Shareholder participation at the AGMs of large companies is notoriously low – just 0.3 per cent in 2009, according to Chartered Secretaries Australia. So it is not surprising to see repeated calls in the media for listed companies to introduce online participation at AGMs. This would allow shareholders to take part in meetings in their offices or homes via the internet, enabling them to follow the proceedings, submit questions and, of course, vote ...
The delivery of electronic board papers on iPads is becoming increasingly popular, particularly for non-executive directors. At board meetings, some directors may bring only an iPad, on which all their board papers are stored ...
A new Regulation of the Minister of Law and Human Rights No. M.HH-01. AH.01.01 of 2011 on the Application Procedures for Validating a Legal Entity and Approving Amendments to the Articles of Association and the Notification Procedures for Amendments to the Articles of Association and Changes to Company Data (the “MOLHR Regulation”) was issued on 1st April 2011 ...
The Minister of Forestry has issued Regulation No. P.18/Menhut-II/2011 on Guidelines for Borrow-to-Use Permits for Forest Areas (“MOF Regulation”), which replaces and repeals Minister of Forestry Regulation Number P.43/Menhut-II/2008. This new MOF Regulation is the implementing regulation of Government Regulation No. 24 of 2010 on Forest Area Utilization ...
On September 7, 2011, the Securities and Exchange (SEC) announced that it will not appeal the D.C. Circuit’s July ruling in Business Roundtable and Chamber of Commerce of the United States v. SEC, No. 10-1305, (D.C. Cir. July 22, 2011), where a unanimous panel of the D.C. Circuit vacated Exchange Act Rule 14a-11 requiring companies to give shareholders access to company proxy materials for the nomination of candidates to serve on the company’s board of directors ...
Hedge funds failed in their attempt to get EDT Retail Trust (EDT) wound-up after EPN EDT Holdings II, LLC (EPN) bid for EDT. EPN succeeded in voting down the threat. The hedge funds' attempt is a reminder that A-REIT bids present unitholders with avenues to challenge a bid which are not available to shareholders in a company. It is also a reminder that it is an approach that is not without risk ...
Independent expert reports are commissioned by company directors to assist shareholders in assessing a broad range of M&A transactions, including takeover bids, schemes of arrangement, related party transactions and shareholder approved acquisitions over 20%. The purpose of the reports is to provide shareholders with an objective assessment of whether the proposed transaction is 'fair and reasonable' from their perspective ...
Since the famous “Facebook firing” complaint in late 2010, many observers have worried that the majority-Democrat National Labor Relations Board’s (“NLRB” or the “Board”) social media focus was an attempt to establish pro-union, anti-employer precedent, giving employees free rein to disparage and criticize their employers online ...
The decision to outsource is often dictated by financial considerations, with cost saving usually a major incentive, while other important factors might include innovation in service delivery and improvements in service quality. While employment issues are rarely the primary driver in the decision, they can be of vital importance to the success of the project and should be addressed when the transaction is at an early stage ...
The organization that controls most of the Internet's gTLD's (generic top level domain names, such as .com and .net) has approved the use of .xxx as a new gTLD. That has a number of trade-mark owners worried about the potential for reputational risk or damage to goodwill with the registration in the .xxx domain of their brands. The .xxx gTLD is for use by those involved in the adult entertainment industry ...
Last year’s takeover of Cadbury by US firm Kraft left a bitter taste in many mouths, not least the Cadbury workers in the Somerdale Plant near Bristol who were promised their jobs were safe but were then ultimately ‘rationalised’ by the American food giant ...
On March 18, 2010, the Commission des Lesions Professionnelles ("CLP"), in the case of Cote et Traverse Ricere-du-Loup (2010 QCCLP 2074), declared invalid section 56 of an act respecting industrial accidents and occupational diseases (the "AIAOD"). It found that the section was discriminatory because if contravenes with section 10 of the Charter of Human Rights and Freedoms ("Quebec Charter") and section 15 of the Canadian Charter of Rights and Freedoms ("Canadian Charter") ...
