In Focus

CII Weighs in On PCAOB’s Priorities

In a September 15 letter, CII urges the Public Company Accounting Oversight Board (PCAOB) to prioritize its project on quality control standards, noting that the project should address the outstanding recommendations from the Department of the Treasury Advisory Committee on the Auditing Profession. Those recommendations would require audit firms to establish quantifiable performance measures for the achievement of quality objectives and to publicly disclose those measures as well as their quality control systems. CII’s letter responded to a request from the PCAOB for feedback on its draft strategic plan.

CII Urges SEC to Issue Rules on Key Investor-Friendly Topics

In response to an invitation to comment on the SEC’s semiannual regulatory agenda, CII sent the commission a letter urging the agency to prioritize certain rulemakings: implement the clawback rule mandated by the Dodd Frank Act; require companies to disclose more information in their CD&As about their use of non-GAAP measures; implement its proposed improvements to Rule 10b5-1 trading plans; improve proxy plumbing by addressing end-to-end vote confirmation; and issue a rule addressing best execution and stock exchange rebates. CII also applauded the SEC for issuing final rules on pay versus performance and universal proxy ballots.

CII, CFA Institute Ask SEC to Use XBRL for Company Correspondence

In a September 1 letter, the CII and the CFA Institute asked the SEC to assist investors – as well as other stakeholders – by making SEC correspondence with public companies available in a structured, machine-readable format. Providing this data in an XBRL format could help tag comments related to financial statements and link them to U.S. GAAP Taxonomy, and tag comments related to information outside of financial statements to key topics within filings to present management’s views on key issues, the letter said.

CII Opens Registration for Corporate Governance Bootcamp 2022

CII members and nonmembers are welcome to register for Corporate Governance Bootcamp 2022, a premium executive education program developed in partnership with New York University School of Law’s Institute for Corporate Governance and Finance. Bootcamp 2022 is set for November 16-18 in person at NYU, and will be taught by university faculty and seasoned practitioners, regulators, directors and activist investors. The two-track program includes an introductory course, Foundations of Corporate Governance, and Advanced Topics in Stewardship. Participants can register for either or both courses. Register here by October 14 to take advantage of early-bird pricing.