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☆ NLRB prohibits employers from including clauses that silence workers
▼ + stars: | 2023-02-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

Employers can no longer include a broadly written confidentiality clause that requires you to keep mum about the terms of your severance agreement. And they can no longer include a broadly written non-disparagement clause that prohibits you from discussing the terms and conditions of your employment with third parties. With the exception of railroads and airlines, US business employers are subject to the NLRB’s authority. While the labor board’s ruling this week could be appealed, the ruling is effective immediately. That means employers must review — and, if necessary, revise — their severance agreements to ensure they don’t include overly broad language that would restrict workers’ rights in the two ways the board ruling indicates.

Calhoun was Boeing chairman and then became CEO in January 2020 after the board fired Dennis Muilenburg. In 2021, the board approved a long-term incentive award target of $16 million. In April 2021, Boeing extended its required retirement age of 65 to 70 to allow Calhoun to stay in the top job. The award to Calhoun comes just weeks after Boeing reported its first yearly positive cash flow since 2018. Boeing hopes to increase cash flow from $2.3 billion in 2022 to between $3 billion and $5 billion in 2023.

☆ Global Sustainability Disclosure Standards for Companies Set to Take Effect in 2024
▼ + stars: | 2023-02-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

The International Sustainability Standards Board said it has agreed to rules that would harmonize corporate environmental disclosures across the globe. More than 150 countries follow the IFRS, and the group will promote its sustainability disclosure standards to market regulators. For example, the ISSB standards require companies to report emissions from their direct operations, energy purchases and from their value chains, including suppliers. The ESRS is also more exacting than the ISSB standards, disclosure professionals say. “For companies reporting under multiple frameworks, this will make reporting less challenging.”Write to Dieter Holger at dieter.holger@wsj.com

☆ L&G succession planning misses the mark
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters Breakingviews) - Chief executives always like to see their company’s share price dip when they announce their departure. But it might also express mild discontent with the board’s succession planning. Even so, the smoothest way to sign off on Wilson’s tenure would have been to announce his successor now, rather than the news it might take up to a year to find one. After all, the L&G board had long enough to identify a suitable internal candidate. Chairman John Kingman’s reticence may reflect a preference for a big-hitting external candidate to grow the company beyond UK borders.

☆ Jeff Smith makes for a substitute Warren Buffett
▼ + stars: | 2023-01-30 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

With markets sagging and deals drawing opposition, such imprimaturs have a value - and at Ritchie Bros Auctioneers (RBA.TO), it’s the turn of Starboard Value’s Jeffrey Smith to play rescuer. Heavy equipment auctioneer Ritchie Bros ran into both problems in its $7 billion bid to buy salvage-car portal IAA (IAA.N). Announced in November, it quickly drew opposition from IAA shareholder Ancora and Ritchie investor Luxor Capital. Shareholder opposition is expected in market turmoil. As part of the deal, Starboard Value agreed to invest $500 million in Ritchie Bros, with fund boss Jeffrey Smith taking a seat on Ritchie’s board if the IAA deal succeeds.

☆ Chevron announces $75 bln buyback program, raises dividend
▼ + stars: | 2023-01-25 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJan 25 (Reuters) - Chevron Corp (CVX.N) on Wednesday disclosed its most ambitious program to distribute cash to shareholders, tripling the budget for buybacks, after posting record quarterly profits last year. The U.S. oil producer raised its quarterly dividend by 6% to $1.51 per share and approved a $75 billion share buyback program. The program has no expiration deadline and replaces the board’s previous repurchase authorization of $25 billion from January 2019 until March 31 this year. Energy firms benefiting from high demand for oil and gas are using a chunk of their bumper quarterly profits to reward shareholders. The White House has criticized oil producers for distributing cash to shareholders instead in investing in production to reduce energy prices for consumers.

