The Magazine of Corporate Responsibility

Tag Archive for ‘U.S. Senate’

Is There Any Hope U.S. Will Limit Greenhouse Gas Emissions?

The best hope to date was 2009’s American Clean Energy and Security Act, a bill that called for the implementation of a “cap-and-trade” system to limit carbon dioxide emissions. That bill failed to pass, and most experts say it’s inconceivable to think the next Congress – or President Obama – would even contemplate strong climate or clean energy legislation.

Financial Reform Bill Leaves Proxy Access Rules with SEC

After days of intense political drama, House and Senate negotiators on the financial reform bill agreed to toss a key shareholder governance issue — proxy access — back to the Securities and Exchange Commission.

Senate Negotiators Move to Limit Proxy Access in Finance Bill

To the dismay of activist investor groups, Senate Banking Committee chairman Christopher Dodd proposed that investors seeking to nominate directors for shareholder votes be required to own at least a 5% interest in the company for two years. Few, if any, institutional investors would be able to meet such a requirement.

Senate Bill Changes Rules for Boards, Executive Pay

The bill, which passed the Senate by a vote of 59-39, requires directors to win by majority vote in uncontested elections, gives the SEC authority to grant shareholders proxy access to nominate directors and gives shareholders the right to a nonbinding vote on executive pay. The measure must be reconciled with a House bill.

Finance Reform Bill Could Increase Whistleblower Payouts

The legislation would require the Securities and Exchange Commission to award whistleblowers up to 30 percent of the fines collected by the government for providing “original information” regarding violations of securities laws. Based on some recent cases involving the U.S. Foreign Corrupt Practices Act, payouts could be in the tens of millions of dollars.

Democrats Introduce Political Contributions Legislation

Democrats officially launched their long-expected legislative response to the Supreme Court’s Citizens United ruling freeing up corporations, unions and other groups to make political contributions. Five U.S. Senators released their version of the DISCLOSE Act – an acronym for the “Democracy is Strengthened by Casting Light on Spending in Elections” Act. Similar legislation was introduced in the House. (File Photo)

Catching Bad Guys: International Law Enforcement Ups the Ante

New agreements between the U.S., Europe Union and 56 European member states aim to make life more difficult for transnational criminals by making it easier for countries to extradite individuals charged with crimes and to jointly develop and share information.

Senator Questions 30 Companies on Human Rights in China

U.S. Senator Dick Durbin this week sent letters to 30 information and communications technology companies – including Apple, Facebook, Skype and Twitter – seeking information about their human rights practices in China. Durbin also announced plans to hold a follow-up hearing on global internet freedom next month.