public pension fund

Sourced through Scoop.it from: calcorporatelaw.com

Dave Tate comment: here’s an interesting, short discussion – there’s no answer given, just inquiry.

Dave Tate, Esq. (San Francisco/California), http://directorofficernews.com

Ronald Perelman accused the hall’s executive and artistic director of a lack of transparency and said he was frustrated by the slow pace of investigating his concerns.

Click on the following link for the article: www.nytimes.com

Dave Tate’s initial comments: This story raises many issues, not only about events at Carnegie Hall, but also for nonprofits in general and how their boards and executive officers operate, and related processes. I will have more to say about these events in later blogs. I am also sure that people will significantly disagree about what occurred and how it was or should have been handled.

For example, I have already seen a discussion about whether Mr. Perelman should have simply announced his decision to not run for board chair re-election, and then say something to the effect that it was for personal or family or business reasons to spend time on other issues and things that were going on in his life. My thoughts on that issue: whereas the nonprofit undoubtedly would have preferred that the facts of this issue not become public, if asked why the decision to not run for re-election as chair of the board, would anyone expect Mr. Perelman or any other executive who is in the know at the nonprofit, to respond in a manner that misrepresents the situation or is dishonest? Might it be unlawful to communicate a response that misrepresents the situation or is dishonest – certainly it can be argued that such a response reflects on governance and tone-at-the-top.

BERLIN (AP) — The head of Volkswagen came under pressure Monday as the company saw around 15 billion euros ($16.9 billion) wiped off its market value following revelations that the German carmaker rigged U.S. emissions tests for about 500,000 diesel cars.

Click on the following link for the article: finance.yahoo.com

Dave Tate’s comments: VW’s Friday board meeting should be interesting and contentious, possibly accusatory. Many important issues to properly investigate and remedy.

From the 2015 PLUS Cyber Liability Symposium session “How to Sell Cyber Insurance to Different Industries,” moderator Mickey Estey of RT Specialty visits the PLUS Media Zone to discuss the cyber ex…

Click on the following link for the discussion and video: plusblog.org

Dave Tate’s comments: I’m just passing this along – the video and discussion about issues relating to cyber insurance coverage and alignment to risk or triggering event are worthwhile. Dave Tate, Esq. and CPA (inactive) California, http://directorofficernews.com

Nearly two-thirds of business owners do not have a succession plan, which could include either a sale or transfer of the company.

Click on the following link for the article: www.cnbc.com

Dave Tate comments: business owners lack succession planning, and co-owner and family dynamics can lead to difficult issues and problems. Many of these can be addressed and solved before the fact. See also a prior post regarding California Corporations Code section 709, petition to contest the validity of the election of a California corporation director, http://wp.me/p5c0al-1m.

Dave Tate, Esq. and CPA (inactive) California, http://directorofficernews.com

Federal agents from Washington raided Memphis Goodwill this week as part of a growing investigation into AbilityOne, according to inside sources.

Click on the following link for the article: www.cnn.com

Dave Tate’s comments: This article raises so many issues relating to businesses in general, nonprofits, and Goodwill.

First, let’s not jump to conclusions about wrongdoing or liability, or the extent of wrongdoing if in fact it has occurred. The comments in the article tend to be spectacular, whereas actual evidence often proves otherwise. The contracts in question carry with them legal requirements that must be met. The nonprofits that I have been involved with take these legal requirements seriously, make a 100% effort to comply, and do comply. If it is established that there might be non-compliance with one or more criteria, that non-compliance is unintentional.

The allegations being made indicate executive officer and board-level concerns, and possibly also issues relating to the performance of the external audit or review, if there is one. The local executive officers and board members need legal representation. All of their past actions will be investigated.

As this case moves along, it might well highlight in the national news nonprofit oversight and internal control, governance and risk management processes. The spotlight on how nonprofits operate is a relatively small but growing effort. A story like this could brighten the spotlight on all nonprofits, including possible new legislation. All nonprofit executive officers and boards need to take note and review their operations.

And issues might well arise regarding how or to what extent, if at all, national Goodwill oversees the separate Goodwill entities which apparently are separate legal entities.

More to follow.

Dave Tate, Esq. and licensed CPA (inactive) California, http://directorofficernews.com

Pressures are growing quickly around the world for internal auditors who work in the financial services industry, according to a new report.

Click on the following link to read the article: www.accountingtoday.com

Dave Tate’s comments: sounds like opportunities for internal audit, legal counsel, audit committees, risk committees, boards, executive officers, mid-management, and employees in general to shine.

Dave Tate, Esq. and licensed CPA (inactive) in California, http://directorofficernews.com

Click on the following link for the speech: pcaobus.org

Dave Tate’s comments: new confirmation, as if any was needed, that the PCAOB takes and will continue to take internal controls and audits of internal controls very seriously. External auditors, executive officers, boards and audit committees, internal auditors, and legal counsel, and most likely senior management also, need to know or have sufficient understanding about internal controls, in addition to risk management. Do you know COSO 2013? Time to learn?

The following is a clip from part of the speech by Helen A. Munter, Director, Division of Registration and Inspections (if the text in the below box is too small or unclear, single click on the text box and it should enlarge and appear clear – then just click on your internet browser back arrow to return to this blog post):

Dave Tate, Esq. and licensed CPA (inactive) California, http://directorofficernews.com, and http://californiaestatetrust.com

Nonprofit Boardroom Elephants and the ‘Nice Guy’ Syndrome: A Complex Problem By: Eugene Fram An updated and revised viewer favorite post At coffee recently a friend serving on a nonprofit board rep…

Click on the following link for Eugene’s blog post discussion: non-profit-management-dr-fram.com

Dave Tate’s comments. This is a good post from Eugene. This can happen on any board, and I have seen it. It requires an active, inquiring, knowledgeable board with the right demeanor and integrity. Appropriate comments and disagreements should be allowed, requested, expected and accepted without hurt feelings or retaliation. A board member who does not sufficiently participate should resign or be dropped. Suing the contractor – that depends on the facts and circumstances, both legal and otherwise.  Enjoy. Dave Tate, Esq., http://directorofficernews.com.