SEC and PCAOB To Take Action on Section 404 Internal Controls Reporting Matters The SEC recently announced a series of actions it and the PCAOB intend to take to improve the implementation of the internal control reporting requirements of Section 404 of the Sarbanes-Oxley Act of 2002. These actions include: • Providing Guidance for Companies ...
Things To Think About This Proxy Season Prior to Drafting Update director and officer questionnaires, including “independence” criteria for directors Most public companies follow the “best practice” of having all directors and executive officers complete a standard form of questionnaire each year to verify the accuracy of information about the person that is reported in the 10-K Report and proxy statement ...
The European Commission published its Recommendation on the role of non-executive directors in February 2005. Member States are invited, but not required, to promote the application of the Recommendation's principles by 30 June 2006. The principles are applicable to listed companies, although Member States are allowed to extend the ambit to unlisted companies. The Recommendation adopts the comply or explain approach utilised by the UK Combined Code ...
On February 28, 2006, Michigan enacted water management legislation giving the State greater control over large quantity water withdrawals. The laws create for the first time a waterextraction permit system and user fees for largescale withdrawals from inland and Great Lakes water sources. They also impose special requirements on water bottlers ...
Article 55 of Supreme Decree No. 21060 of August 29, 1985, established that both private and public entities could freely enter into or terminate labor agreements subject to the General Labor Law and its Regulatory Decree. Also, under article 39 of Supreme Decree No. 22407 of January 11, 1990, the voluntary hiring and termination of employees was established ...
On February 2, 2006, the Quebec Court of Appeal rendered an interesting judgement involving directors’ liabilities in the case of Johnson and Marcil v. André Arthur et al (500-09-012808-028), a lawsuit for slander ...
Aboriginal rights, title and treaty issues are one of the most significant legal issues currently facing the oil and gas industry in Western Canada. This paper provides an overview of the current legal context respecting aboriginal rights, title and treaty issues in Western Canada and its impact on the oil and gas industry. It also includes some comments on one commonly used means to reduce uncertainty in relation to consultation issues, namely, impact and benefit agreements ...
Last November the expert group appointed by the Scottish Executive to consider a statutory offence of corporate culpable homicide issued its report. As expected, the group proposed a new statutory offence of corporate killing. It recommended that this should apply to incorporated companies and, as far as possible, to unincorporated and Crown bodies. The report recommended that two individual offences (applying to named persons) be introduced ...
In 2005, 24 oil and gas sector companies floated on the London Stock Exchange, five of which operated in oil services and the remainder in exploration and production (E&P). A similar number of sector flotations are expected in 2006, despite a slow start to the year. Investor appetite for oil services and E&P flotations remains buoyant against the background of continued positive outlook for oil and gas prices ...
On 6 April 2006, new regulations, called the Transfer of Undertakings (Protection of Employment) – TUPE - Regulations 2006 came into force to replace the well-known 1981 Regulations. These are the Regulations that make provision for protection of employees – from dismissal and in their terms and conditions - where a business is transferred from one company to another. TUPE 2006 differs in a number of ways from the 1981 Regulations ...
In recent times, the issue of post-retirement healthcare benefits has taken on new significance for employers and sponsors of pension and health and welfare plans. Factors such as increasing numbers of retirees, rising drug and healthcare costs and government cutbacks to universal healthcare programs are causing organizations to re-evaluate the extent to which they can or are willing to continue to provide post-retirement healthcare benefits ...
Supreme Decree No. 28701 of May 1st, 2006 (the “SD”), has a legitimate basis that rests on the 2004 binding Referendum by which a majority of the Bolivian population approved the nationalization of hydrocarbons. Also, the SD was created in order to comply with campaign promises made to the various social sectors that ultimately brought the current government to power ...
R E M E M B E R • A director must act in the best interests of the company at all times. • A director may not favour the interests of the shareholder or the member who arranged for his election if that person’s interests differ from the interests of the company ...
In a judgment rendered on February 7, 2006, the Quebec Court of Appeal reiterated the obligations of the employer and the employee to play a role in seeking a reasonable accommodation. In cases where a collective agreement exists, the union has the same obligation ...
Twenty years after Portugal’s accession to the European Community, it has begun to be understood in Portugal that membership of the EU does not merely constitute for us a source of subsidies and aids of any kind, increasingly less so since the latest enlargement from fifteen to twenty-five Member States. It is, rather, a source of regulation for companies (and directly or indirectly for consumers) in a wide range of economic areas ...
The phenomenon of personnel agencies Generally, Labour Relations laws assume the interaction of two parties, an employer and an employee. The employee offers his services, for pay, to an employer, who determines the working conditions and ensures discipline. This is a bipartite relationship. However, when a business entrusts the management of its human resources to a personnel agency, there is a tripartite relationship ...
There are three possible courses of action in this situation. These are: Derivative action A derivative action is brought under common law by a member on behalf of a company in respect of a wrong done to that company. Remedies awarded are for the benefit of the company. Derivative actions are an option where the company itself could sue and there has been a fraud on the minority, illegality or a failure to approve a matter by the members passing an appropriate resolution ...
From 1 October 2006, new legislation comes into effect intended to combat age discrimination. During a recent series of seminars, commercial law firm Shepherd and Wedderburn carried out a survey of delegates to understand employers' concerns and see what efforts they are making to take the new law on board. More than one in four delegates claimed they themselves intended to work past the anticipated default retirement age of 65 while a further 15% were unsure ...
On March 15, 2006, the German Federal Cartel Office published a new Leniency Program, which replaces the previous Notice 68 of 2000. With this Program, the FCO offers cartel participants wishing to leave a cartel and cooperate with the FCO immunity from or reduction of fines. A summary of the new Program can be found at: http://www.worldservicesgroup.com/files/groups/1494_0330023908 ...
Thanks to Houston's leading role in energy, the exotic names of former Soviet Republics forming the Commonwealth of Independent States -- entities such as Kazakhstan, Azerbaijan, Ukraine, Tajikistan and Uzbekistan -- are familiar to locals active in oil and gas. They are also well known to Houston law firms that serve energy interests. Serving Russia and the Caspian region, Haynes and Boone LLP opened a Moscow office last year ...
In April last year, companies were given greater flexibility in protecting their directors against certain liabilities as a result of changes to the law. The changes recognised increasing concern over directors' exposure to liability arising from legal proceedings brought by third parties. The Companies Actprohibits a company from exempting directors in respect of liability if negligent, in default or in breach of duty or trust ...
This paper appears in the March 24, 2006 issue of The Lawyers Weekly, published by LexisNexis Canada Inc. Over the past few years, courts in Canada have faced the apparent conflict between competing statutory mandates with respect to class proceedings and arbitrations. In Ruddell v. BC Rail Ltd., 2005 BCSC 1504, Mr. Justice Holmes of the British Columbia Supreme Court reviewed this conflict in the context of pension litigation ...
The Court of Final Appeal made a landmark ruling at the end of February on an unprecedented claim for holiday pay or annual leave pay based on commission in Lisbeth Enterprises Limited v Mandy Luk. The Court concluded that, apart from the contractual commission which accrued and calculated on a daily basis in amount varying from day to day, no commission is to be included in the calculation of holiday pay and annual leave pay ...
