November 9, 2012
Survey Results: Delegation of Authority
Here are survey results on delegation of authority practices:
1. Who is responsible for managing your company’s delegation of approval authority process?
– Corporate secretary’s office – 25.0%
– Legal department – 27.5%
– Individual business units are responsible for managing their own process – 12.5%
– Finance – 30.0%
– Other – 5.0%
2. On what does your company base its delegation of authority structure?
– Monetary thresholds – 90.0%
-Transaction type (e.g. acquisition, capital expenditure, procurement, etc.) – 70.0%
– Strategic impact – 0%
– Business risk – 15.0%
-Time/resource commitment – 2.5%
– Other non-monetary considerations – 7.5%
3. Which best describes your company’s approach to delegation of authority?
– We have a single policy that uniformly applies to the parent company and subsidiaries – 57.5%
– We have a single policy with unique thresholds for the parent and/or particular subsidiaries – 25.0%
– We do not have a single policy and separately address delegation of authority at each subsidiary – 10.0%
– Not applicable as our company isn’t structured into parent and subsidiaries – 5.0%
– Other – 2.5%
Please take a moment to participate in this “Quick Survey on Rules of Order for Board Meetings & Annual Meetings” and this “Quick Survey on Conflict Minerals.”
September-October Issue of “The Corporate Counsel”
Last week, we wrapped up the September-October Issue of The Corporate Counsel and it includes pieces on:
– JOBS Act Update: SEC Proposes the General Solicitation Changes to Rule 506
– The Rule 144 Aggregation Tail–Donees’ Sales Don’t Affect Affiliate’s Form 144 Filing Obligation
-Three-Month Form 144 Look-Back Includes Sales Covered by Prior Form 144
– Standing in the Affiliate’s Shoes–Our Interpretive Request
– 2012 Year-end Tax Tip for Gifts of Stock and Other Charitable Giving
– Say-on-Pay Litigation 2.0
– The Staff’s Annual SLAB on Shareholder Proposals
– Nasdaq Research Keeps Getting Easier (and Better)
– Compensation Consultant Fee Disclosure–“Additional Services” Include Those Rendered to Compensation Committee
– Farewell to XBRL Limited Liability for LAFs
Act Now: Get this issue for free when you try a 2013 No-Risk Trial today.
– Broc Romanek