UPDATE ON PLANNED PRODUCTION SHUTDOWNS Since 1968, Labour Relations in the Construction Industry have been governed by a specific statute, the act respecting Labour Relations, Vocational Training and Workforce Management in the Construction Indusrty (Hereinafter referring to as "R-20"). AT THE TIME, R-20 WAS ENACTED TO PUT SOME ORDER IN AN INDUSTRY STRUGGLING WITH AN INCREASING NUMBER OF APPLICATIONS FOR CERTIFICATION AND REGIONAL DECREES ...
Last week FINRA released Regulatory Notice 11-39, Social Media Websites and the Use of Personal Devices for Business Communications, to supplement its previous Regulatory Notice 10-06, Social Media Web Sites, issued in January 2010. Since January 2010, firms have revisited their policies on social media and in light of improved technology, firms are increasingly allowing use ...
On August 17, 2011, the U.S. Court of Appeals for the Seventh Circuit affirmed a district court’s denial of class certification on the basis that the company’s process for reimbursing purchasers of a defective toy more efficiently distributed refunds to putative class members than a class action lawsuit would ...
Your CEO calls you, as the general counsel of a public company, to tell you that a third party has made an unsolicited offer for the company. What are the first steps you should take? Types of Unsolicited Proposals. An unsolicited proposal may be a casual pass, where a third party informally approaches the company to discuss an acquisition proposal, or may be a bear hug letter, which will contain a formal proposal to buy the company and may include a price ...
The sustained growth in China’s primary sector[1] means for many international companies it is no longer a question of “should we go to China?” but rather “how to face the Chinese market?” This newsletter provides a brief outline of China’s primary sector and relevant regulations, as well as highlighting important risks and opportunities. 1. China’s primary sectorThe potential for further growth in China’s primary sector is immense: of China’s 1 ...
The Bribery Act 2010 came into force on 1st July 2011, which sets out four new bribery offences which can be committed by corporations and individuals. The Act assumes wide territorial jurisdiction and imposes severe sanctions. The Act is not retrospective. A bribe is defined as “a financial or other advantage”. All the old UK law, both common law and statute, is to be replaced by this legislation ...
In the recent decision of Davies v. Alcan Rolled Products, the West Virginia Supreme Court of Appeals continued its recent trend of reviewing claims decisions based on the medical management guidelines in W. Va. C.S.R. § 85-20-1, et seq. (“Rule 20”). At issue in Davies was the calculation of permanent impairment for carpal tunnel syndrome (“CTS”) claims. In W.Va. C.S.R. § 85-20-64 ...
The ADA Amendments Act of 2008 (“ADAAA”) has created new liability concerns for employers since it was enacted a few years ago. Specifically, the ADAAA protects, among other persons, “qualified individuals with a disability” from unlawful discrimination or harassment. It further requires employers to provide “reasonable accommodations” to such employees to enable them toperform essential job functions, with various exceptions ...
The Employee Free Choice Act (“EFCA”), the bill that would have altered the way in which unions are allowed to organize workers, was introduced in both chambers of the United States Congress on March 10, 2009 ...
Here we go again! For the third time in less than six years, the Texas Supreme Court has repudiated technical legal niceties and has adopted broad pro-employer principles to support the enforcement of non-competition agreements in Texas. Marsh USA, Inc. v. Cook, 54 Tex. Sup. Ct. J. 1234 (Tex. 2011) ...
Bankruptcy Judge Michael Lynn of the Northern District of Texas recently issued a noteworthy opinion in In re Village at Camp Bowie I, L.P. that addresses two important Chapter 11 confirmation issues. Judge Lynn determined that a plan that artificially impaired a class of claims in order to meet the requirements of section 1129(a)(10) had not been proposed in bad faith and did not violate the requirements of section 1129(a) ...
In order to comply with a court-ordered schedule, EPA Administrator Lisa Jackson on July 28 signed a 604-page package that proposes to subject additional oil and gas operations to regulation under the New Source Performance Standards (NSPS) and National Emission Standards for Hazardous Air Pollutants (NESHAPS) programs and to impose new and amended requirements under both programs. This proposed rulemaking has significant ramifications for the oil and gas industry ...
Acting as an escrow agent is a common task of lawyers in British Columbia, especially, the solicitor, as a component of transactions. The duties of an escrow agent are primarily contractual and the escrow agent must carry out the duties accordingly, in a non-negligent fashion and without misconduct. Lawyers must take care not to agree as escrow agent to duties that are in conflict with their duties as counsel, but there are additional considerations ...
