Corporate governance - Vigil

European Commission officials face a call from more than 300 businesses and organisations to retain the "double materiality" principle currently contained in European sustainability reporting. Double materiality demands that companies report not only on the impact of climate change on their business strategies, but also the impact of business activities on society and the environment. The call, involving signatories like Ikea, Nokia and the energy company Vattenfall, among others, comes as the Commission works through the "omnibus" process that will simplify two key pieces of legislation-the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD).

KKR has moved ahead in the battle for Spectris after the US private equity group nudged up its offer to slightly above £4.8bn, prompting the UK scientific instruments maker to switch its recommendation from a bid by rival Advent International. Spectris said on Tuesday its board had accepted a bid worth £41.75 per share in cash, topping a £41 per share cash bid from Advent last week. The deal values the group’s equity at about £4.2bn, and £4.8bn including debt. The decision by Spectris’s board marks the latest twist in an intensifying battle between the two private equity groups to acquire the London-listed company, amid growing interest from buyout groups in cheap British businesses. Spectris had agreed to a £4.4bn offer from Advent in early June, before KKR sought to hijack the deal with a £4.7bn offer last month. That led to a raised offer from Advent on Friday.

A fight caused by Elon Musk’s iron grip on Tesla is showing just how tight his control is. The electric carmaker’s board on Monday handed, opens new tab its boss stock worth $29 billion to show its “good faith” in an ongoing legal dispute over a pay package worth almost twice that sum. The latest bonanza fixes none of the problems posed by a CEO who is both a burden on the company’s present and an essential fulcrum of the future hopes supporting its $980 billion market value. The first problem is that Tesla’s “Technoking” CEO wants 25% voting control of the company. The 2018 award would have lifted his stake over 20%. But that payday has been in legal limbo since Delaware judge Kathleen McCormick last year ordered it be rescinded due to the hopelessly conflicted process by which the board made its decision. The latest “interim” payment, which will effectively be canceled if Tesla succeeds in getting the original reinstated, merely increases Musk’s ownership to around 16%. After more than a year of struggle, the question of his next incentive package remains unresolved.

India's IndusInd Bank jumped as much as 5.4% on Tuesday after naming Rajiv Anand as CEO, a move that analysts say could pave the way for a turnaround after leadership turmoil amid accounting lapses. The stock was the top gainer on the Nifty Bank and Nifty Private Bank indexes, which were trading 0.3% and 0.1% lower, respectively. It was also the biggest gainer on the benchmark Nifty 50 which was down 0.5%. The lender named Anand as CEO following approval by the Reserve Bank of India, which has final authority on senior banking appointments. Anand, a veteran banker, is currently deputy managing director at Axis Bank, and has held key management positions at leading global financial institutions. IndusInd Bank took a $230 million hit in the year ended March 31 due to misaccounting in internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

Canada’s merchandise trade deficit widened in June to $5.9 billion (US$4.24 billion) as imports grew faster than exports due to a one-time high-value oil equipment import, data showed on Tuesday. The deficit observed in June is the second highest on record after the deficit dipped to its largest in history in April to $7.6 billion. Analysts polled by Reuters had predicted the trade deficit to widen to $6.3 billion in June from a downwardly revised $5.5 billion in May. Total imports were up 1.4 per cent in June to $67.6 billion from a drop of 1.6 per cent in the prior month, Statistics Canada said, adding that excluding the one-time product import which was from the U.S. for an offshore oil project, total imports were down 1.9 per cent in June.

The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons. A draft of the executive order, which was viewed by The Wall Street Journal, directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial-protection laws. Violators could be subject to monetary penalties, consent decrees or other disciplinary measures, according to the draft. The order could be signed as soon as this week, according to people familiar with the matter. It is possible the order could get delayed or that the administration’s plans will change.

