|By PR Newswire||
|December 5, 2012 03:01 PM EST||
MOUNTAIN VIEW, Calif., Dec. 5, 2012 /PRNewswire/ -- Fenwick & West LLP, one of the nation's premier law firms providing comprehensive legal services to high technology, venture capital and life science companies, today announced the 2012 proxy season results of its Corporate Governance Practices and Trends Survey.
The survey collects and analyzes information on the corporate governance practices of the very large publicly-traded companies included in the Standard & Poor's 100 index (S&P 100) and the high technology and life sciences companies included in the Silicon Valley 150 index (SV 150) for the 2012 proxy season.
"This survey holds several surprises, with findings that may seem counterintuitive to our preconceptions of governance practices in the SV 150 vs. the S&P 100," said survey author David Bell, partner in the corporate practice at Fenwick & West.
"Governance practices and trends (or perceived trends) among the largest companies are generally held out as the desired norm for all public companies, often with little regard to the particular needs and circumstances of each company," said Mr. Bell. "Fenwick & West collects this information regarding public company governance practices to enable boards and executives at high technology and life science companies to understand the actual corporate governance practices among their peers, understand how those practices contrast with actual practices among large companies nationally (not just the latest perceived trends) and better determine whether or not diverging practices are an aberration for the company or whether such corporate governance decisions might actually be a best practice, particularly for smaller technology companies.
Key take-aways from the survey include:
Combined Chair/CEO: The SV 150 companies are substantially less likely to have the same person serving as board chair and CEO (34% compared to 71% of the S&P 100).
Insiders versus non-insiders: Where separate chairs exist, SV 150 companies are significantly more likely to appoint non-insiders (68% compared to 41% of the S&P 100). SV 150 companies continue to have more insiders as a percentage of the full board, while S&P 100 companies continue to have more insider directors measured in absolute numbers.
Women on boards: Female directors are substantially more common among S&P 100 companies, whether measured in terms of average number of female directors (2.4 compared to 0.7) or in terms of average percentage of each board that are women (19.8% compared to 8.1%). While female board membership peaked among SV 150 companies in 2008 (average of 12.3% compared to 17.2% for the S&P 100) the overall trend is clearly upward in both groups (compared to averages of 16.5% in the S&P 100 and 5.4% in the SV 150 in 2004). From 2004 through 2012, the percentage of companies with no women directors declined from 4% to 1% in the S&P 100 and 61% to 48% in the SV 150.
Majority voting: While there is a clear trend toward adoption of some form of majority voting in both groups, the rate of adoption is substantially higher among S&P 100 companies (90% compared to 41% of the SV 150) , although this rate declined 7% from the prior year (compared to a 4% increase for the SV 150).
Stock ownership: Stock ownership guidelines for executive officers were found to be substantially more common among S&P 100 companies than among SV 150 companies (93% compared to 44%), although that is a substantial increase for both groups over the course of the survey (compared to 58% for the S&P 100 and 8% for the SV 150 in 2004). Similar trends hold for stock ownership guidelines covering board members. However, actual equity ownership by executive officers and directors, as a group, tends to be substantially higher among SV 150 companies (median of 6% for the SV 150 compared to a median of less than 1% for the S&P 100 in 2012).
Stockholder activism: Stockholder activism (measured in the form of proposals included in the proxy statements of companies) continues to be substantially lower among the high tech and life science companies in the SV 150 than among S&P 100 companies (whether measured in terms of frequency inclusion of any such proposals or in terms of number of proposals).
Board size: S&P 100 companies tend to have larger boards than SV 150 companies (median of 12 compared to median of 8 in 2012), and tend toward larger primary committees. S&P 100 companies also are substantially more likely to have other standing committees beyond the three primary committees for audit, compensation and nominations (86% of S&P 100 companies do, compared to 21% of SV 150 companies in 2012).
Complete results of the survey with related discussion are posted on Fenwick & West's website at Fenwick.com/CorporateGovernanceSurvey.
About the Survey
The Fenwick & West Corporate Governance Survey, authored by law firm partner David Bell, provides insight into corporate governance practices of the companies included in the Standard & Poor's 100 Index (S&P 100) and the high technology and life science companies included in the Silicon Valley 150Index (SV 150) each year. This unique body of information, covering corporate governance trends for the period following the passage and implementation of the Sarbanes Oxley Act of 2002, is valuable for publicly-traded technology and life science companies across the U.S. as well as public companies of all sizes and across industries generally.
About Fenwick & West
Established in 1972, Fenwick & West LLP is one of the nation's premier law firms with extensive expertise in venture capital, public offerings and other corporate finance, joint ventures, M&A and strategic relationships, intellectual property, litigation and dispute resolution, taxation, antitrust and employment and labor law.
Fenwick & West LLP
Email: [email protected]
SOURCE Fenwick & West LLP
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 12:45 AM EDT Reads: 2,760
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
May. 27, 2016 12:45 AM EDT Reads: 2,688
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 27, 2016 12:15 AM EDT Reads: 1,347
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 27, 2016 12:00 AM EDT Reads: 1,197
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 27, 2016 12:00 AM EDT Reads: 1,136
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 27, 2016 12:00 AM EDT Reads: 3,022
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 26, 2016 11:45 PM EDT Reads: 2,252
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 26, 2016 11:30 PM EDT Reads: 2,550
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 26, 2016 11:00 PM EDT Reads: 1,868
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 26, 2016 11:00 PM EDT Reads: 1,240
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 26, 2016 10:45 PM EDT Reads: 2,352
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 26, 2016 10:45 PM EDT Reads: 672
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
May. 26, 2016 10:45 PM EDT Reads: 3,096
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 26, 2016 10:15 PM EDT Reads: 2,048
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 26, 2016 10:00 PM EDT Reads: 1,884