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Corporate Governance

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BUSINESS
June 25, 2002 | By Bob Fernandez INQUIRER STAFF WRITER
Even before the crisis in corporate governance resulting from the Enron Corp. collapse, corporations had been appointing more independent voices to their boards of directors. But the pace has been glacial and still about one-in-five companies do not have a majority of independent members on their boards, according to an analysis of regulatory filing in 2001 by the Investor Responsibility Research Center in Washington. Instead those boards - which conduct audits, set executive compensation and approve big deals - are controlled by management.
BUSINESS
May 13, 2007 | By Reid Kanaley, Inquirer Columnist
Start with these sites for a look at the issues and trends in corporate governance - a vast field touching on how to organize companies, make them profitable, and keep them honest. Harvard blog. The Harvard Law School's blog on corporate governance is a heady forum about related legal matters, such as proposed and pending legislation, and court rulings on insider trading and shareholder empowerment. Contributors include Lucian Bebchuk, director of Harvard's program for corporate governance and a vocal critic of stratospheric pay for corporate executives.
NEWS
March 23, 2011
Comcast Corp. says it has formed four diversity councils representing the interests of African Americans, Asians, Hispanics and women to advise senior executives. The Philadelphia-based cable company agreed to the councils as part of its deal to acquire control of NBC Universal Inc. The councils will advise the company in five areas: corporate governance, employment, procurement, programming and philanthropy.    - Bob Fernandez
BUSINESS
July 15, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
You would think Rajiv L. Gupta was busy enough with his day job. The last chairman and CEO of Philadelphia-based Rohm & Haas, which he and his shareholders sold to Dow Chemical for $18 billion four years ago, Gupta runs Avantor Performance Materials, a $500 million (yearly sales) chemical company with plants on four continents, which he hopes to sell at a profit "in the next two to three years. " But minding his own business isn't enough. Gupta is also busy helping run other public companies - and advising fellow CEOs.
BUSINESS
October 27, 2015
Danielle Gureghian , executive vice president and general counsel of CSMI L.L.C., the education management company based in Chester, will chair the Philadelphia-area's "Go Red for Women " fund-raising drive for the American Heart Association in 2016. American Friends of Tel Aviv University, New York, named Ramy Djerassi to its board. He is a Philadelphia Common Pleas Court judge. The Academy of Natural Sciences of Drexel University , a natural history museum founded in 1812, named the following people to its board of trustees: Robert Delany, chief financial officer of Public Financial Management; Dave Griffith, executive director of Episcopal Community Services of Philadelphia; Page Leidy, cofounder and managing principal of SL Development; and Robert S. Victor, senior vice president of finance and business operations for Comcast business division.
BUSINESS
December 16, 2005 | By Reid Kanaley INQUIRER STAFF WRITER
As it turns out, sticking to lofty ethical standards is a good corporate game plan for "winning in the marketplace," according to Michael D. Capellas, president and chief executive officer at MCI Inc. Capellas should know. He has taken his company from being, in his words, "the curse of the boardroom," to the object of an $8.5 billion acquisition. An intensive focus on "doing the right thing because it's the right thing to do" helped make that possible, Capellas told an audience in Philadelphia this week.
BUSINESS
February 28, 2007 | By Henry J. Holcomb INQUIRER STAFF WRITER
Jonathan Spector, vice dean for executive education at the Wharton School since 2004, yesterday was named president and chief executive officer of the Conference Board, the global-research and business-strategy organization. He will oversee 16 offices that do work in 67 countries, measuring consumer confidence and other leading economic indicators. In recent years, the board expanded its role to include research and problem-solving initiatives on ethics, diversity and strategy issues in business.
BUSINESS
November 2, 2013 | By David Sell, Inquirer Staff Writer
The most successful companies, University of Delaware professor Charles Elson said, "have strong management and strong boards of directors. " Teva Pharmaceutical Industries Ltd. is the latest company to struggle in finding the proper balance between the two. Teva shocked financial markets Wednesday when its board and CEO Jeremy Levin "agreed" that Levin should resign after only about 18 months in the job. Levin was hired because Teva had not...
BUSINESS
November 19, 2012 | By Mike Armstrong, Inquirer Columnist
American CEOs typically are also the chairs of the boards of the companies they run, and they tend to fight to hold on to both positions. That's why it was a bit unusual last week when Met-Pro Corp. shifted the role of chairman to someone other than CEO Raymond J. De Hont , who'd held both titles since 2003. In an interview, De Hont said he was fine with the change because it freed him to devote his attention and energy to managing the business. "You really have to work hard to be successful in this economy," De Hont said.
BUSINESS
December 22, 2011 | By Harold Brubaker, Inquirer Staff Writer
A Japanese insurance giant has agreed to pay $2.7 billion in cash for Delphi Financial Group Inc., a Wilmington company that owns Reliance Standard Life Insurance Co. in Center City, the two companies said Wednesday. The buyer, Tokio Marine Holdings Inc., is intent on expanding its U.S. presence and for the second time in three years found the means to do that in the Philadelphia area. It bought Philadelphia Insurance Cos. in Bala Cynwyd for $4.4 billion in cash three years ago. The $43.88 per share offer for Delphi's Class A shares represents a 73 percent premium to their closing price Tuesday on the New York Stock Exchange.
