Pfizer Board Survives Protest Vote

In a much-followed vote, shareholders Thursday rejected recommendations by two proxy advisory firms that they withhold votes for outside directors at Pfizer. The recommendations were made in response to the board’s approval of a retirement package for its chief executive officer that has been val...

By Stephen Taub • April 27, 2006

Six Companies in Calpers Cross-hairs

The California Public Employees’ Retirement System (Calpers), the nation’s largest pension fund, announced its annual focus list of companies that it says must improve their financial performance and governance practices.“The stock performance and governance of these companies is unacceptable to ...

By Stephen Taub • April 20, 2006

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Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

Ben & Jerry’s Ex-CFO Sent to the Cooler

A former chief financial officer for Ben & Jerry’s Homemade, a maker of premium ice cream, will be getting a taste of life behind bars.Stuart Wiles, who served as CFO from May 2000 to May 2004, was sentenced to 27 months in prison and two years of supervised release after embezzling nearly $3...

By Stephen Taub • April 19, 2006

Let the Comp Wars Begin

Today is the deadline for sending comments to the Securities and Exchange Commission on its plan to revamp the reporting of executive compensation. Expect some heated horse-trading to start tomorrow and last until the commission’s final decision on the new rules expected later this year.The wrang...

By David Katz • April 10, 2006

Attitude Adjustment

You might never guess from the headlines, but deep down, the ethical attitudes of American businesspeople are improving, according to a new study by five Baylor University professors.“Ethical Attitudes in Small Businesses and Large Corporations,” published recently in the Journal of Small Busines...

By Helen Shaw • March 31, 2006

Following the Code

When it comes to making sure the corporate code of conduct is followed, executives at Textron Inc. rely on good old-fashioned trust — sprinkled with some checks and balances and formal feedback tools such as surveys and focus groups.Having a corporate code of conduct in place these days is a give...

By Esther Shein • March 31, 2006

Majority Rules?

Corporate executives and investors got a glimpse of how one of the hottest issues of the 2006 proxy season may play out following the defeat of three majority voting resolutions last week. The trio of resolutions to change the way board elections are held were submitted by shareholders of Analog ...

By Marie Leone • March 24, 2006

TV Guide CEO Liable For Fraud

The former chief executive officer of Gemstar-TV Guide Inc. was found liable for securities fraud stemming from his role in the company’s accounting scandal, according to the Associated Press, citing a ruling unsealed Monday in a regulatory lawsuit.Former CEO Henry C. Yuen was accused of inflatin...

By Stephen Taub • March 21, 2006

I Am Joe’s Conscience

When the Ethics Officer Association held its first meetings in Waltham, Massachusetts, in 1992, there were 19 members. A decade later, the group of corporate-ethics officers had grown to 600. Today, thanks to financial scandals and regulatory reform, says executive director Keith Darcy, the recen...

By Norm Alster • March 15, 2006

Executive Loans Can Run Both Ways

The Sarbanes-Oxley Act of 2002 may have outlawed loans by companies to their executives, but it says nothing about loans that are headed in the other direction.That unusual situation arose last month when chief financial officer Robert P. Dowski extended his company, Washington, D.C.-based Allied...

By Lisa Yoon • March 6, 2006

Shareholders Gaining Proxy Power

As public companies increasingly adopt tougher voting standards for board election, corporate executives should expect to see the balance of power tip toward shareholders this proxy season.Indeed, corporate directors who aren’t sanctioned by investors will likely encounter tougher sledding now th...

By Marie Leone • March 3, 2006

Wanted: Wal-Mart Global Ethics Czar

Wal-Mart Stores Inc. wants to hire a director of global ethics. And it looks as if a finance type would have an inside track for the job.Among the requirements for the post listed in an online job description, candidates must have “a preference for training or expertise in accounting, audit, fina...

By Stephen Taub • March 3, 2006

SEC Staff Not Wearing the Green

Over the next few months, more and more senior executives and boards might find themselves pleasantly surprised by the responses they get from the Securities and Exchange Commission to their applications to jettison certain shareholder resolutions from proxy filings.That’s because an SEC clarific...

