TheCorporateCounsel.net

Here are the survey results on Rule 10b-18 & buybacks:

1. Does your company conduct share buybacks only if they comply with Rule 10b-18:
– Yes – 77.3%
– No – 13.6%
– Not sure, it hasn’t come up – 9.1%

2. If your company has conducted a buyback outside of Rule 10b-18, does it:
– Routinely conduct buybacks outside of Rule 10b-18 – 18.2%
– Occasionally conduct buybacks outside of Rule 10b-18 – 81.8%
– Inadvertently conducted a buyback outside of Rule 10b-18 one time – 0%

3. If your company has conducted a buyback outside of Rule 10b-18, did noncompliance involve:
– The volume limits – 44.4%
– The timing of repurchases – 0%
– The price of repurchases – 22.2%
– Use of more than one broker – 11.1%
– Other – 22.2%

Please take a moment to participate in this “Quick Survey on Proxy Solicitors” and this “Quick Survey on Delegation of Authority.”

Our New “Accountant Changes & Disagreements Disclosure Handbook”

Spanking brand new. Posted in our “Change in Auditors/Reaudits” Practice Area, this comprehensive “Accountant Changes & Disagreements Disclosure Handbook” provides a heap of practical guidance about how to navigate under Item 304 of Regulation S-K and Item 4.01 of Form 8-K. This one is a real gem – 28 pages of practical guidance…

Say-on-Pay: Now 58 Failures

I’ve added one more company to our failed say-on-pay list for 2012 on CompensationStandards.com as RBC Bearings failed during the past week with less than 30% support. We are now at 58 companies in ’12 that have failed to garner major support. Hat tip to Karla Bos of ING Funds for keeping me updated.

– Broc Romanek