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  • SEC Charges Infrastructure Company Granite Construction And Former Executive With Financial Reporting Fraud

    Date 25/08/2022

    The Securities and Exchange Commission today charged Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed. In 2021, Granite restated its financial statements from 2017 through 2019 to correct revenue and profit margin errors allegedly caused by Swanberg’s misconduct. The company agreed to pay $12 million to settle the SEC’s charges.

  • Neither Pay Nor Performance, SEC Commissioner Hester M. Peirce, Aug. 25, 2022

    Date 25/08/2022

    Section 953(a) of the Dodd-Frank Act requires the Commission to adopt rules mandating public companies to describe clearly the relationship between compensation the company actually paid to its executives and the company’s financial performance. Today’s rulemaking will elicit costly, complicated, disclosure of questionable utility. Accordingly, I am unable to support this rule.

  • SEC Adopts Pay Versus Performance Disclosure Rules

    Date 25/08/2022

    The Securities and Exchange Commission today adopted amendments to its rules to require registrants to disclose information reflecting the relationship between executive compensation actually paid by a registrant and the registrant’s financial performance. The rules implement a requirement mandated by the Dodd-Frank Act. The Commission proposed pay versus performance disclosure rules in 2015 and reopened the comment period on the proposal in January of this year.

  • Statement On The Final Rule Related To Pay Versus Performance, SEC Commissioner Mark T. Uyeda, Aug. 25, 2022

    Date 25/08/2022

    Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requires the Commission to issue a rule requiring disclosure of information reflecting the relationship between executive compensation actually paid by a company and the company’s financial performance.[1] Although this provision lacks a statutory deadline, it is unacceptable for more than twelve years to elapse before fulfilling a Congressional mandate.

  • Statement On Final Rule Regarding Pay Versus Performance, SEC Chair Gary Gensler, Aug. 25, 2022

    Date 25/08/2022

    Today, the Commission voted to adopt a rule requiring certain public companies to disclose information regarding their executives’ compensation and how such compensation relates to the company’s financial performance. I was pleased to support this rule—so-called “pay versus performance”—because it will strengthen the transparency and quality of executive compensation disclosure to investors.