By Marie Leone • Feb. 28, 2006

XM Director Resigns, Cites “Crisis”

XM Satellite Radio Holdings Inc. director Pierce Roberts has resigned from the company’s board, citing “a significant chance of a crisis on the horizon,” according to a regulatory filing.In a letter fired off to chairman Gary M. Parsons, Roberts did not elaborate on the nature of the crisis, but ...

By Stephen Taub • Feb. 16, 2006

Buffett to Leave Coke Board

Warren Buffett is leaving Coca-Cola Co.’s board of directors.The Oracle of Omaha informed Coca-Cola that he does not intend to stand for re-election at the upcoming annual meeting, according to a company statement.Reportedly, Buffett cited the increased demands on his time resulting from Berkshir...

By Stephen Taub • Feb. 14, 2006

Greenberg Company Sues AIG

Maurice “Hank” Greenberg and his insurance company are locked in a legal battle with American International Group Inc., the insurance company he had served as chief executive officer and built into a global giant, over who controls privately owned C.V. Starr and Co.On Friday, reported The Wall St...

By Stephen Taub • Jan. 30, 2006

Globalization for Reporting Guidelines?

The ultimate government consortium, the United Nations, is planning to use the power of some of the world’s largest financial institutions to persuade companies to change their financial statements — or face the threat of divestment or ratings downgrades.Under several initiatives, the world body ...

By Thomas M. Kostigen • Jan. 25, 2006

How Much Are We Paying Our People?

Earlier this month the Securities and Exchange Commission proposed guidelines for executive-compensation disclosure, but like many observers, corporate boards saw it coming years ago. Indeed, in the past year or two, boards have increasingly enlisted independent consultants to help them analyze t...

By Lisa Yoon • Jan. 20, 2006

Socially Responsible, or Unacceptable?

Despite occasional indications to the contrary, officers at most firms insist that their companies are upstanding corporate citizens. Now, some investment banks are looking to test the validity of those claims.Over the past year or so, several marquee investment banks — including The Goldman Sach...

By Edward Teach • Jan. 1, 2006

Proxy Scorecard: Peace Pipes in 2005

It looks like corporate-governance proponents checked their boxing gloves at the door during the 2005 proxy season. With fewer proxy contests, fewer shareholder proposals, and a management push to declassify boards, companies were doing more listening, and investors made progress in their quest f...

By CFO Editorial Staff • Jan. 1, 2006

Insider Trading Charges for Qwest Ex-CEO

Federal prosecutors have charged Joseph Nacchio, the former chief executive officer of Qwest Communications International Inc., with 42 counts of insider trading, according to published reports.Nacchio has been accused of making $100.8 million by trading in Qwest shares between January 2 and May ...

By Stephen Taub • Dec. 20, 2005

Two Views of Virtue

Corporate social responsibility (CSR), the idea that companies have obligations not just to their investors but also to their stakeholders, society, and the environment, is hot. A recent Google search turned up 4,680,000 hits for the phrase, compared with 2,340,000 hits for “shareholder value.” H...

By Edward Teach • Dec. 15, 2005

Wells Notices for Hollinger Directors

The Securities and Exchange Commission may charge directors who served on Hollinger International Inc.’s audit committee for allowing an alleged fraud to take place under their nose, according to Bloomberg, citing two people with direct knowledge of the matter.The wire service reported that the S...

By Stephen Taub • Dec. 14, 2005

Scrushy Resigns from HealthSouth Board

Richard Scrushy has finally resigned from HealthSouth Corp.’s board of directors.According to the Birmingham News, the company’s founder, former chairman, and former chief executive officer claimed in a letter to the board that HealthSouth has reduced his role as a director and chairman to virtua...

By Stephen Taub • Dec. 6, 2005

Corporate Crime Increases

So much for Sarbanes-Oxley and all of the other corporate-governance changes instituted by regulators and the stock exchanges. Nearly half of all organizations worldwide, including U.S. companies, admit they have been the victim of corporate crime in the past two years, according to Pricewaterhou...

By Stephen Taub • Nov. 30, 2005