Posts Tagged ‘UAW Retiree Medical Benefits Trust’

Demanding Transparency in Clawbacks

Posted by Noam Noked, co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Friday June 7, 2013 at 9:24 am
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Editor’s Note: This post comes to us from Elizabeth McGeveran, a consultant on corporate governance matters, member of the External Citizens Advisory Panel at ExxonMobil, and former Senior Vice President for Governance & Sustainable Investment at F&C Asset Management, one of the co-filers of Shareholder Proposal No. 8 in Walmart’s 2013 Proxy Statement.

After the horrifying collapse of a factory in Bangladesh killed over 1,100 workers, companies like H&M are moving to strengthen supplier standards and audits, as they should. We have seen similar responses to other compliance meltdowns in the past. Banks trumpet new checks and balances to help prevent excessive risk taking, massive trading losses and robo-foreclosures. Walmart points to changes in its compliance policies in response to front-page allegations of bribery and corruption in Mexico. Companies are quite happy to tell investors, employees, and the public how such changes will prevent the same problems from recurring.

This public disclosure about change for the future is commendable. But such reforms must be accompanied by measures to hold executives accountable for major compliance failures in the past. And here, beyond the occasional news report that a CEO volunteered to forego a bonus, companies tell us very little.

…continue reading: Demanding Transparency in Clawbacks

Benefits Trust and Walgreens Collaborate on Political Spending Disclosure

Posted by Noam Noked, co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Sunday February 17, 2013 at 10:21 am
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Editor’s Note: The following post comes to us from Meredith Miller, Chief Corporate Governance Officer, and Cambria Allen, Corporate Governance Director, of the UAW Retiree Medical Benefits Trust, which provides health care benefits to over 800,000 UAW retirees and their dependents and has $52 billion under management. This post is based on a January 8, 2013 Press Release, available here.

The UAW Retiree Medical Benefits Trust (Trust) and leading drugstore chain Walgreen Co. (Walgreens) recently announced an agreement to a multi-year collaboration in which the company would develop a best practice policy approach to corporate political spending and lobbying activities. A product of constructive dialogue between the Trust and Walgreens, the agreement highlights the utility of the shareholder engagement process by underscoring that companies and shareholders can work together to their collective long-term interest.

Walgreens is to be applauded for coming to the table and developing an agreement to work together with the Trust.

The main components of the agreement are:

…continue reading: Benefits Trust and Walgreens Collaborate on Political Spending Disclosure

 
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