Glass lewis backdating

In recent days, there has been extensive media attention (here and here) focused on the fact that plaintiffs’ lawyers seeking to exploit the options backdating scandal are filing shareholders’ derivative suits in preference to securities fraud class action lawsuits.Indeed, running tally of options backdating lawsuits (here) shows that only 16 companies have been named in securities fraud lawsuits, but over 70 companies have been named as nominal defendants in shareholders’ derivative lawsuits.In order to have sufficient standing to pursue the derivative suit, a shareholder plaintiff will have to show continuous share ownership, at the time of the alleged wrongdoing as well as the at the time of the lawsuit.

Black Rock, the world’s largest asset manager, cast votes against 168 overboarded directors during this year’s proxy season, reported a recent article on overboarding in report cited a study by Jeremy Kress of the University of Michigan showing that directors’ overcommitment can cause problems for public companies–especially large, complex financial institutions.In October 2017, Barrick signed a framework agreement with Magufuli’s regime.It would split economic benefits equally between the government and Acacia, and Acacia would agree to pay a 0m settlement.And both organizations set even stricter limits for corporate officers—for ISS, the limit is two boards not including one’s own board; for Glass Lewis it is two boards period.The Council of Institutional Investors, which has a policy in line with Glass Lewis, adds that “Currently serving CEOs should not serve as a director of more than one other company, and then only if the CEO’s own company is in the top half of its peer group.” When directors serve on too many boards, ISS and Glass Lewis recommend votes against them come annual proxy season.

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