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    1. Toshiba Colluded with Japan Ministry to Undermine Shareholders, Probe Finds

      Toshiba Colluded with Japan Ministry to Undermine Shareholders, Probe Finds

      TOKYO (Reuters) -Japan's influential trade ministry effectively colluded with Toshiba Corp's management to influence shareholders votes on director nominees at last year's annual general meeting, an independent probe has found. Discrediting the government's efforts to improve corporate governance in Japan, the investigators' report lays out how the Ministry of Economy, Trade and Industry (METI) leaned on Harvard University's endowment fund and other foreign investors in Toshiba...

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    2. Granite Construction Incorporated : Elects New Board Chair, Appoints Three New Directors, and Names Larkin as CEO

      Granite Construction Incorporated : Elects New Board Chair, Appoints Three New Directors, and Names Larkin as CEO

      Granite’s (NYSE:GVA) board of directors has appointed three new directors and has elected Michael F. McNally as its new board chair. Mr. McNally has served on the board since 2016. The board also promoted Kyle T. Larkin to president and chief executive officer...

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    3. New Blood at Wall Street's Old Guard Rattles Corporate America

      New Blood at Wall Street's Old Guard Rattles Corporate America

      (Reuters) - A new generation of executives at the world's biggest asset managers is helping drive an uprising against Corporate America that environmental and social justice activists have long campaigned for. The big mutual fund firms, whose stock holdings amount to trillions of dollars, used to be loyal members of the corporate establishment...

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    4. Carl Icahn Holds About $400 Million Stake in Allstate

      Carl Icahn Holds About $400 Million Stake in Allstate

      May 26 (Reuters) - Activist investor Carl Icahn holds a roughly $400 million, or 1%, stake in insurer Allstate Corp , the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Icahn has not yet made any demands as he supports the insurer's move to cut costs and sell more products directly to consumers, the report added. Allstate and Icahn Capital did not immediately respond to Reuters requests for comment...

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      Mentions: stake Allstate Icahn
    5. Analysis: The U.S. State With The Most Detailed Corporate Diversity Disclosures

      Analysis: The U.S. State With The Most Detailed Corporate Diversity Disclosures

      (Reuters) - Aerospace company Boeing Co was explicit, naming who among its dozen directors were women, Asian and African American. Agricultural giant Archer Daniels Midland Co offered a more general accounting, saying its board was 55% diverse. Illinois officials have seen the range of responses from local companies - many with international profiles - to new state requirements they identify the gender and race or ethnicity of each board member...

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    6. BlackRock Turns Up Heat on Boards as AGM Season Gets Going

      BlackRock Turns Up Heat on Boards as AGM Season Gets Going

      BOSTON/LONDON (Reuters) - BlackRock voted against more company directors and backed more shareholder resolutions in the first quarter than a year ago, as the world's biggest asset manager looks to push boards to do more on climate and other sustainability issues. The information from the $9 trillion New York-based money manager in a report to be released on Wednesday helps to explain what is shaping up to be a tough shareholder voting season at major corporations this spring...

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    7. GE Shareholders Reject CEO Culp's $230 Million Pay in Rare Rebuke

      GE Shareholders Reject CEO Culp's $230 Million Pay in Rare Rebuke

      NEW YORK/CHICAGO (Reuters) -General Electric Co shareholders rejected top executives' compensation packages, including a payout of as much as $230 million to CEO Larry Culp, at the industrial conglomerate's annual shareholder meeting on Tuesday. While the shareholder vote was non-binding, the move was a rare rebuke of a major corporation's handling of its executive pay. It comes after GE laid off 20,000 workers last year...

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    8. Anna Catalano Is in the Room Where It Happens -- In Part Because Someone Spoke Up for Her When She Wasn't

      Anna Catalano Is in the Room Where It Happens -- In Part Because Someone Spoke Up for Her When She Wasn't

      In Personal Board of Directors, top business leaders talk about the people they turn to for advice, and how those people have shaped their perspective and helped them succeed. Previous installments from the series are here. Anna Catalano stumbled into the energy sector as a freshman in college after snagging a ride home to Kansas City with the son of a division manager at oil company Amoco Corp...

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      Mentions: Bank Verizon Asia
    9. Wells Fargo Scores The Latest Narrow Win for CEO Pay

      Wells Fargo Scores The Latest Narrow Win for CEO Pay

      (Reuters) -Wells Fargo & Co's executive pay plan for 2020 received backing from only about 57% of investor votes on Tuesday, a narrow win for the company and the latest evidence of the tougher scrutiny that shareholders are putting on CEO compensation this year. CEO and President Charles Scharf was paid $20.4 million in 2020, down from $34.3 million in 2019, when he was first named to lead the bank, according to the company's proxy statement filed in March...

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    10. Lagardere Eyes Governance Overhaul in Truce With Shareholders

      Lagardere Eyes Governance Overhaul in Truce With Shareholders

      PARIS, April 26 (Reuters) - French media and publishing firm Lagardere confirmed on Monday it was reviewing a project to transform itself into a joint-stock company, unravelling an arcane structure that had caused strife with shareholders. "Discussions are ongoing in this respect between the company and its main shareholders. There can be no certainty as to the outcome of the current discussions," said Lagardere, whose businesses include Paris Match magazine and airport shops...

