Latest news with #corporate governance
Bloomberg
2 days ago
- Business
- Bloomberg
Australia Regulator Probes $20 Billion Private Credit Manager
Australia's corporate watchdog is scrutinizing private credit manager Metrics Credit Partners Pty because of concerns over loan valuations and governance practices that have emerged as part of a broader industry probe, according to people with knowledge of the matter. The probe is part of a two-year review of private markets that the Australian Securities & Investments Commission is conducting across the industry. The regulator is giving more attention to Metrics and some of its transactions because of specific concerns about the firm's practices and in light of its substantial exposure to real estate, according to the people.
Bloomberg
3 days ago
- Business
- Bloomberg
Couche-Tard Drops $46 Billion Bid for Japan's 7-Eleven Owner
Canada's Alimentation Couche-Tard withdrew its $45.8 billion proposal for Seven & i Holdings, blaming a 'calculated campaign of obfuscation and delay' by the Japanese owner of 7-Eleven for ending its year-long pursuit. A deal could have been the largest foreign takeover of a Japanese company. While some questioned whether Couche-Tard might destroy the food quality and customer experience of Japan's famed combini, the talks had raised hopes that the country was finally opening up to foreign takeovers, with improved corporate governance and greater attention to shareholders. 'The moat of Japanese protectionism proved too much for Couche-Tard to cross,' said Andrew Jackson, head of Japan equity strategy at Ortus Advisors. 'It was always highly unlikely that this was going to be successful given Seven & i's positioning as one of Japan's most successful global companies and the fast closing of the ranks.' Still, the talks forced Seven & i to change. The company appointed its first foreign CEO, agreed to sell its superstore business and proposed a ¥2 trillion share buyback. It also announced a possible listing of its US business, although there are doubts over whether such a move is now needed. Seven & i's shares fell around 9% on Thursday, and there's pressure on management to show it can do it alone.
Yahoo
5 days ago
- Business
- Yahoo
Mango appoints former H&M CEO Helmersson as board member
Spanish fashion retailer Mango has appointed former H&M Group CEO Helena Helmersson as an independent member of its board of directors to strengthen the company's corporate governance in line with international best practices. The addition of Helmersson is part of Mango's ongoing efforts to professionalise its management model. Helmersson brings more than two decades of experience in the fashion industry to Mango's highest decision-making authority. At H&M Group, she oversaw sustainability, production and global operations. Helmersson stated: 'Mango is pursuing a very ambitious plan, developing the brand and assortment, and bringing it to more customers around the world. 'At the same time, they are part of leading the sustainability practices in the industry. I'm impressed by what they have accomplished and feel very inspired to contribute to the future success.' The board of directors at Mango will now consist of Toni Ruiz as chairman and CEO, Jonathan Andic as vice-chairman, and Daniel López and Margarita Salvans as executive directors. Ruiz stated: 'We are welcoming an exceptional professional whose vast international perspective and extensive experience in the fashion industry will undoubtedly propel us to new heights. Her expertise and visionary approach are invaluable assets that will enrich our leadership team and drive our global ambitions forward." The other independent directors include Jordi Canals, Jorge Lucaya, Jordi Constans, Marc Puig and Manel Adell. Eugenia Jover holds the position of non-director secretary of the board. The move is aligned with Mango's 2024–2026 4E Strategic Plan, which aims to reinforce the brand's unique value proposition, enhance its commitment to innovation and sustainability, and drive sales through expansion. In early July 2025, Mango introduced a generative AI-powered virtual fashion assistant, Mango Stylist, to enhance its personalised shopping experience. "Mango appoints former H&M CEO Helmersson as board member" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
12-07-2025
- Automotive
- Yahoo
Tesla's rule-breaking board expressing ‘almost a contempt for lawful and accepted procedure', says governance expert
