1. Articles from Francine McKenna

    1-16 of 16
    1. Carl Icahn may be Right about Occidental’s Anadarko Deal, But for a Different Reason

      Carl Icahn may be Right about Occidental’s Anadarko Deal, But for a Different Reason

      Activist investor Carl Icahn has complained that Occidental Petroleum Corp.’s deal for Anadarko Petroleum Corp. was too rich, pointing at interference from Berkshire Hathaway Inc.’s Warren Buffett and a competing bid from Chevron Corp. Icahn may be right about the deal, but academic research points to a different potential factor that Icahn has not identified. Occidental OXY, +3.02% and Anadarko APC, +1.11% share the same audit firms, and those auditors share an office...

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    2. Uber Received More Scrutiny from the SEC Than Lyft During the IPO Process

      Uber Received More Scrutiny from the SEC Than Lyft During the IPO Process

      Lyft Inc. and Uber Technologies Inc. say they are business rivals, but the U.S. Securities and Exchange Commission had a lot more comments on Uber’s business before both companies went public this year, in particular focusing on the ride-hailing leader’s adjusted financial numbers. Uber UBER, +0.00% and Lyft LYFT, +3.88% filed draft registration statements, or S-1s, confidentially with the SEC on the same day: Dec. 6, 2018...

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      Mentions: SEC IPO Uber
    3. BlackBerry’s Use of Non-Standard Metrics Violates SEC Rules

      BlackBerry’s Use of Non-Standard Metrics Violates SEC Rules

      BlackBerry Ltd. reported fiscal first-quarter earnings on Wednesday that led with and were dominated by non-standard numbers, putting the company at risk of an enforcement action from the U.S. Securities and Exchange Commission. The headline on the earnings release highlights the cybersecurity company’s non-GAAP revenue, or revenue that does not conform with Generally Accepted Accounting Principles, a metric the regulator does not allow...

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    4. Here’s One Way to Tell if a Company is Overpaying its CEO

      Here’s One Way to Tell if a Company is Overpaying its CEO

      U.S. companies that use nonstandard numbers to calculate executive compensation are overpaying their top managers, according to a new research report. The working paper, “High Non-GAAP Earnings Predict Abnormally High CEO Pay,” by Nicholas Guest of Cornell University’s Samuel Curtis Johnson Graduate School of Management and S.P...

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    5. Former SEC Commissioner Stein Says She’s Proud of Modernization Effort, Frustrated by Lack of Dodd-Frank Progress

      Former SEC Commissioner Stein Says She’s Proud of Modernization Effort, Frustrated by Lack of Dodd-Frank Progress

      Kara Stein, the departing commissioner of the Securities and Exchange Commission, told MarketWatch she was focused during her five-and-a-half years as a regulator on bringing the regulator into the digital age. Her efforts have paid off with initiatives like the consolidated audit trail that she says will make a computerized marketplace more resilient to shocks...

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    6. Clayton Says SEC to Focus on Rules for Financial Professionals, Proxy Process

      Clayton Says SEC to Focus on Rules for Financial Professionals, Proxy Process

      Jay Clayton, the Trump-appointed chairman of the Securities and Exchange Commission, on Thursday outlined his priorities for next year, which include new rules for financial professionals and improving the proxy process. The 2019 “Reg Flex” agenda focuses on the “initiatives we reasonably expect to complete” said Clayton. He told an audience at Columbia University on Thursday that the regulator is more productive, advancing 88% of the rules on its short term agenda this year...

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      Mentions: Investors SEC IPO
    7. SEC Targets Proxy and Short Selling Rules, Compensation Disclosures for Possible Changes

      SEC Targets Proxy and Short Selling Rules, Compensation Disclosures for Possible Changes

      The Securities and Exchange Commission asked investors on the day before Thanksgiving to take another look at a very long list of its regulations and tell the regulator whether they should stay on the books. The move , made under cover of a long holiday weekend preoccupied with turkey and shopping, is an annual exercise required by the Regulatory Flexibility Act, a law passed in Reagan-era 1980 to address the perceived disproportionate impact of federal regulations on small businesses...

