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Join the Securities Litigation and Enforcement Group on LinkedInCorporate Boards Are Getting Younger Thanks to Retiring Boomers – Bloomberg
The Great Resignation. The Big Quit. The Great Reshuffle. Call it what you want, but a spate of early retirements brought on by the pandemic helped make corporate boards younger. According to Bloomberg ESG data, the average age of board members at Russell 1000 companies dropped to 61.8 years through Oct. 2022, down from a […]
Corporate Directors Resign as U.S. Targets Overlaps at Competing Firms – WSJ
Board members at Udemy Inc., SolarWinds Corp. and three other public companies resigned in recent weeks because they simultaneously served as directors of competing companies, the Justice Department said. The moves came after DOJ officials signaled earlier this year that they would enforce a law that bars people from serving on the boards of rival […]
American Express Elects Jay Clayton to Board of Directors | Business Wire
American Express Company today announced that Walter Joseph “Jay” Clayton has been elected to its Board of Directors, effective October 5, 2022. Mr. Clayton served as the Chairman of the U.S. Securities and Exchange Commission (SEC) between 2017 and 2020 and is currently a Senior Policy Advisor and Of Counsel at Sullivan & Cromwell LLP. […]
Women on S&P 500 Bank Boards Gain Just Two New Seats in 2022 – Bloomberg
Women failed to gain any board seats at the largest US banks in August, and have picked up only two net seats this year among members of the S&P 500 Bank Index, according to data compiled by Bloomberg. After hitting 35% of seats for the first time this year, female directors have mostly kept to […]
As Corporate Boards Pursue Diversity, Director Training Programs Spring Up – WSJ
U.S. companies are turning to programs aimed at preparing women and people of color for corporate board roles in a bid to comply with calls from regulators and investors to diversify their directors. Law firms, universities and current directors of companies have launched new or expanded programs over the past few years to coach prospective […]
Goldman asset management arm takes tough stance on companies’ board diversity | Financial Times
Goldman Sachs has said its asset management business will vote against big companies that do not have a minimum number of female and minority board members from next year, in a decision that could affect thousands of companies. Beginning in March 2022, Goldman Sachs Asset Management will require companies globally to have at least two […]
California Board Diversity Laws Make Waves
Experts following the new statutes agree on two key points. First, California corporations have succeeded in finding women directors from diverse backgrounds in response to the 2018 statute, despite opponents’ assertions that boards would have difficulty identifying good nominees. As a result, they contend that boards won’t have trouble identifying other diverse candidates either. And […]
California Board of Directors Diversity Bill Signed Into Law, Challenged by Lawsuit | The D&O Diary
In addition to the recent litigation, efforts to advance board racial diversity have included legislation. Earlier this year, the California legislature passed a bill mandating the inclusion on boards of California headquartered companies of representatives of “underrepresented communities.” On September 30, 2020, California Governor Gavin Newsome signed the bill into law. As discussed below, even […]
Guest Post: Considerations for Corporate Directors As Their Companies Confront COVID-19 | The D&O Diary
As the coronavirus disease 2019 (“COVID-19”) continues to disrupt the global economy, corporations across sectors and industries are confronting a host of questions about how to adapt to the extraordinary challenges posed by the pandemic. While management is handling the day-to-day response to the burgeoning crisis, boards of directors face a unique set of considerations […]
California Companies Are Rushing to Find Female Board Members – The New York Times
In September 2018, California became the first state to legally compel corporate board diversity with a law mandating that every public company in the state have at least one female director by the end of 2019. The law set off a scramble to find hundreds of female directors, many of whom don’t fit the traditional […]