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    11. New York State Pension Fund Backs Activist Nominees in Exxon Proxy Fight

      New York State Pension Fund Backs Activist Nominees in Exxon Proxy Fight

      HOUSTON (Reuters) - New York state's pension fund on Friday threw its support behind an activist fund's slate of nominees to Exxon Mobil Corp's board, heating up a proxy fight for the company's future. The biggest U.S. oil producer Exxon and activist hedge fund Engine No. 1 are battling over board seats following Exxon's historic net annual loss of $22.4 billion for 2020. The fund has criticized the producer for "significant underperformance" and a lagging approach to cleaner fuels...

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    12. In Japan Inc, Activist Investors Come in From the Cold

      In Japan Inc, Activist Investors Come in From the Cold

      TOKYO (Reuters) - Yasuo Takeuchi remembers the horror he felt in 2017 when, as chief financial officer of Japan's Olympus Corp, he was told an activist investor had taken a stake in the company: the barbarians were at the gate. But as he listened to proposals from ValueAct Capital, Takeuchi began to see the San Francisco-based fund as a potential catalyst for change at Olympus, which was still reeling from an accounting scandal and, he believed, remained too domestic in its outlook...

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    13. Toshiba: Bid to Test Japan's Corporate Governance Rules

      Toshiba: Bid to Test Japan's Corporate Governance Rules

      HONG KONG (Reuters) - A potential bid for Toshiba Corp is set to test both corporate governance at the scandal-hit conglomerate as well as rule changes in Japan designed to improve transparency and protect minority shareholders. The process puts the spotlight on the world's third-largest economy's efforts to attract more investments from overseas just as global private equity firms are hunting for more big-ticket deals in the country...

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    14. Union Urges Shareholders to Vote Against Marathon Exec Pay

      Union Urges Shareholders to Vote Against Marathon Exec Pay

      NEW YORK (Reuters) - The Teamsters Union on Monday urged shareholders of oil refiner Marathon Petroleum Corp to vote against an approval on executive compensation, arguing that the company provides outsized and unnecessary exit packages for top leaders. The union said in a letter released on Monday that shareholders should at an April 28 meeting instead vote in favor of a proposal that attempts to rein in the vesting of unearned equity following a change in control...

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    15. SEC's Lee Seeks More Proxy Vote Details from Powerhouse Funds

      SEC's Lee Seeks More Proxy Vote Details from Powerhouse Funds

      (Reuters) - The acting chair of the U.S. securities regulator on Wednesday called for clearer disclosures on how asset managers cast the votes that dominate most corporate elections. Securities and Exchange Commission acting chair Allison Herren Lee said disclosure rules have failed to help everyday investors especially as they focus more on environmental and social issues...

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    16. Starbucks's Mellody Hobson Says 'Civil Rights 3.0' Is Brewing

      Starbucks's Mellody Hobson Says 'Civil Rights 3.0' Is Brewing

      Mellody Hobson has seen corporate pledges to increase workplace diversity come and go over the years. Starbucks Corp.'s new chairwoman believes this time is different. As co-CEO and president of minority-run, asset-management firm Ariel Investments LLC, Ms. Hobson is one of the country's most prominent Black investors. As of Wednesday, she will also be the only Black chairwoman of an S&P 500 company, when she assumes that role at Starbucks...

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    17. Activist Investor Cevian Urges inclusion of ESG Targets in Compensation Plans

      Activist Investor Cevian Urges inclusion of ESG Targets in Compensation Plans

      (Reuters) - Swedish activist investor Cevian Capital urged on Wednesday that companies should include Environmental, Social, and Governance (ESG) targets in their management compensation plans. Against a backdrop of growing public and political concerns about climate change and economic inequality, companies are under increasing pressure to show they are taking greater responsibility for how they generate their profits...

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    18. Morris W. Applewhite appointed to Credit Suisse Holdings USA Board of Directors

      Morris W. Applewhite appointed to Credit Suisse Holdings USA Board of Directors

      Credit Suisse is pleased to announce the immediate appointment of Morris W. Applewhite as a Non-Executive Director to the Board of Directors for Credit Suisse Holdings (USA), Inc. ('CSH USA'). Applewhite brings to the Board of Credit Suisse's US legal entity decades ...

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    19. U.S. Senate Republicans Ask SEC to Reject Nasdaq Diversity Rules

      U.S. Senate Republicans Ask SEC to Reject Nasdaq Diversity Rules

      (Reuters) - Republican members of the U.S. Senate's Banking Committee on Friday urged securities regulators to reject corporate diversity rules proposed by Nasdaq Inc. In a letter to the head of the U.S. Securities and Exchange Commission, the Republicans said the effort by the exchange operator to set boardroom diversity requirements for listed companies would interfere with boards' duties to their shareholders, violate securities disclosure principles and could impose costs on companies...

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    20. Third Point Calls on Intel to Explore Strategic Alternatives

      Third Point Calls on Intel to Explore Strategic Alternatives

      Activist hedge fund Third Point LLC pressed Intel Corp. to make sweeping strategic changes after a year in which the U.S. semiconductor giant suffered more product delays and lost its rank as America's highest-valued chip company. In a letter Tuesday to Intel Chairman Omar Ishrak, Third Point Chief Executive Daniel Loeb said Intel's woes could threaten the U.S. tech industry and urged the chip maker to consider alternatives, including selling some of its acquisitions and splitting its design and manufacturing operations -- a move that would end Intel's long-held status as America's ...

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