Duke Energy Corp said on Tuesday it will sell a 19.7 per cent indirect stake in its Florida business to Brookfield Asset Management for US$6-billion in cash, part of a broader push to boost infrastructure investments as electricity demand soars. The company also increased its five-year capital spending plan by US$4-billion to US$87-billion, joining a host of major U.S. utilities that are bolstering investments for upgrading their electric lines and grids to meet surging power demand from AI-focused data centers and electric vehicles. The U.S. Energy Information Administration has forecast record power consumption in 2025 and 2026. Duke also beat second-quarter profit estimates on Tuesday, sending its shares up 2 per cent in premarket trade.

Le président américain Donald Trump a accentué la pression tant sur l’Inde que sur le secteur pharmaceutique mardi, assurant que de nouveaux droits de douane pourraient être annoncés rapidement, à un niveau plus élevé qu’anticipé jusqu’ici. L’Inde, avec qui les États-Unis n’ont toujours pas signé d’accord commercial, devait jusqu’ici voir ses produits être surtaxés à hauteur de 25 %. Mais Donald Trump a menacé d’aller plus loin « dans les prochaines 24 heures », reprochant notamment à New Delhi de continuer à acheter du pétrole russe. « L’Inde n’a pas été un bon partenaire commercial, car elle fait beaucoup d’affaires avec nous, mais nous n’en faisons pas avec elle. Donc nous nous sommes mis d’accord sur 25 %, mais je pense que je vais augmenter ce chiffre de manière significative dans les prochaines 24 heures, car ils achètent du pétrole russe », a dit le président américain dans un entretien avec la chaîne CNBC.

New America Acquisition I Corp, a blank-check firm backed by Eric Trump and Donald Trump Jr., on Monday filed for an initial public offering of up to $300 million in the United States. The move is the latest in a series of ventures by U.S. President Donald Trump's family, including a meme coin launched in January and World Liberty Financial, a crypto company partly owned by the president. The Trump brothers have also expanded their holdings across golf courses, hotels, telecom and crypto miners, ventures which they say echo president's policies and agendas. The special purpose acquisition company, a vehicle previously used by the family to launch firearms retailers and media firms, aims to merge with businesses headquartered or primarily operating in the U.S., it said in a filing.

Barclays has become the second UK bank to withdraw from a UN-backed net zero target-setting group, claiming that a wave of defections by international lenders meant it was no longer fit for purpose. It marks a fresh blow for the Net-Zero Banking Alliance (NZBA), after HSBC left in early July. It came months after a wave of exits by US banks, which departed in the run-up to Donald Trump’s inauguration in January. Lenders and other finance firms have come under fresh pressure over their green commitments as a result of Trump’s return to the White House, which caused a climate backlash as he pushed for higher production of oil and gas. The UN environment programme’s finance initiative, which is led by banks, required members to ensure their lending, investment and capital markets activities would lead them to hitting net zero emissions targets by 2050 or earlier.

Skydance Media CEO David Ellison will lead the new company as chief executive after its merger with Paramount Global is completed by August 7, the independent studio said on Monday. After the deal closes, the company is expected to be structured into three primary business segments - studios, direct-to-consumer and TV media. Ellison has previously pitched a vision of Paramount as a "tech hybrid" media firm that will prioritize expanding the Paramount+ streaming service to better compete in the crowded direct-to-consumer video market. The Federal Communications Commission cleared the merger last month, just weeks after Paramount settled a lawsuit filed by U.S. President Donald Trump over CBS' editing of a "60 Minutes" interview with his Democratic opponent, former Vice President Kamala Harris. The merger was largely necessitated by the persistent decline of the traditional cable TV business as audiences rapidly abandon linear TV in favor

Tesla on Monday granted CEO Elon Musk 96 million new shares valued at about $29 billion, reinforcing his leadership as he contends with a court ruling that voided his original, shareholder-disputed compensation package. In 2024, a Delaware judge struck down Musk's 2018 compensation plan - worth more than $50 billion - for a second time, citing a flawed board approval process that failed to protect shareholder interests. Musk appealed in March, arguing the judge made multiple legal errors. Earlier this year, the automaker said its board formed a special committee to review certain pay matters involving Musk, without providing details. Below are other CEO pay packages that have faced a tough fight:

