#BoardOfDirectors Richard R. Graves joins Rogers Group's board of directors – Aggregates Manager (blog) http://bit.ly/2x2YOBm
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Twenty Practical Steps to Better Corporate Governance | The Corporate Secretaries International Association (CSIA)
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Showing posts with label 2017 at 08:23PM. Show all posts
Showing posts with label 2017 at 08:23PM. Show all posts
Tuesday, October 17, 2017
#BoardOfDirectors Richard R. Graves joins Rogers Group’s board of directors – Aggregates Manager (blog) http://bit.ly/2x2YOBm
Thursday, July 27, 2017
Thursday, June 22, 2017
Tuesday, June 6, 2017
CNA looks internally for new general counsel
Scott Weber joined firm this year to lead claim-litigation counsel team
Insurance firm CNA has promoted Scott Weber to executive vice president and general counsel.
In his new role, Weber serves as a principal counsel to the CEO, senior management team and board of directors, and reports to Dino Robusto, chair and chief executive. He leads the law department, which is responsible for the company’s legal affairs, compliance, regulatory and government affairs, corporate affairs, securities and litigation, as well as providing legal support for CNA’s business operations.
Weber succeeds Jon Kantor, who recently announced his retirement, the company says. CNA describes itself as the country’s eighth-largest commercial insurance writer and the 14th-largest property and casualty company.
Weber joined CNA earlier this year to lead the company’s claim-litigation counsel team. Before joining the company, he served as a managing director at Stroz Friedberg, where he was responsible for overseeing the firm’s insider threat practice and helping clients use predictive analytics for the prevention, detection and mitigation of insider threats and security risks.
Earlier in his career, Weber held litigation partner roles at Latham & Watkins and Patton Boggs, where he was responsible for complex litigation, including class action, toxic tort, product liability defense, internal investigations and compliance.
June 06, 2017 at 08:14PM
from Ben Maiden
ESG expected to be prominent at Society for Corporate Governance conference
Boards and advisers need to learn how to approach shareholder proposals on ESG issues
ESG matters have been in the spotlight this proxy season, and look set to be prominent in discussions at the upcoming Society for Corporate Governance’s national conference in San Francisco, which starts later this month.
ExxonMobil last week found itself the latest energy company to have a majority of shareholder votes urging it to produce reports on how it will be affected by action taken to limit climate change, despite the board opposing the proposal (CorporateSecretary.com, 6/2). The vote follows victories for similar proposals at recent shareholder meetings of PPL Corporation (CorporateSecretary.com, 5/25) and Occidental Petroleum (CorporateSecretary.com, 5/24).
Boards and their in-house advisers are having to learn how to approach such shareholder proposals on ESG issues. ‘Environmental groups want more disclosure [around these issues], meaning that [tackling them] gets elevated to the corporate secretary and general counsel level,’ Darla Stuckey, president and CEO of the Society, tells Corporate Secretary. ‘That push has caused some corporate secretaries to get involved with what their ESG groups are doing, and looking to see what they would have to do if [ESG-related disclosure] is included in integrated reporting.’
In opposing such motions, boards often argue that they already produce detailed disclosure on how climate change will affect the company. Such disclosures are often not included in a company’s Form 10K, however, and therefore do not need to be certified. Incorporating ESG disclosures into regulatory filings would raise a series of challenges and questions for corporate secretaries and in-house counsel. Stuckey also notes that it would be expensive to produce the types of reports requested in some shareholder proposals.
‘I think ESG is very popular because investors are making it popular,’ Society senior vice president and general counsel Granville Martin says.
OTHER TOPICS
In addition, Stuckey points to the Investor Stewardship Group (ISG) and its principles as a likely theme for discussion at the conference. The ISG is a collective of some of the largest US and global asset managers, which has developed a corporate governance framework including principles such as ‘institutional investors are accountable to those whose money they invest’. The framework is due to be implemented by members of the group as of January 1, 2018.
Other themes to be addressed in San Francisco include board composition – who is on the board and why – and executive compensation (CorporateSecretary.com, 4/13).
Martin expects a great deal of interest among attendees regarding the future of the SEC. Many observers expect the commission to move in a more deregulatory direction than it has since the financial crisis. But the new chair, Jay Clayton, has only recently been installed and two more commission members are needed to fill vacant spots at the table, so much uncertainty remains.
In the meantime, there are questions in the industry about the fate of measures such as the CEO pay ratio rule, which is scheduled to go into effect next year, and the conflict minerals rule.
