During meetings of the Barclays board of directors in April, the chairwoman of the bank’s remuneration committee, Alison Carnwath, advocated for then-CEO Bob Diamond to receive less money. The board chairman at the time, Marcus Agius, was the chief proponent for Diamond to receive every bit of the nearly £25M he was scheduled to...
Speak of lousy timing. After receiving a knighthood from the queen at the end of 2011, GSK CEO Andrew Witty was on a roll. The chair of GlaxoSmithKline’s compensation committee had pointed out that compared to his peers, Witty was being underpaid at £5.7 million ($8.84 million). It was concluded there is ”a significant competitiveness gap...
One of the stars of the hedge fund industry was fined £7.2 million in January by the U.K. ($11 million). David Einhorn, along with his firm Greenlight Capital, was ruled to have crossed the line for insider trading. “This was a serious case of market abuse by Einhorn,” according to the British Financial Services...
Jan. 5, 2012 – The power company serving the Washington, D.C. area, Pepco, received a $1 million fine, the largest the State of Maryland ever hit a corporation with. The state’s conclusion was, “The evidence in this proceeding demonstrates conclusively that Pepco has been operating at an unacceptably low level of reliability for several...
Dec. 16, 2011 – A Federal Trade Commission investigation uncovered what they felt was an inadvertent failure by the CEO of Comcast to report some sizeable stock purchases prior to pre-merger reporting rules. It was bad legal advice, apparently, which got CEO Brian Roberts into this jam. Roberts agreed to pay a $500,000 fine,...
