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PCAOB adopts new Auditing Standard No. 16 “Communications with Audit Committees”

Reed Smith LLP
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USA
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August 24 2012

On August 15, 2012, the Public Company Accounting Oversight Board (PCAOB) announced its adoption of new Auditing Standard No. 16 “Communications with Audit Committees.”

FASB abandons project to modify contingency disclosure requirements

Reed Smith LLP
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USA
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July 27 2012

On July 9, 2012, the Financial Accounting Standards Board determined to remove from its agenda its project to modify accounting standards related to disclosure of loss contingencies, including litigation

SEC issues legal bulletin on shareholder proposals

Reed Smith LLP
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USA
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October 19 2011

Staff Legal Bulletin No. 14F ("Shareholder Proposals"), issued yesterday by the SEC Division of Corporation Finance, describes a change in the staff's position on proof of compliance with the share ownership requirement for persons making shareholder proposals

No change in FASB loss contingency requirements for 2010 calendar year companies

Reed Smith LLP
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USA
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November 2 2010

Public corporations and their advisors have been laboring under uncertainty as to whether new requirements for disclosure of loss contingencies may be adopted by the FASB to be effective for fiscal years ending December 31, 2010

SEC proposes rules regarding shareholder advisory votes on executive compensation and disclosure and advisory votes on golden parachute compensation

Reed Smith LLP
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USA
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October 26 2010

On October 18, 2010, the Securities and Exchange Commission ("Commission") proposed amendments to its rules to implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") regarding shareholder approval of executive compensation and disclosure and approval of golden parachutes

Court ordered schedule in proxy access challenge will make rules unavailable for 2010-2011 season

Reed Smith LLP
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USA
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October 22 2010

On October 14, 2010, the United States Court of Appeals for the District of Columbia Circuit ("Court of Appeals") issued an order setting the briefing schedule for the litigation challenging the "proxy access" rules (new Rule 14a-11, together with its amended Rule 14a-8 and other related amendments) adopted by the Securities and Exchange Commission ("Commission") August 25, 2010

Briefing schedule jointly proposed by petitioners and Securities and Exchange Commission confirms proxy access rules' unavailability in 2010-2011 proxy season

Reed Smith LLP
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USA
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October 15 2010

As has been widely reported, on October 4, 2010, the Securities and Exchange Commission entered a stay of its new Rule 14a-11, together with its amended Rule 14a-8 and other related amendments (often termed the "proxy access" rules

Corporate governance responses to proxy access for Pennsylvania corporations: advance notice and director qualification bylaws

Reed Smith LLP
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USA
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September 27 2010

On August 25, 2010, the Securities and Exchange Commission approved rules affording public corporation shareholders a federal right to have their nominees for election as directors included in the corporation's proxy materials

SEC amends notice and access proxy rules

Reed Smith LLP
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USA
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March 2 2010

On February 22, 2010, the Securities and Exchange Commission ("SEC") adopted amendments to the procedures that it previously had adopted to promote the use of the Internet as a reliable and cost-efficient means of making proxy materials available to shareholders

Shareholder proxy access still relevant for 2010 annual meetings?

Reed Smith LLP
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USA
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October 6 2009

On Friday, Oct. 2, 2009, SEC Chair Mary Schapiro issued a statement indicating that the Commission will not take up the matter of new shareholder proxy access rules until 2010