate governance requires a cultural revolution” Richard Crump rightly raises the challenge of culture as being fundamental to effective governance. But like the vultures in The Jungle Book looking down on Mowgli being chased

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SEC’s Mary Jo White on Corporate Governance: Act Like Grown-Ups

Securities and Exchange Commission Chair, Mary Jo White, has a message for companies and shareholders: You’re big kids. Act like it. Addressing a corporate-governance conference in Chicago, Ms. White sounded at times like a weary babysitter, urging companies and shareholders to

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Corporate Affairs Commission engages Private Sector in Sierra Leone

The board and management of Corporate Affairs Commission (CAC), in collaboration with International Finance Corporation (IFC), yesterday held a working session for members in the private sector. The theme of the session was “Corporate Governance, Better Practice, Better Companies” various

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