It is the latest ultraexclusive achievement for chief executives of the biggest U.S. companies: the billion-dollar year. Two bosses made it last year—holding stock-based pay that swelled in value by at least 10 figures in a single year. Alexander Karp clocked more than $6 billion in gains at government intelligence contractor Palantir Technologies. Hock Tan’s pay grew by $1.15 billion at chip maker Broadcom. Only two other S&P 500 CEOs have hit that mark in recent years, according to data from public-company data provider MyLogIQ. Cryptocurrency exchange Coinbase Global’s Brian Armstrong in 2021, at $2.1 billion, and—naturally—Elon Musk. The Tesla CEO can boast billion-dollar gains in three years, including a record of $43 billion in 2020, though all are part of a pay package that a Delaware court declared invalid.

CoreWeave’s $9bn deal to buy data centre landlord Core Scientific is facing a potential revolt, with some top shareholders of the target company arguing it could leave them short-changed. CoreWeave’s all-stock takeover of Core Scientific would eliminate $10bn of lease costs for the fast-growing company, which operates AI data centres used by tech giants Microsoft and OpenAI. Core Scientific owns and leases out computing power through its data centres around the US. The July merger was viewed by Wall Street as a savvy way for CoreWeave to rein in spending, but some top Core Scientific shareholders plan to vote against the deal unless terms are changed in the coming weeks, according to people familiar with the matter. Core Scientific shareholders have bristled at being offered a fixed ratio of 0.1235 newly issued CoreWeave shares without any protections if the acquirer’s stock slides in the coming months.

President Trump ruled out tapping Treasury Secretary Scott Bessent as chairman of the Federal Reserve. “I love Scott, but he wants to stay where he is,” Trump said during an interview with CNBC, adding that he would take him off the shortlist of candidates to succeed Fed Chair Jerome Powell when his term ends next year. The president said he is considering four Fed chair candidates, including Kevin Hassett, one of Trump’s closest economic advisers, and former Fed governor Kevin Warsh. He declined to name the other two candidates. “Both Kevins are very good,” Trump said. The president said he didn’t plan to make his decision soon. Trump said he spoke to Bessent about his intentions as recently as Monday evening.

The American Bar Association is proposing to end its practice of reserving five seats on its governing board for women, racial minorities and other underrepresented groups, as the organization's diversity policies have come under scrutiny in President Donald Trump's second term. The revision, part of a slate of proposed changes, opens new tab that would reduce the size of the ABA’s Board of Governors and its House of Delegates, would instead set aside three board seats for lawyers committed to “advancing the values of diversity, equity, and inclusion,” regardless of the candidates' demographic backgrounds. The existing rules require the designated members to be "racially or ethnically diverse, a woman, or self-identify either as LGBTQ+ or as having a disability." The board, which oversees management of the ABA, would go from the current 43 members to 32 under the proposal. The House of Delegates will consider the changes when it meets on August 11 and 12.

Pet Valu Holdings Ltd. says president Greg Ramier will become its CEO later this year. The Markham, Ont.-based retailer says Ramier will replace Richard Maltsbarger in the top job and be appointed to the company’s board effective Sept. 21. After that date, Maltsbarger will become a senior advisor tasked with aiding with the leadership transition until he retires on April 4, 2026. The succession plan announcement comes as Pet Valu recorded a second-quarter profit of $21.8 million. That compared with $17.8 million a year earlier. On an adjusted basis, Pet Valu says it earned 38 cents per diluted share in the quarter ended June 28, up from an adjusted profit of 36 cents per diluted share a year ago. Revenue for the quarter totalled $280.6 million, up from $265.2 million a year ago.

Australia said Tuesday it accepted a Japanese company’s bid for a lucrative and hotly contested contract to build Australian warships, expected to be worth 10 billion Australian dollars (US$6.5 billion). Mitsubishi Heavy Industries’ Mogami-class frigate won the deal over rival Germany’s MEKO A-200 from Thyssenkrupp Marine Systems. Japan’s government lobbied heavily for the deal after missing out on Australia’s submarines contract to a French company in 2016. “This is clearly the biggest defense industry agreement that will ever have been struck between Japan and Australia,” Defence Minister Richard Marles told reporters when he announced the deal Tuesday. “In fact, it’s really one of the biggest defense exports that Japan has ever engaged in.”

