November 17, 2008
SEC Issues Proposed IFRS Roadmap
As expected for the G-20 summit this weekend, the SEC released its proposed IFRS roadmap on Friday. The 165-page proposal includes this timeline:
– Mandatory – Several milestones that, if achieved, could lead to the required use of IFRS by US companies in 2014
– Voluntary – Only companies whose industry uses IFRS as the basis of financial reporting more than another set of standards would be eligible to voluntarily elect to use IFRS beginning in 2010
US District Court Rules Against Bebchuk’s “Shareholder Access” Proposal
Last week, Judge Hellerstein of US District Court (SDNY) dismissed Bebchuk v. Electronic Arts, Inc., which involves Professor Lucian Bebchuk’s attempt to use Rule 14a-8 to establish new “shareholder access” procedures. We have been following the developments of this important case in recent issues of The Corporate Counsel. If the case is appealed to the 2nd Circuit as expected, it is likely that a number of companies will receive similar proposals during this proxy season. Once we find a copy of the decision, we’ll post it in our “Shareholder Proposals” Practice Area.
Fundamentals of Investing in Public Companies
Tune in Wednesday for this DealLawyers.com half-day video webconference: “Fundamentals of Investing in Public Companies.” Thanks to Kirkland & Ellis, we are providing this conference to DealLawyers.com members so that they can learn the basics – as well as some advanced – practice pointers about investing in public companies.
Kirkland spends a lot of time preparing for this conference and it’s a “high value” proposition. You’ll want to print the slides/course materials for each panel before you watch.
Act Now: Try a no-risk trial for 2009 and get access to DealLawyers.com for the “rest of ‘08” at no charge. Or since all memberships are on a calendar-year basis, renew for ’09 today.
Congrats to my pal Doug Chia and all those that won awards last week at the “Corporate Secretary Magazine Awards” dinner. Maybe I’ll have a shot at an award next year if they create a new category: “Most Likely to Drool on Himself While Working.”
– Broc Romanek