Under pressure from a group of shareholders, Tesla's board of directors said it will convene the annual general meeting on Nov. 6, nearly four months later than required under Texas state laws. The company had warned at the end of April it would fail to meet the usual deadline, but did not cite a reason for the delay. Charles Elson, founding director of the Weinberg Center for Corporate Governance, says this attitude represents a lack of accountability toward shareholders. An admission by Tesla's directors that investors will be forced to wait until November before voting on key issues has come under sharp criticism fire from a leading U.S. expert on corporate governance. This week, the company finally lifted the secret surrounding the date of its much-delayed annual shareholder meeting. According to state laws in Texas, Tesla was obligated to hold the meeting by July 13—one year and one month after its previous meeting. 'They can't even have an annual meeting annually? That's ridiculous—it's almost expressing a contempt for lawful and accepted procedure.' Charles Elson told Fortune. 'Shareholder voting is a core principle in our system of capital formation, and if you abrogate that, then you punch a hole in the system itself.' Elson serves as a subcommittee chair on the American Bar Association's Business Law Section and is the founding director of the Weinberg Center for Corporate Governance at the University of Delaware. In 2024, he resigned from a consulting role with the law firm Holland & Knight—which counted Tesla as a client—after a nearly 30-year relationship in order to avoid interest conflicts when filing a legal opinion on the issue of CEO Elon Musk's pay package, dubbed 'the largest in human history.' The announcement of the Nov. 6 annual general meeting came just hours after a group of institutional investors representing $1.5 trillion in assets under management expressed their 'deep concern' over the delay and called on the board to 'immediately' disclose the date. 'Tesla's ongoing silence on the AGM is cause for concern,' they wrote to Tesla's directors in an open letter published Wednesday. The company had first admitted at the end of April that it had failed to file its definitive proxy statement within the normal time frame, citing no reason. Elson said there were only very few legally defensible justifications for pushing back an annual meeting, such as the lack of audited financial statements. Delaying its meeting in order to hold a vote over a new pay package for Musk or a potential investment in his latest startup xAI—the two most commonly cited theories in the Tesla community—did not meet that threshold in his view. 'The law has to be equally and neutrally applied. There aren't special exceptions for special people,' Elson said, referring to Musk. Tesla did not respond to a request from Fortune for comment. Unless shareholders mount a legal challenge to the later date, however, there are no repercussions for the company. Nevertheless, Elson fears this attitude waters down the spirit of capitalism. If a company's owners don't feel like they have a say, it lessens the likelihood of investing in equities. 'It's the one time of the year where every shareholder has the chance to voice their concerns to management in an open forum. It's a natural part of the corporate calendar that ensures accountability—you can't deny shareholders their fundamental suffrage right,' he said. If more companies follow Tesla's example, disenfranchised investors could increasingly seek the contractual protection of a debt-based financing system. This constrains economic growth, however, since it diminishes the appetite for risk that distinguishes the United States from a sluggish Europe. Elson argued that a recent proposal by Wedbush analyst Dan Ives to erect a special board oversight committee tasked with exercising influence over the CEO showed just how toothless the current slate of directors led by chair Robyn Denholm really is. 'Shut up,' Musk responded to Ives, immediately shooting down the proposal. 'I don't think this board is capable of acting outside of Musk's interests. So the question then is what exactly does it do?' Elson asked. 'Why are these individuals being paid hundreds of millions of dollars?' This story was originally featured on Sign in to access your portfolio
Bloomberg
12-07-2025
- Business
- Bloomberg
JPMorgan Says Korean Stock Gauge May Near 5,000 Over Two Years
South Korea's equity benchmark may rise more than 50% from its current level over a two-year period should corporate governance reforms gain momentum, according to JPMorgan Chase & Co. Korea remains a key overweight market in Asia and among emerging markets, strategists led by Mixo Das wrote in a note on Friday. The Kospi Index, which has gained 32% so far this year to near a record high, could reach around 5,000, they said. That compares with Friday's close of around 3,176.