☆ Ritchie Bros. Sweetens Deal for IAA, With Starboard’s Jeff Smith Set to Join Board
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Ritchie Bros. agreed to add Starboard CEO Jeffrey Smith to its board as part of the agreement, executives at the firms said. Canada’s Ritchie Bros . Auctioneers Inc. agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA Inc., as activist investor Starboard Value LP plans to make a $500 million investment in Ritchie Bros. Under the terms of the amended agreement, IAA stockholders would receive $12.80 in cash, up from $10, and 0.5252 Ritchie Bros. share for each IAA share. That implies a combined value to IAA stockholders of $44.40 based on Ritchie Bros.’ closing price of $60.17 on Friday. (Previously, the stock component was 0.5804.)

☆ Forget inflation, it’s all about earnings
▼ + stars: | 2023-01-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

They noted that over the last three quarters, S&P 500 reactions to earnings beats and misses have soared higher and have now surpassed the one-day market reaction to both CPI inflation and Fed policy meeting decisions. Shares of Disney sank 13.16% last November — their lowest level in more than two years — when they missed earnings estimates. “We see this as a narrative shift in the market from the Fed and inflation to earnings: reactions to earnings have been increasing, while reactions to inflation data and FOMC meetings have been getting smaller,” wrote Subramanian and Kwon. So we can expect some serious volatility over the next few weeks as companies report their fourth quarter corporate earnings. Bad news ahead: The estimated earnings decline for the S&P 500 in the fourth quarter of 2022 is -3.9%, according to a FactSet analysis.

☆ Tim Cook, Apple's CEO, agrees to a 40% target pay cut
▼ + stars: | 2023-01-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Apple CEO Tim Cook has agreed to cut his pay this year after shareholders rebelled. The world’s largest tech company said it would reduce Cook’s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook’s $99.4 million total compensation that he was granted last year. But shareholders voted against Cook’s pay package after Apple’s stock fell nearly 27% last year. This year, the executive’s share award target has been cut to $40 million. Apple’s share price, like other tech companies, plunged last year as coronavirus lockdowns shuttered some of its factories in China.

☆ At Walt Disney, the G in ESG stands for goofy
▼ + stars: | 2023-01-12 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 12 (Reuters Breakingviews) - It’s sadly fitting that Walt Disney (DIS.N) persists with Mickey Mouse corporate governance. The $176 billion entertainment empire on Wednesday appointed Nike (NKE.N) Chairman Mark Parker to run its board, too. Parker, who has been a director at Disney since 2016, was around for all of it. Parker has been a Disney director since 2016, and he also serves as executive chairman of Nike. Disney also said that shareholder Trian Partners had nominated founding partner Nelson Peltz to serve on the company’s board.

☆ Disney names Nike executive Mark Parker as new chairman
▼ + stars: | 2023-01-11 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —The Walt Disney Company has named Nike executive chairman Mark Parker as its new board chair, replacing longtime director Susan Arnold, whose term limit is expiring. Parker, a Disney board member since 2016, takes over Disney’s board at a time of transition for America’s largest media company. Disney said among Parker’s qualifications as board chair is that he navigated a successful CEO transition at Nike. And Disney’s media networks are struggling as cord cutting accelerates and once lucrative outlets like ESPN lose viewership. She praised Parker for helping lead Disney through a difficult period for the company and the broader media industry.

☆ VW's CARIAD software chief promises progress one jump at a time
▼ + stars: | 2023-01-09 | by ( Joseph White | ) www.reuters.com time to read: +3 min

[1/2] A technician works on the final inspection of an electric Volkswagen ID. REUTERS/Matthias Rietschel/DETROIT, Jan 9 (Reuters) - Volkswagen’s software division, CARIAD, has emerged from a review ordered by VW's new chief executive with a plan to work toward a unified software architecture for future vehicles one jump at a time, according to CARIAD chief Dirk Hilgenberg. “I call our program 'triple jump',” Hilgenberg told Reuters at the CES technology trade show in Las Vegas. “You do one jump after another.”The next key step will be the launch of the Porsche Macan SUV in 2024, which will have VW’s new premium software architecture. Volkswagen's current status is in-between: Software now deployed allows its "ID" electric vehicles to be updated remotely, with a fix for what Hilgenberg called “teething problems”.

