Hopefully your annual meeting of investors or shareholders went better than the annual meeting for Fortis. Shareholders in Ghent, Belgium threw shoes, coins and ballot boxes. (There is even video.) Broc Romanek put together his thoughts on Proxy Season Developments: Ten Signs that Things are Changing Online. First Use of Live Internet Voting Soliciting Shareholder [...]
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Have a Coke and . . . Alternative Billing
Many have been contemplating and prognosticating the death of the billable hour for lawyers. I found it interesting to see a similar movement in the advertising industry. (I was unaware that the advertising industry also worked on a billable hour model.) A story in the latest issue of The Economist points to a movement to [...]
Corporate Blogs and Tweets Must Keep SEC in Mind
Richard Brewer-Hay made it into the Wall Street Journal and even got his photograph included. Who is he? He is part of the next wave of investor relations professionals who are using web 2.0 tools to provide investors with company information. In 2008, Richard started using a blog as part of eBay’s investor relations: eBay [...]
Combine Risky Mortgages With a Ponzi Scheme
Of course Scott Adams can find humor in Dilbert by combining the worst pieces of the financial industry collapse: risky mortgage loans, a Ponzi scheme, and misaligned executive compensation.
AIG Bonus – My Thoughts
I have not said much about the AIG bonus hullabaloo. Frankly, I thought the outrage was ill-informed and silly. AIG wanted to keep some people around to help fix the mess it was in. Any sensible person would have one foot out the door of AIG looking around for a more stable employment opportunity. So [...]
Investor Relations 2.0
eBay took a bold move yesterday, using Web 2.0 tools for investor relations. During its first analysts’ meeting in three years, eBay management had a live twitter stream with live coverage of the meeting and bloggers with just less than live coverage of the meeting. The securities industry seems to be struggling with Web 2.0 [...]
Corporate Ethics in a Devilish System
There is a mismatch between the law and corporate ethics. According to Boston College Law School’s Kent Greenfield it can only be addressed by changing the law itself, and aligning it better with ethics. In his paper Corporate Ethics in a Devilish System, Journal of Business & Technology Law 3: issue 2 (2008): 427-435, Greenfield [...]
SEC Requirements for Online Annual Reports and Proxy Statements
The SEC is trying to move investors further into the internet era with its new regulations on the ability to furnish proxy materials to shareholders by posting them on an Internet Web site and providing shareholders with notice of the electronic availability of the proxy materials. [SEC Release 34-56135] This is amendment to the original [...]
CEO Pay and the Lake Wobegon Effect
Rachel Hayes and Scott Schaefer of the University of Utah have published CEO Pay and the Lake Wobegon Effect in the Journal of Financial Economics. The central tenet is that every CEO wants to be paid above average because that means the company is performing above average.
The 2008 Year in Review from Securities Docket
This panel joined Securities Docket’s Bruce Carton to look back at the most important and interesting developments in 2008, and offer their predictions for 2009. Walter Olson (Point of Law; Overlawyered), Kevin LaCroix (The D&O Diary) Tom Gorman (SEC Actions) Francine McKenna (re: the Auditors) Kevin started off noting that the number of securities class [...]
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