Rapporter & tendenser

Vejledning til US finanstilsyn om selskabers rapportering om cybersecurity: Det amerikanske finanstilsyn, SEC har netop offentliggjort retningslinjer for rapporteing om cybersecurity : ”The Commission issued interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. This guidance reminds companies that they should consider cybersecurity risks and incidents when preparing documents that they file with the Commission, as the federal securities laws require them to disclose information about material cybersecurity risks and incidents. As this guidance describes, disclosure may be required in the context of a public company’s existing reporting obligations—such as the company’s risk factors, management’s discussion and analysis, or financial statements. This guidance also reminds companies of the importance of maintaining comprehensive policies and procedures—including effective disclosure controls and procedures—that address cybersecurity risks and incidents. In addition, it reminds company insiders that trading securities while in possession of non-public information about cybersecurity incidents may violate the federal securities laws.”

Kina øger geopolitisk militær tilstedeværelse med baser i Pakistan: “On January 1, 2018, The Daily Caller published information – later confirmed in two separate reports, here and here – about a plan for a Chinese military base on the Jiwani peninsula in Pakistan, near Gwadar, a sea port critical to the success of the China-Pakistan Economic Corridor (CPEC). According to noted national security correspondent Bill Gertz: “Plans for the base were advanced during a visit to Jiwani on Dec. 18 by a group of 16 Chinese People’s Liberation Army officers who met with about 10 Pakistani military officers.” “The Chinese also asked the Pakistanis to undertake a major upgrade of Jiwani airport so the facility will be able to handle large Chinese military aircraft. Work on the airport improvements is expected to begin in July.” Sources now say the plan has been accelerated. Upgrade of the Jiwani airport is already underway.”

Undersøgelse af Corporate Incidents, typer, alvorlighed, industrier osv.: ”Corporate activities that generate undesirable social or environmental effects are a valuable source of information for investors. Environmental, social and governance (ESG) incidents can reflect gaps in a company’s management systems, vulnerabilities in corporate strategy and lapses in policy development, all of which are relevant to company analysis and evaluation. If policies and programmes are the talk of corporate ESG management, then incidents are the walk.Incidents can also have direct financial effects. Many well-known examples of shareholder value destruction over the last few years, including product safety concerns at Samsung, the Dakota Access Pipeline controversy and the Volkswagen emissions scandal, constituent incidents. Focusing on the essential trends and applications: In our recently published study, Understanding ESG incidents: key lessons for investors , we analyze 29,000 incidents that took place in 176 countries from 2014-2016. We identify the essential incident trends, including those related to company size, industry classifications, geographical considerations and financial effects.”

Tobins Q misbruges i stigende omfang til at udregne en proxy for udviklingen i selskabers værdi:Forskerne bag undersøgelsen skriver: “In our paper, The Misuse of Tobin’s Q , which we recently posted to the Social Science Research Network, we examine the common and growing misuse of Tobin’s Q as a proxy for firm value within the law and finance literatures. For several decades, Tobin’s Q has been one of the most important concepts in business law and policy for examining how various regulatory and corporate governance provisions affect firm value, and therefore economic welfare. More than three hundred law review articles, including many of the most widely-cited in corporate and securities law, have referenced Tobin’s q as a proxy for firm value, as have hundreds of articles in the most highly-regarded peer-reviewed finance and economics journals. The trend in citations to Tobin’s Q is markedly upward, and in 2017 alone, articles in leading law reviews referenced Tobin’s Q as a proxy for firm value in analyzing such important topics as how firm value was affected by hedge fund activism, fiduciary duties, staggered boards, and corporate governance.”