☆ WWE confirms Vince McMahon is rejoining the board, stock spikes
▼ + stars: | 2023-01-06 | by ( Rebecca Picciotto | ) www.nbcnews.com time to read: +2 min

World Wrestling Entertainment confirmed on Friday that former CEO and majority shareholder Vince McMahon will be reinstated to the company’s board. “Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” WWE executives said in a Friday press release. He also said he would bring back former co-presidents Michelle Wilson and George Barrios as board directors. Three current board members, JoEllen Lyons Dillon, Jeffrey Speed and Alan M. Wexler, were removed from their positions. Even during his leave, McMahon maintained control over the company as a majority shareholder.

☆ Appeals Court Upholds Florida School Board’s Transgender Bathroom Policy
▼ + stars: | 2022-12-30 | by ( Laura Kusisto | ) www.wsj.com time to read: 1 min

In recent years, federal courts have generally affirmed the rights of transgender students to use a bathroom consistent with their gender identity. A federal appeals court ruled a Florida school district can require that students use bathrooms according to their biological sex, rejecting a legal challenge by a transgender student and teeing up the issue for potential review by the Supreme Court. The Atlanta-based 11th U.S. Circuit Court of Appeals ruled 7-4 that the St. Johns County school board’s decision to segregate bathrooms by sex passes constitutional muster because it advances a legitimate objective of protecting students’ privacy and shielding their developing bodies from the opposite sex.

☆ Ex-academic forges a new career denying Trump's 2020 election loss
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +27 min

“The war is just getting started,” Clements told his 100,000 Telegram followers on Nov. 16. His rise in the movement began in January 2021, when a dispute with his employer, New Mexico State University, over the U.S. Capitol riot went public. ‘I will not take the jab’Clements’ swift rise in election-denier circles caused a stir at New Mexico State, where he continued to teach. Flynn co-founded the America Project, a well-capitalized right-wing group that has financed lawsuits and campaigns challenging the 2020 election results and the integrity of U.S. voting systems. One of their roles is to certify election results, which until the Trump era was typically a rubber-stamp formality.

☆ Senate Confirms Martin Gruenberg to New Term Atop FDIC
▼ + stars: | 2022-12-19 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, first joined the FDIC board in 2005, during the George W. Bush administration. WASHINGTON—The Senate confirmed Martin Gruenberg for a second term as the head of the Federal Deposit Insurance Corp., capping a turbulent period for the agency and cementing Democratic leadership on the bank regulator’s board. The Senate move officially wraps up an episode from a year ago in which the board’s Democratic majority put pressure on its Republican chairwoman at the time, Jelena McWilliams , prompting her to resign more than a year before her term ended. The chamber on Monday also added two Republicans, Travis Hill and Jonathan McKernan, to the banking regulator’s board, in a deal that provided the five-member agency with a full complement of board members for the first time since 2015.

☆ Back bailout or risk losing it all, Uniper boss tells shareholders
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

Companies Uniper SE FollowBERLIN, Dec 18 (Reuters) - The CEO of Uniper (UN01.DE) has asked shareholders to approve a planned bailout by Berlin that will cost more than 50 billion euros ($52.91 billion), warning that the stricken German gas trader will otherwise have to consider filing for insolvency. Gazprom was once its biggest supplier, but a big drop in deliveries after the Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet existing contracts. "(The measures) are indispensable for this company’s future," Maubach is expected to say in a speech at Monday's shareholder meeting, the text of which was published on Uniper's website on Sunday. "If approval is not granted, we would have to review very critically the so-called going concern forecast for our company," he added. "In the Management Board’s view, a possible insolvency could lead to a complete loss for shareholders."

☆ NLRB opens door for union for college athletes with finding on unfair labor practice complaint
▼ + stars: | 2022-12-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Are college athletes employees? This could open the door to previously unsuccessful efforts to form the first union of college athletes. The complaint had been filed by the National College Players Association (NCPA), an advocacy group. It filed an unfair labor practice complaint on behalf of the athletes. The matter of whether college athletes are professionals, and thus employees, has been hotly debated for decades.