Then-acting SEC chair Michael Piwowar – who is giving the opening address at the Society’s conference – in January ordered a reconsideration of the pay ratio rule. He also directed SEC staff to reconsider whether 2014 guidance on the conflict minerals rule ‘is still appropriate and whether any additional relief is appropriate.’
‘It’s clear the SEC is scrutinizing rules that were recently completed or are ready to be completed,’ Stuckey says. ‘Many people are ready for answers on things such as the pay ratio rule,’ Martin adds.
Among other items of interest on the conference agenda, Stuckey points to a session with John Thornton, executive chair of Barrick Gold, which recently launched an initiative whereby all of its employees are given shares in the company. Other speakers include economist Dr Dambisa Moyo and Preet Bharara, former US attorney for the Southern District of New York.
The conference will also see the public launch of a Society initiative to boost diversity among its membership.
Society for Corporate Governance 2017 national conference
June 28 to July 1, San Francisco
June 06, 2017 at 08:14PM
from Ben Maiden
Williams-Sonoma Adds To Board Of Directors – goo.gl/alerts/gCfjE #corpgov @WilliamsSonoma #retail
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Williams-Sonoma Adds To Board Of Directors – goo.gl/alerts/gCfjE #corpgov @WilliamsSonoma #retail
June 06, 2017 at 08:10PM
https://twitter.com/Patricia_Lenkov/status/872108181081731072
from Patricia Lenkov
Charlie Helps FRSA retweeted: Einhorn’s #GM Stock Split Fails as Holders Side With Barra http://ift.tt/1v22oZV via @markets #corpgov #activistinvestor
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Charlie Helps FRSA retweeted:
Einhorn’s #GM Stock Split Fails as Holders Side With Barra http://ift.tt/1v22oZV via @markets #corpgov #activistinvestor
June 06, 2017 at 08:10PM
https://twitter.com/HelpsCharlie/status/872107591777779713
from Charlie Helps FRSA
Einhorn’s #GM Stock Split Fails as Holders Side With Barra http://ift.tt/1v22oZV via @markets #corpgov #activistinvestor
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Einhorn’s #GM Stock Split Fails as Holders Side With Barra http://ift.tt/1v22oZV via @markets #corpgov #activistinvestor
June 06, 2017 at 08:10PM
https://twitter.com/KristynHyland/status/872107023252557824
from Kristyn Hyland
Tourism chief Varney urges support overhaul from new government
June 06, 2017 at 08:18PM
from Bradley Gerrard
Corporate Governance retweeted: Supreme Court Says SEC Has a Limited Time to Recover Firms’ Illegal Profits -@WSJ ow.ly/WD5330cmuN6 #corpgov #clawbacks
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Corporate Governance retweeted:
Supreme Court Says SEC Has a Limited Time to Recover Firms’ Illegal Profits –@WSJ ow.ly/WD5330cmuN6 #corpgov #clawbacks
June 06, 2017 at 08:10PM
https://twitter.com/ToGovern/status/872106608809189376
from Corporate Governance
Sunday, June 4, 2017
Britney Spears Wrote A Love Letter To Her LGBTQ Fans For Pride Month
In honor of June being LGBTQ Pride month, American pop star and gay icon Britney Spears has written a love letter to all of her LGBTQ fans that have supported her over the years.
The letter is part of a larger initiative from Billboard called #30DaysOfPride that brings together different pop culture luminaries to write similar messages of love and support to their LGBTQ fans.
Spears’ letter is both heartwarming and powerful, with star saying that while her queer fans have always been vocal about what a “positive impact” Spears and her music have had on them, the LGBTQ community has had an equally profound impact on her as an artist and human being.
“It’s actually you that lifts me up,” Spears writes. “The unwavering loyalty. The lack of judgment… Your stories are what inspire me, bring me joy, and make me and my sons strive to [be] better people.”
We love you, Britney!
Head here to read other letters in the #30DaysOfPride campaign, including notes from Barbara Streisand, Adam Lambert and Betty Who.