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NEWS
June 27, 2016
David Thornburgh is president and CEO of the Committee of Seventy Patricia Dowden is president and CEO of the Center for Business Ethics and Corporate Governance The conviction last week of longtime Congressman Chaka Fattah on 22 charges of racketeering, money laundering, and fraud has sent shock waves through the Philadelphia community. "[He] betrayed the public trust and undermined our faith in government," said U.S. Attorney Zane David Memeger. And he is only one of an embarrassing list of state and local officials who have recently pleaded guilty or been convicted of public corruption.
BUSINESS
October 27, 2015
Danielle Gureghian , executive vice president and general counsel of CSMI L.L.C., the education management company based in Chester, will chair the Philadelphia-area's "Go Red for Women " fund-raising drive for the American Heart Association in 2016. American Friends of Tel Aviv University, New York, named Ramy Djerassi to its board. He is a Philadelphia Common Pleas Court judge. The Academy of Natural Sciences of Drexel University , a natural history museum founded in 1812, named the following people to its board of trustees: Robert Delany, chief financial officer of Public Financial Management; Dave Griffith, executive director of Episcopal Community Services of Philadelphia; Page Leidy, cofounder and managing principal of SL Development; and Robert S. Victor, senior vice president of finance and business operations for Comcast business division.
BUSINESS
November 2, 2013 | By David Sell, Inquirer Staff Writer
The most successful companies, University of Delaware professor Charles Elson said, "have strong management and strong boards of directors. " Teva Pharmaceutical Industries Ltd. is the latest company to struggle in finding the proper balance between the two. Teva shocked financial markets Wednesday when its board and CEO Jeremy Levin "agreed" that Levin should resign after only about 18 months in the job. Levin was hired because Teva had not...
BUSINESS
July 15, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
You would think Rajiv L. Gupta was busy enough with his day job. The last chairman and CEO of Philadelphia-based Rohm & Haas, which he and his shareholders sold to Dow Chemical for $18 billion four years ago, Gupta runs Avantor Performance Materials, a $500 million (yearly sales) chemical company with plants on four continents, which he hopes to sell at a profit "in the next two to three years. " But minding his own business isn't enough. Gupta is also busy helping run other public companies - and advising fellow CEOs.
BUSINESS
April 14, 2013
Just two of the 100 "best corporate citizens" are Philly 50 companies: Campbell Soup and DuPont. What separates the best corporate citizens from the worst? Corporate Responsibility Magazine, which has published the list for the last 14 years, says the answer is "accountability. " Although that sounds awfully subjective, the list is based on publicly available information from the companies themselves, regulatory agencies, or other sources. The magazine, which calls itself CR for short, says each company is evaluated on 298 pieces of data from seven categories, carrying different weights to produce a total score.
BUSINESS
November 19, 2012 | By Mike Armstrong, Inquirer Columnist
American CEOs typically are also the chairs of the boards of the companies they run, and they tend to fight to hold on to both positions. That's why it was a bit unusual last week when Met-Pro Corp. shifted the role of chairman to someone other than CEO Raymond J. De Hont , who'd held both titles since 2003. In an interview, De Hont said he was fine with the change because it freed him to devote his attention and energy to managing the business. "You really have to work hard to be successful in this economy," De Hont said.
NEWS
May 4, 2012 | By Andrew Maykuth, INQUIRER STAFF WRITER
Lynn L. Elsenhans, the former Sunoco Inc. chief executive, stands to bank $37.4 million for dramatically transforming the Philadelphia oil company that is being sold to a Texas pipeline firm. Elsenhans will receive a severance benefit of $6 million, according to papers filed Thursday - her last day as chairwoman - with the Securities and Exchange Commission. And, she will receive an additional $17.1 million if the $5.3 billion merger that was announced Monday with Energy Transfer Partners L.P. is consummated.
BUSINESS
December 22, 2011 | By Harold Brubaker, Inquirer Staff Writer
A Japanese insurance giant has agreed to pay $2.7 billion in cash for Delphi Financial Group Inc., a Wilmington company that owns Reliance Standard Life Insurance Co. in Center City, the two companies said Wednesday. The buyer, Tokio Marine Holdings Inc., is intent on expanding its U.S. presence and for the second time in three years found the means to do that in the Philadelphia area. It bought Philadelphia Insurance Cos. in Bala Cynwyd for $4.4 billion in cash three years ago. The $43.88 per share offer for Delphi's Class A shares represents a 73 percent premium to their closing price Tuesday on the New York Stock Exchange.
NEWS
March 23, 2011
Comcast Corp. says it has formed four diversity councils representing the interests of African Americans, Asians, Hispanics and women to advise senior executives. The Philadelphia-based cable company agreed to the councils as part of its deal to acquire control of NBC Universal Inc. The councils will advise the company in five areas: corporate governance, employment, procurement, programming and philanthropy.    - Bob Fernandez
BUSINESS
July 16, 2010 | By Chris Mondics, Inquirer Staff Writer
Morgan, Lewis & Bockius L.L.P. is set to announce the hiring of Bart J. Colli, the former general counsel of Aramark Corp., one of Philadelphia's largest employers, as a partner in its business and finance practice. The firm said it anticipated that Colli would provide key insights and tactics as the firm sought to work with financially pressed legal departments of clients seeking to cut costs. "Having overseen the legal department of a Fortune 250 company operating in 20 countries with 260,000 employees for over a decade gives Bart tremendous insight into the issues keeping in-house counsel up at night," said firm chairman Francis Milone.
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