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Komitee for God Selskabsledelse fastholder overraskende anbefaling o m kvartalsrapporter Komiteen oplyser, at ”Komitéen har drøftet, hvorvidt anbefalingen om kvartalsrapporter bør revideres som følge af de ændrede lovkrav. Det er komitéens opfattelse, at anbefalingen er udtryk for gængs praksis blandt de børsnoterede selskaber, hvilket bekræftes af, at ca. 75 pct. af de børsnoterede selskaber udarbejder kvartalsrapporter eller periodemeddelelser. Anbefalingerne som ”soft law” er et fint supplement til lovregler, idet selskaberne kan vælge at forklare, hvorfor enkelte selskaber måske har valgt ikke at følge en given anbefaling, og hvordan selskabet har valgt at indrette sig i stedet for. På den baggrund finder komitéen ikke anledning til at ændre anbefalingen om kvartalsrapporter på nuværende tidspunkt. Komitéen vil dog i forbindelse med den førstkommende opdatering af anbefalingerne vurdere, hvorvidt der er behov for evt. at supplere anbefalingen med en kommentar.”

Rekord mange spin offs i kølvandet p å aktionærkrav om at synliggøre værdier I NYSE Corporate Board Magazine hedder det i en ar- tikel om virksomheders stigende spin off aktiviteter, at ”pressure from activist investors to “unlock shareholder value” via a breakup is perhaps the biggest driver behind this spike. About one-quarter of recent spinoffs have been overtly engineered by activists, including ones at Internet auction house eBay, media giant Gannett, bearings and steelmaker Timken Co., and auto parts supplier Federal-Mogul. As many as half of those that appear to be initiated by boards may actually be the result of behind-the-scenes negotiations with an activist hedge fund, observers say. “The more assets that are held by activists, the more of this we’re going to see,” says Gregg Feinstein, a managing director and head of the M&A group for Houlihan Lokey, an investment bank that represents both activists and their targets. “They have to deploy their capital, and spinoffs often can generate shareholder value.”

Bestyrelsesmedlemmer med fokus p å omdømme lytter mere til investorer I forskningspapiret ”Reputation Concerns of Independent Directors: Evidence from Individual Director Voting” hedder det, at “we find that independent directors’ reputation concerns lead them to be more aligned with investors than with management because their dissenting behavior is eventually rewarded in the marketplace. Specifically, we find that younger and more reputed directors (as measured by their past positive media mentioning and the prestige of the colleges they attended) are more likely to cast dissenting votes, suggesting a strong motivation from career concerns. Indeed, dissension is rewarded in the long run by more board seats at other companies and avoidance of regulatory sanctions associated with firms’ wrongdoing. However, we find that management does exert short-term influence over independent directors, weakening their incentives to represent shareholder interests.”

Top 10 agenda for bestyrelsen 2016: Kulturen er vigtig for bestyrelsens effektivitet Spencer Stuart har opstillet ti agendaer for bestyrelsen i 2016. Der er ikke meget nyt under solen, men bestyrelsens kultur og ”tonen-på toppen” bliver stadig vigtigere: ” Attention to the board culture and its influence on board performance: Culture tends to be underappreciated as a component of board effectiveness. On boards with a strong, healthy culture, directors are well-prepared, participate in dynamic debate on core issues, tackle the issues that matter most and respect decisions once they are made. On troubled boards, directors do not devote sufficient attention to discussing issues and struggle to make important decisions, or there can be an environment where individuals place their own personal agendas and egos above the goals of the board. “There’s got to be trust,” said Kinney. “There’s got to be a working group and it’s got to work well, because if it’s not working well, that’s as much of a problem for the management team as it is for the board itself.”

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