— This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
June 04, 2017 at 08:19PM
from JamesMichael Nichols
Tuesday, May 16, 2017
Ford to Cut Staff 10%, but Embattled CEO Fields Will Keep Salary
May 16, 2017 at 08:19PM
from
Sunday, May 14, 2017
WholeBoardDevelopmnt retweeted: Soplos que ponen en jaque a las empresas | Economía | EL PAÍS #corpgov http://ift.tt/2isvsF9
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WholeBoardDevelopmnt retweeted:
Soplos que ponen en jaque a las empresas | Economía | EL PAÍS #corpgov http://ift.tt/2isvsF9
May 14, 2017 at 08:18PM
https://twitter.com/WholeBoardDev/status/863775215075176448
from WholeBoardDevelopmnt
Thursday, May 11, 2017
Orbital ATK (OA) Q1 Earnings Miss, Revenues Beat Estimates
Orbital ATK, Inc.‘s OA first-quarter 2017 adjusted earnings of $1.23 per share missed the Zacks Consensus Estimate of $1.36 per share by 10.6%. Reported earnings decreased 14.6% year over year.
Reported earnings decreased as earnings per share reflected a higher income tax rate of 29.3% in the first quarter of 2017 compared to a 25.1% rate in the year ago quarter and non repetition of discrete events that had occurred in the prior-year quarter.
Total Revenue
Orbital ATK’s total revenue in the first quarter came in at $1,085 million, beating the Zacks Consensus Estimate of $1,083.7 million by 0.1%.
Moreover, reported revenues were 2.7% higher than the year-ago figure of $1,056 million primarily due to improved sales from Flight Systems Group, Space Systems Group and Defense Systems Group, partially offset by an increase in corporate revenue eliminations.
Orbital ATK, Inc. Price, Consensus and EPS Surprise
Segmental Update
Flight Systems Group: Segment sales were up 4.8% year over year to $371 million owing to five launches of U.S. strategic missiles, three Delta IV and Atlas V space launches with propulsion systems and composite structures. Adjusted operating income fell 18.3% to $40.6 million.
Defense Systems Group: The segment reported sales of $451 million, up 4.6% year over year due to the production of approximately 400 million rounds of caliber ammunition, about 4,000 tactical missile motors and 3,000 precision artillery and mortar rounds. However, adjusted operating income decreased 8.9% to $42.0 million.
Space Systems Group: The segment reported sales of $301 million, up 5.2% year over year, due to successful launch and check-out of the first group of 10 Iridium NEXT satellites that the company assembled, integrated and tested. Adjusted operating income fell 9.6% to $27.4 million.
Highlights of the Release
Total adjusted operating income in the first quarter fell 9.8% to $117.4 million.
As of Mar 31, 2017, Orbital ATK’s firm backlog was approximately $9.8 billion, up 12% year over year. Total backlog (including options, indefinite quantity contracts and undefinitized orders) was approximately $14.8 billion, up 3%.
Financial Highlights
Cash used by operating activities during the quarter was $46.4 million.
Capital expenditure was $36.6 million in the quarter.
Guidance
The company has maintained 2017 earnings per share guidance in the range of $5.80–$6.20. Revenues are projected in the range of $4,550–$4,625 million.
Free cash flow is expected to be between $250 million and $300 million.
Peer Releases
Spirit Aerosystems Holdings, Inc. SPR posted first-quarter 2017 earnings from continuing operations of $1.17 per share, in line with the Zacks Consensus Estimate.
Rockwell Collins, Inc. COL posted first-quarter 2017 earnings from operations of $1.34 per share, beating the Zacks Consensus Estimate of $1.31 per share by 2.3%.
Raytheon Company RTN posted first-quarter 2017 earnings from operations of $1.73 per share, beating the Zacks Consensus Estimate of $1.61 per share by 7.5%.
Zacks Rank
Orbital ATK currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 “”Strong Buys”” free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 “”Strong Sells.”” Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Rockwell Collins, Inc. (COL): Free Stock Analysis Report
Spirit Aerosystems Holdings, Inc. (SPR): Free Stock Analysis Report
Orbital ATK, Inc. (OA): Free Stock Analysis Report
Raytheon Company (RTN): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
May 11, 2017 at 08:19PM
from Zacks Equity Research
Impax (IPXL) Q1 Earnings Miss, Stock Up on Cost Savings Plan
Impax Laboratories Inc. IPXL posted first-quarter 2017 adjusted earnings of 11 cents per share, missing the Zacks Consensus Estimate of 12 cents. Earnings were down 74.4% from 43 cents in the year-ago period due to lower revenues and higher costs.
Total revenue decreased 18.2% year over year to $184.4 million due to a decline in Generic division sales.
Moreover, revenues were below the Zacks Consensus Estimate of $190.7 million in the reported quarter. However, despite the miss, Impax’s share price increased more than 16.5% as it announced a restructuring plan that raised its annual cost savings target. In-fact, year-to-date, Impax shares are up 24.9%, while the Zacks classified Medical-Generic Drugs industry declined 4.9%.