☆ How 'A Charlie Brown Christmas' became a holiday music hit
▼ + stars: | 2022-12-13 | by ( Aj Willingham | ) edition.cnn.com time to read: +10 min

CNN —The familiar tunes of “A Charlie Brown Christmas” transport us. In 1965, when “A Charlie Brown Christmas” first aired, Christmas jazz wasn’t exactly a thing. The musical formula they created didn’t just make “A Charlie Brown Christmas” an instant hit. “Bossa nova was one of the things that helped smooth its way to popularity.”A still from 1965's "A Charlie Brown Christmas." A woman listens to music from "A Charlie Brown Christmas" on her phone in 2013.

☆ Meta oversight board urges changes to VIP moderation system
▼ + stars: | 2022-12-06 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

LONDON — Facebook parent Meta’s quasi-independent oversight board said Tuesday that an internal system that exempted high-profile users, including former U.S. President Donald Trump, from some or all of its content moderation rules needs a major overhaul. For content posted by American users, the average decision took 12 days, and for Afghanistan and Syria, it was 17 days. “If users included due to their commercial importance frequently post violating content, they should no longer benefit from special protection,” the board said. The board upheld Facebook’s decision to ban Trump last year out of concern he incited violence leading to the riot on the U.S. Capitol. But it said the company failed to mention the cross-check system in its request for a ruling.

The tech industry accounts for about one-quarter of this year's job cuts, Challenger data show. The automotive industry has had 30,669 job cuts announced, compared with 10,277 through November 2021. And real estate has had 7,919 cuts announced this year, compared with 2,762 in 2021 year-to-date. "We've seen a lot of job cuts around mortgage origination and fintech firms in mortgages. U.S.-based employers announced 76,835 cuts in November alone, more than double the 33,843 cuts announced in October and four-times the number of cuts announced last November, Challenger data show.

☆ Facebook Oversight Board recommends overhaul of controversial content moderation process for VIPs
▼ + stars: | 2022-12-06 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

New York CNN Business —After a yearlong review, Meta’s Oversight Board on Tuesday said the company’s controversial system that applies a different content moderation process for posts from VIPs is set up to “satisfy business concerns” and risks doing harm to everyday users. The company in response requested that the Oversight Board review the cross-check system. Meta says that the program helps address “false negatives” where content is removed despite not breaking any of its rules for key users. As part of a wide-ranging advisory for restructuring cross-check, the Oversight Board raised concerns that by delaying removal of potentially violative content by cross-check users pending additional review, the company could be allowing the content to cause harm. For the sake of transparency, “Meta should measure, audit, and publish key metrics around its cross-check program so it can tell whether the program is working effectively,” the board said.

The Mexican grupera (a form of regional music) band Los Bukis become the first Latin music band to sell out two shows at the 70,000-seat SoFi Stadium. The magnitude of generational diversity could be seen when the Grammy award-winning Mexican band Los Tigres del Norte were on stage. Hernán Hernández and Jorge Hernández of the band Los Tigres del Norte perform Saturday. Scott Dudelson / Getty Images"Before, we really were invisible,” said Leila Cobo, a renowned Latin music expert and Billboard’s vice president of Latin content. "Now I think the kids go to see their parents’ music and Bad Bunny."

☆ Premarket stocks: Consumers are keeping the economy afloat... for now
▼ + stars: | 2022-11-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Americans appear to be indulging in a healthy dose of retail therapy despite stubbornly high inflation and the possibility of a recession ahead. Consumer spending is a major driver of the economy, and the last two months of the year can account for about 20% of total retail sales — even more for some retailers, according to NRF. But when the Federal Reserve is actively trying to squash high inflation rates, they risk becoming a fly in the ointment. “Consumers’ spending is more or less unfazed not only by high inflation, but also the rate hikes intended to get prices under control,” economists at Wells Fargo wrote. The high rate of spending could agitate investors in this good-news-is-bad-news economy because it adds to inflationary pressures.

Arizona Secretary of State Katie Hobbs sued a Republican-controlled county Monday after it refused to certify its election results by the state's statutory deadline. The lawsuit, filed in Arizona Superior Court, aims to compel the Cochise County Board of Supervisors to certify the county's results from the Nov. 8 election. Officials in Cochise, one of 15 counties in the state, voted earlier in the day against certifying its election results. Under state law, Arizona is supposed to certify its results by Dec. 8 — with or without certification from all of the counties. Cochise County is the only county in the state that refused to certify its results.

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