Corporate Secretary - June 2009

• Law firms lay off associates and partners in unprecedented numbers
• Corporate counsel consider how staffing levels affect work product
• Companies balk at paying for lawyer training time
• Clients push for alternatives to billable-hour model
• In-house law departments see many law firm refugees they want to hire
By Anna Snider

• New entrants gain traction in proxy fulfillment
• E-delivery is breaking down traditional barriers to entry
• Lack of billing clarity continues to irk corporate issuers
• Issuers hope increased competition will encourage innovation
• Virtual meetings and live voting could shake up the industry

By Elizabeth Judd

• SEC’s Division of Enforcement under increased scrutiny since Madoff
• ‘Enforcement manual’ aims to improve transparency
• Manual provides ‘common language’ for defense lawyers
• New SEC chairman promises reform
• Staff budget increase may not be enough

By staff writers

• States are becoming more aggressive in chasing unclaimed property
• Often the state will keep seized assets for its own revenue
• Companies have legal obligation to identify and return property
• Failure to comply has serious legal and financial consequences
• Regular searches and improved data will reduce risks  

By Gwen Moran

• Incoming board chair builds on strong society record
• Educating members and policy officials tops 2009 agenda
• Corporate and government training important to environment
• Bolstering chapters helps corporate secretaries to network
• Challenging period provides opportunity to effect change in Congress   

By Janine Armin

• Securities cases are down and continue to fall
• Plaintiff firms are placing a higher bar on bringing cases, reducing filings
• Courts seem to be favoring dismissal or pre-trial settlement
• Action against financial firms up – credit crisis to blame
• Don’t be complacent – filings could easily return with a vengeance 

By Robert McGarvey

• Economic downturn sees more companies being reprimanded
• Regulatory bodies herald the end of ‘light-touch’ regulation
• Asian regulators more prone to publicly censuring firms
• Some exchanges placing transgressors on stock watchlists
• Issuers argue against efficacy of blacklisting companies 

By Ben Bland

• SEC opens 2009 with massive jump in enforcement settlements
• Halliburton features in record-breaking FCPA prosecution
• Monetary penalties feature in two thirds of settlement actions
• Chairman Schapiro to relax ‘penalty pilot’ restrictions
• Budget and staff increases could lead to even higher levels of enforcement  

By Jan Larsen, Elaine Buckberg and Baruch Lev, NERA Economic Consulting

• European directive is light on guidance
• Some countries go beyond the call of duty
• Lawyers continue to find and exploit loopholes
• Many EU nations already up to speed on reporting rules
• Risk of heavy demands on issuers limiting progress   

By Adrian Holliday

• Capitalism is not totally broken, but the rules need review
• Rules are pointless without effective punishment for breaches
• Monitoring compliance should be consolidated to a single department
• Lack of defined ownership creates lack of enforcement
• Too many layers of oversight wastes time   

By Roy Snell

• Lawyers continue to exploit loopholes
• Some countries go beyond the call of duty
• Risk of heavy demands on issuers limiting progress

By Adrian Holliday