Cost Savings Plan
In its effort to save costs, Impax has initiated several processes to improve efficiencies and margins, and focus on growth opportunities. The company has consolidated its generics R&D and manufacturing and packing operation in the U.S. to its Hayward, CA facility. Also, the company closed its manufacturing and R&D site at Middlesex, NJ.
As part of the strategic restructuring, the company has already ceased manufacturing in Taiwan and a decision on the sale or closure of the unit is yet to be taken.
The company is also modifying its generic portfolio so as to eliminate low-value products and streamline operations.
The company expects the above actions to save annualized costs to the tune of $85 million. All these initiatives are projected to save a total of $130 million by the end of 2019. However, the company expects a one-time charge of $65 million to fully achieve its cost saving goals.
Quarter in Detail
During the reported quarter, Impax Generic division revenues declined 21.1% from the year-ago quarter to $134.1 million. The decline in revenues was due to decreased sales of Voltaren Gel (diclofenac gel), metaxalone, fenofibrate and mixed amphetamine salts ER as a result of increased competition and pricing pressure. However, the decline was partially offset by increased sales of epinephrine auto-injector, oxymorphone ER and products acquired from Teva Pharmaceuticals Industries Ltd. TEVA and affiliates of Allergan plc AGN.
However, the company’s generic business showed improved margins.
The Impax Specialty Pharma division recorded revenues of $50.3 million, down 9.3% year over year, largely due to lower sales of Zomig and the anthelmintic products franchise.
Adjusted research and development (R&D) expenses grew 16.6% to $21.8 million in the reported quarter.
Adjusted selling, general and administrative expenses (SG&A) increased 9.2% to $47.5 million.
Sanofi SNY has filed a suit for patent infringement against Impax’s abbreviated new drug application (ANDA) for the generic version of the former’s multiple sclerosis drug, Aubagio.
Also, the company reduced its outstanding debt and is focused on saving costs.
2017 Outlook
The company expects its full-year adjusted earnings to be in the range of 55 cents to 70 cents per share.
The company expects adjusted gross margin in the range of 47% to 49%.
Adjusted research and development expenses, including patent litigation expenses, across the generic and brand divisions are forecast to be in the range of $90 million to $95 million.
Adjusted selling, general and administrative expenses are expected to be in the range of $190 million to $195 million.
Our Take
During the first quarter, some of the company’s generic products faced aggressive competition and pricing pressure, which impacted its revenues and profitability. The headwinds in the generic segment are likely to continue through 2017. However, we are positive on its cost-cutting initiatives.
Impax Laboratories, Inc. Price, Consensus and EPS Surprise
Impax Laboratories, Inc. Price, Consensus and EPS Surprise | Impax Laboratories, Inc. Quote
Zacks Rank
Impax currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 “Strong Buys” free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 “Strong Sells.” Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Sanofi (SNY): Free Stock Analysis Report
Allergan PLC. (AGN): Free Stock Analysis Report
Impax Laboratories, Inc. (IPXL): Free Stock Analysis Report
Teva Pharmaceutical Industries Limited (TEVA): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
May 11, 2017 at 08:19PM
from Zacks Equity Research
4 Reasons to Buy Enterprise Financial (EFSC) Stock Now
With the earnings season nearing its end, the Finance sector seems to have been one of the best performers. So, we thought of highlighting a stock from the sector that reflects strong fundamentals and solid long-term growth opportunity.
Enterprise Financial Services Corp EFSC is one such stock that has been witnessing upward estimate revisions, reflecting analysts’ optimism. In the last 30 days, the Zacks Consensus Estimate for 2017 and 2018 increased 1.9% and 4.6%, respectively.
Further, shares of this Zacks Rank #2 (Buy) stock gained 14.6% in the last six months, outperforming 11.7% growth of the Zacks categorized Midwest Banks industry.
Enterprise Financial has a number of other aspects that make it an attractive investment option.
Earnings Per Share Growth: Enterprise Financial witnessed EPS growth of nearly 11% in the last three-five years. This earnings momentum is likely to continue in the near term as reflected by the company’s projected EPS growth (F1/F0) of 8.7%.
Also, the company’s long-term (three-five years) estimated EPS growth rate of 9% promises reward for investors in the long run.
Revenue Strength: Enterprise Financial’s revenues increased at a CAGR of 3% over the last four years (2013–2016). Further, the top line is expected to grow 25.3% in 2017, higher than the industry average of 2.6%.
