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KeyCorp directors take steps to implement ‘corporate governance enhancements’
Directors of KeyCorp (NYSE: KEY) are ready to put issues related to corporate governance and executive compensation behind the banking company. They also are retaining retiring chairman and CEO Henry Meyer III as a non-executive employee for up to an additional year.
Key said its board is taking steps to implement what it called corporate governance enhancements adopted by the board last December, following the recommendations of a special board committee that had studied the matter for nearly nine months.
Key also said it would settle derivative claims filed against the company, certain current and former directors and certain officers over 2009 executive compensation practices. In 2010, the board formed a special committee of independent directors to review Key’s executive compensation practices. Last December, the committee recommended specific enhancements to KeyCorp’s corporate governance practices. “The special committee conducted extensive research into best practices in executive compensation and the board of directors firmly believes these enhancements to be in the best interests of shareholders,” said Alexander “Sandy” Cutler, KeyCorp’s lead director and chairman and CEO of Eaton Corp.
Tags: Corporate Governance, Governance
FSB: Budget could have done more
The Federation of Small Businesses (FSB) has welcomed changes announced in the Budget that will provide a more stable environment for businesses, but believes it didn’t go far enough.
The lobbying organisation has praised the government’s decision to scrap the 1p increase in fuel duty. It also welcomes the fuel duty stabiliser, an initiative it has been calling for.
The announcement of 21 Enterprise Zones to be created across the UK is also highlighted as a positive step. <
Tags: Budget, Budget Done
Get Ready for Canadian Elections in May
For me, it’s easy to tell the difference between Americans and English-speaking Canadians. The clues that tip me off that I’m speaking to a Canadian are when the person:
- is extremely polite and says sorry repeatedly even if I am at fault
- is more interested in the Boston Bruins than the Boston Red Sox
- asks for poutine at fast food restaurants (French fries covered with cheese curds and gravy)
- calls someone who sits in front of the TV all day a
- pronounces the word “about” as “a-boot”
- can’t go through a full day without asking where the nearest Tim Horton’s (NYSE: THI) is located
- thinks nothing of calling whole milk “homo milk”
- spontaneously starts singing “God Save the Queen.”
- stares at you if you don’t know who Bob and Doug McKenzie are
- finishes every sentence with “eh”
Another obvious difference between the two countries is the form of democratic government. The
Tags: Canadian, Canadian Elections
Market Report: Amec surges as nuclear potential highlighted
Amec surged up the top-tier index yesterday after investors were told that nuclear energy still “remains an area of significant potential” for the engineer, despite the ongoing events in Japan.
Rising as high as 1,151p during the session, the group – whose nuclear services division contributed nearly 10 per cent of sales last year – eventually closed 17p ahead at 1,128p, halting a seven-day losing streak in which it shed nearly 10 per cent of its share price. Helping it upwards was Investec’s decision to initiate coverage with a “buy” rating, describing Amec as “undervalued and well positioned for growth”.
“Our focus is on the strong balance sheet,” said the broker’s analysts. “Th
Tags: Potential, Potential Highlighted
FPB: Budget needs to address bank lending
The Forum of Private Business (FPB) has urged Chancellor George Osborne to acknowledge the issue of bank lending to small businesses in the Budget next week.
The business support organisation welcomed the 15 per cent increase in lending to small companies when it was announced last month as part of ‘Project Merlin’ but reminds Osborne that the wider problem of access to finance remains unresolved.
In its recent Budget submission, ‘A Budget to Get Britain Trading’, the FPB outlined measures to simplify the funding process, making it more transparent, flexible and inexpensive for small and medium-sized enterprises (SMEs) to use.
Some of the steps suggested by the organisation include relaxing regulations to allow relationship managers to make decisions about bank lending at a local level and creating a clear timeline for the application process.
The FPB also put forward the idea of a complaints process so that SMEs can object to the rejection of an application for funding.
Following the Project Merlin agreement in February, chief executive of the FPB, Phil Orford, said, ‘It is also vital that the process takes place in the public domain as much as possible and subject to regular scrutiny, as a certain degree of transparency is needed in order to gain the confidence of the business community.’
Chancellor George Osborne will deliver the Budget on 23 March.
Tags: Bank Lending, Lending
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