Corporate Governance
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SAC Capital is under investigation for insider trading, and its founder Steve Cohen has received a subpoena to testify about his company before a grand jury, reports CNBC's Kate Kelly.
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LONDON, April 25- Barclays promised a rigorous review of executive pay on Thursday, as shareholders at the bank's annual meeting criticised the new management, unconvinced that the paying of big bonuses will be abandoned as part of a new ethical drive.
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LONDON, April 25- Barclays promised a rigorous review of executive pay on Thursday, as shareholders at the bank's annual meeting criticised the new management, unconvinced that the paying of big bonuses will be abandoned as part of a new ethical drive.
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ABU DHABI, April 25- Indonesia's Mayapada Group is planning a stock market listing for its media business within three years to raise finance and improve corporate governance, its founder said. He declined to say how much the group planned to raise through the initial public offering in Indonesia, or what it would spend the money on.
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LONDON, April 25- Barclays promised a rigorous review of executive pay and a cooperative relationship with regulators as it tries to dispel a reputation for reckless risk-taking and unethical behaviour that caused a series of scandals.
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April 24- General Electric Co shareholders rejected a proposal on Wednesday to split the roles of chairman and chief executive, jobs currently held by Jeff Immelt.
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April 24- General Electric Co shareholders rejected a proposal to split the roles of chairman and chief executive, jobs currently held by Jeff Immelt, GE said on Wednesday.
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April 22- News Corp said on Monday it reached a $139 million settlement with shareholders over the board of directors' actions related to the company's phone hacking scandal. News Corp also said it would adopt enhanced corporate governance procedures, which would stay in place after the company's pending split.
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April 9- The board of J.C. Penney Co Inc is facing scathing criticism from investors and corporate governance experts after ousting Chief Executive Ron Johnson and replacing him with his own embattled predecessor, Myron Ullman. More than 16 hours after the change, Penney's website still listed Johnson as CEO.
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TORONTO, April 4- SNC-Lavalin Group Inc, which has already changed its structure and executive team after a scandal-plagued year, said on Thursday four of its board members, including its chairman, will retire at its annual shareholder meeting.
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Chesapeake Energy's search for a new chief executive to replace Aubrey McClendon may take longer than expected, a source told Reuters on Friday.
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BOSTON/ CHARLOTTE, March 25- Bank of America Corp Chief Executive Brian Moynihan will need to hold shares likely worth millions of dollars for at least a year after he retires, under a new compensation policy that the bank instituted following investor pressure.
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*New UK law to give shareholders binding say on pay this year. DUBLIN/ LONDON, March 24- While politicians and public have fulminated against lottery-sized pay awards in Europe's boardrooms, fund firms, which wield the real power, are less concerned by such excesses and unlikely to use new powers to revolt on remuneration.
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The central bank is hoping to change a deeply ingrained habit on Wall Street: awarding bonuses to senior executives based in part on whether the company's performance lagged or beat rivals. The Dodd-Frank financial reform law charged the Fed with implementing new rules about Wall Street pay.
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March 20- Proxy advisors should share drafts of their work with public companies and fund managers should be aware of proxy advisors' potential conflicts of interest, according to proposals offered by the U.S. Chamber of Commerce on Wednesday.
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It was a common fixture on leading proxy voting web sites like Broadridge Financial Solutions Inc's proxyvote.com, and similar ones like those run by Computershare Ltd and a unit of Wells Fargo& Co.. "You have to give people a real choice," said Charles Elson, who directs a corporate governance center at the University of Delaware and has followed the debate. "
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This is by far the largest insider trading penalty ever, reports CNBC's Scott Cohn.
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*Board to review land deals by CEO Tom Ward. *Board to decide Ward's fate by June 30. March 13- SandRidge Energy Inc and activist hedge fund TPG-Axon Capital struck a deal on Wednesday that could lead to the removal of the oil and gas company's chief executive, Tom Ward, SandRidge said.
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Two groups of American International Group shareholders won class-action status on Monday in a $25 billion lawsuit over alleged losses caused by the U.S. government's bailout of the insurer.
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Goldman Sachs lost its battle to ignore an investor proposal to strip Chief Executive Lloyd Blankfein of his chairman role, according to SEC's website.
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BRUSSELS/ LONDON, March 6- European officials, emboldened by a victory over banker bonuses, will propose legislation this year giving shareholders voting rights to challenge executive pay at public companies.