Superior Return on Equity (ROE): Enterprise Financial has an ROE of 10.52%, better than the industry average of 9.65%. This shows that the company reinvests its cash more efficiently.
Stock Seems Undervalued: Enterprise Financial has a trailing 12 month P/E ratio of 17.40 compared with the Zacks categorized Midwest Banks industry’s P/E ratio of 17.78. Based on this ratio, the stock seems undervalued.
Moreover, the company has a forward PE ratio (price relative to this year’s earnings) of just 16.34. Naturally, a slightly more value-oriented path may be ahead for Enterprise Financial stock in the near term too.
Other Stocks to Consider
Some other top-ranked stocks in the finance space are Raymond James Financial, Inc. RJF, Comerica Incorporated CMA and Lazard Ltd LAZ.
Raymond James Financial witnessed an upward earnings estimate revision of 6% for the current fiscal year, in the last 60 days. Its share price increased 11.5% in the last six months. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Comerica carries a Zacks Rank #2. For the current year, in the last 60 days, its Zacks Consensus Estimate was revised 10.2% upward. The company’s share price increased 23.3% in the last six months.
Lazard has a Zacks Rank #2. The company witnessed an upward earnings estimate revision of 5.7% for the current year, in the last 60 days. Its share price increased 16.5% in the last six months.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 “Strong Buys” free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 “Strong Sells.” Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Comerica Incorporated (CMA): Free Stock Analysis Report
Enterprise Financial Services Corporation (EFSC): Free Stock Analysis Report
Raymond James Financial, Inc. (RJF): Free Stock Analysis Report
Lazard Ltd. (LAZ): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
May 11, 2017 at 08:19PM
from Zacks Equity Research
Aetna (AET) Calls it Quits on Unsustainable Public Exchanges
In the wake of continued loss incurred by its public exchange business, health insurer Aetna Inc. AET has announced to pull back its presence in all the remaining states where it is operates now.
The company will now make an exit from the public exchanges in the states of Delaware and Nebraska. Last month, the company called it quits on Iowa and Virginia. With the exits, the company will now be virtually absent from the public exchange business.
Losses to the tune of $700 million from 2014–2016 from the public exchange business drained the company’s bottomline. Despite having curbed its exposure, the company still anticipates a loss of $200 million in 2017.
These losses and other headwinds such as merger led uncertainty have led shares to gain 31.7% over the past one year. However, this compares favorably with the Zacks categorized Medical – HMOs industry which has gained 34.4%.
Aetna joins other players, with UnitedHealth Group Inc. UNH being the frontrunners, in folding up the public exchange business. It was the first health insurer in the industry to cut its exposure to the painful public exchange business. It was present in only three states in 2017, down substantially from 34 states last year. Other insurers like Humana Inc. HUM and Anthem Inc. ANTM are also cautious of this business.
Individual/Public Exchange, a signature achievement of Obamacare was created to provide insurance to individuals and offer subsidies based on income levels. Insurers were hopeful of making gains out of the provision that was anticipated to provide steep membership growth between 2015 and 2019. But it did not turn out as expected. Soon the public exchange business started losing sheen as it attracted a greater number of old and sick population in comparison with the young and healthy ones, which increased the overall risk profile of the members insured on public exchanges. It therefore led to higher-than-expected claim cost and consequent losses.
Public exchanges are now detested all the more as this provision has come under the critical eye of Donald Trump, who via his repeal and replace plans has created significant uncertainty related to its future. The GOP’s plan calls for the elimination of Obamacare subsidies, which are refundable tax credits based on a person’s income and cost of coverage in their area. The subsidies made it easy to buy insurance on exchanges. The scrapping of these subsidies will drive them away from the exchanges.
Aetna carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 “”Strong Buys”” free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 “”Strong Sells.”” Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Aetna Inc. (AET): Free Stock Analysis Report
Humana Inc. (HUM): Free Stock Analysis Report
UnitedHealth Group Incorporated (UNH): Free Stock Analysis Report
Anthem, Inc. (ANTM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
May 11, 2017 at 08:19PM
from Zacks Equity Research
Economy progressing in right direction, expresses Sindh governor – DunyaNews Pakistan
DunyaNews Pakistan |
Economy progressing in right direction, expresses Sindh governor
DunyaNews Pakistan Chairman Pakistan Stock Exchange let it be known at the occasion that PSX is transforming into a global stock market as a result of Chinese investment. The managing director of Pakistan Stock Exchange revealed that the share value of PSX has exceeded … |
May 11, 2017 at 08:19PM
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