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      Mentions: Investors SEC IPO
    8. A Decade After the Crisis, the SEC Still Hasn’t Passed Executive Compensation Rules

      A Decade After the Crisis, the SEC Still Hasn’t Passed Executive Compensation Rules

      Almost everyone got on board the reform train after the 2008 financial crisis. However, big business, and in particular the biggest banks, slammed the brakes on reforms that threatened to separate senior executives from their money that critics said incentivized excessive risk taking before the crisis...

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    9. SEC Proposes to Limit Whistleblower Awards

      SEC Proposes to Limit Whistleblower Awards

      The Securities and Exchange Commission is looking to limit whistleblower payouts after doling out tens of millions of dollars in a recent case. The SEC voted 3-2 Thursday to propose a limit limiting whistleblower payouts after an $83 million award in March to three tipsters – the largest payday in the history of the SEC’s whistleblower program—raised concerns that the jackpots may be getting “too large,” according to the proposal...

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      Mentions: SEC Jay Clayton risk
    10. T-Mobile’s Accounting Slammed by Investor Group in Letter to SEC

      T-Mobile’s Accounting Slammed by Investor Group in Letter to SEC

      MarketWatch is not alone in criticizing wireless operator T-Mobile US. Inc. for its accounting. An investor group sent a formal letter of complaint to the Securities and Exchange Commission on Wednesday, asking the regulator to conduct a probe of the company’s accounting practices. CtW Investment Group works with pension funds that are sponsored by unions affiliated with a federation known as Change to Win, and focuses on shareholder activism around corporate governance...

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    11. SEC Won’t Pursue Clawbacks in Weatherford Accounting Fraud Case

      SEC Won’t Pursue Clawbacks in Weatherford Accounting Fraud Case

      The U.S. Securities and Exchange Commission will force Weatherford International WFT, -5.44% to pay a $140 million penalty to settle charges it inflated earnings and understated taxes, but it will not force the oil-services company to claw back excess incentive compensation paid to its CEO and CFO. Weatherford issued false financial statements between 2007 and 2012 that inflated its earnings by more than $900 million in total, the SEC said...

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    12. Capitol Report: Both Sides Plan to Protest SEC Pay Ratio Rule

      Capitol Report: Both Sides Plan to Protest SEC Pay Ratio Rule

      T he Securities and Exchange Commission votes today on the Dodd-Frank pay ratio rule but no one is happy with the expected compromise. The Wall Street Journal quoted Tom Quaadman, vice president of the group’s Center for Capital Markets Competitiveness, that “all of its options, including pushing Congress to pass legislation repealing the requirement” will be considered...

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      Mentions: Investment SEC
    13. Capitol Report: Clawback Rules Close to SEC Approval

      Capitol Report: Clawback Rules Close to SEC Approval

      The SEC is finally ready to finalize rules for “clawbacks”, the revocation of executives’ incentive compensation when a restatement of the financial results is required, the Wall Street Journal reports. Those clawbacks will occur when errors or misstatements cause restatements that may revise targets used to award incentive compensation, whether the mistake was intentional or not. The SEC will enforce the rules if companies do not...

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      Mentions: Dodd-Frank Ethics SEC
    1-16 of 16
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    Capitol Report: Clawback Rules Close to SEC Approval Capitol Report: Both Sides Plan to Protest SEC Pay Ratio Rule Rarely Enforced SEC Rules do Little to Fight Earnings Manipulation Capitol Report: New Rules Could Let Executives Ask for Extra Bonuses Capitol Report: Judge says Funds Struggle to Vote with so Many Shareholder Proposals SEC Won’t Pursue Clawbacks in Weatherford Accounting Fraud Case T-Mobile’s Accounting Slammed by Investor Group in Letter to SEC SEC Proposes to Limit Whistleblower Awards A Decade After the Crisis, the SEC Still Hasn’t Passed Executive Compensation Rules Here’s One Way to Tell if a Company is Overpaying its CEO Axcella Health Inc. Announces Appointment of Catherine A. Sohn, Pharm. D. to its Board of Directors ‘Destruction of Capital’: How GE’s Decade of Stock Buybacks May Come Back to Haunt the Company