A record number of Chinese companies are seeking a U.S. listing this year as onerous domestic listing rules and the prospect of better valuations convince them to brave volatile Sino-U.S. relations and U.S. calls for strict oversight of Chinese firms. In the first half of 2025, 36 mostly small and mid-sized Chinese companies went public in the U.S., following a record-breaking year of 64 in 2024, said law firm K&L Gates. Many of those firms went public through special purpose acquisition companies (SPACs) - listed companies set up to buy mainly startups, making the startups public without them having to go through the lengthy initial public offering process. Waiting to list on the Nasdaq are more than 40 Chinese companies, including a mobile advertising service provider and a traditional Chinese medicine maker, Chinese disclosure showed.

La multinationale ABB, spécialiste des équipements et technologies d’électricité, lance un projet estimé à 130 millions de dollars pour se doter d’un nouveau centre de développement et de fabrication qui sera situé à Saint-Jean-sur-Richelieu, en périphérie sud de la région métropolitaine de Montréal. Avec cet investissement, ABB veut relocaliser sous un même toit les activités et les effectifs qui sont partagés entre ses deux usines vieillissantes qui sont situées à Saint-Jean-sur-Richelieu, de part et d’autre de la rivière Richelieu. Ce regroupement d’activités aura lieu dans un nouveau bâtiment d’une superficie de 340 000 pieds carrés, soit un tiers (ou 33 %) de plus que la superficie totale des deux usines actuelles.

In today's boardrooms, the mandate for corporate stewardship is reimagined amid global uncertainty and volatility. The responsibility now extends beyond conventional governance frameworks to encompass strategic foresight, adaptability, and an unwavering commitment to stakeholder value. As geopolitical tensions and technological disruptors threaten corporate resilience, boardrooms are redefining their strategies. This evolution calls for a nuanced, holistic approach to leadership that embraces stewardship as a cornerstone principle. As the world grows increasingly complex, boardrooms are challenged to harness stewardship to guide companies through turbulent times, sustaining long-term value and corporate integrity in the face of adversity.

Companies denied votes on a record number of resolutions during this proxy season after US regulators made it harder for shareholders to demand changes related to climate, diversity and labour rights. The US Securities and Exchange Commission granted 195 “no-action” requests for companies to exclude a shareholder proposal from its proxy materials this year compared with 147 in 2024. That is a nearly 33 per cent increase and the highest number of omissions since ISS-Corporate started tracking the data in 2007.  As a result, Amazon shareholders never voted on a proposal to assess the company’s commitment to workers’ collective bargaining rights this year. A resolution asking Constellation Brands, the brewer of Corona and Modelo beers, to disclose how it aims to align with Paris Agreement climate goals also never made it on the ballot. 

The Federal Reserve said on Friday that Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, potentially shaking up what was already a fractious succession process for Fed leadership amid difficult relations with President Donald Trump. The Fed said in a statement that Kugler, who became a governor in September 2023, will leave before her term’s conclusion, which was scheduled for Jan. 31, 2026. In a press release, the Fed said Kugler will return to Georgetown University as a professor next autumn. Kugler did not attend this week’s rate-setting Federal Open Market Committee meeting. Kugler’s early departure may shake up the timeline for the succession process now surrounding Chair Jerome Powell, whose term ends next May.

India's markets regulator has proposed relaxing the threshold for which companies need to seek shareholder approval for related-party transactions and their disclosure, according to a discussion paper published on Monday. The Securities and Exchange Board of India (SEBI) proposed a system based on the firm's annual turnover that would raise the transaction threshold for seeking shareholder approval to up to 50 billion rupees ($570.7 million) from the current limit of 10 billion rupees. Additionally, SEBI has proposed that companies need not disclose related party transactions valued at less than 150 million rupees anymore. The regulator, under recently appointed chair Tuhin Kanta Pandey, has been reviewing disclosure requirements for companies in several categories, including sustainability disclosures and those related to transactions between interconnected entities known as related parties.