UK: Deloitte's 2012 survey of annual reports

Deloitte has published its 2012 survey of annual reports (based on a sample of reports published between 1 September 2011 and 31 August 2012 by 130 listed companies, including 30 investment companies): see here. With regard to governance, it is noted that 54% of companies complied fully with the UK Corporate Governance Code; the composition of the audit committee was the most common area of non-compliance.

Deloitte publishes second edition of 'women in the boardroom'

Deloitte has published the second edition of its report Women in the boardroom - a global perspective: see here (pdf). The report provides a summary of measures that have been taken (or which are being taken) with regard to the gender diversity of boards in Australia, Belgium, Canada, China, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, New Zealand, Norway, Singapore, Spain, the United Kingdom and the United States of America.

UK: narrative reporting in financial reports - Deloitte survey published

Deloitte has published the results of its survey of narrative reporting by companies: see here (pdf). The survey report contains sections on governance in which its stated that 35% of companies in the sample complied fully with the provisions of the Combined Code on Corporate Governance. In 13% of companies the individual occupying the role of chief executive was also the chairman.

UK: increase in director disqualification proceedings

The August 2010 edition of Deloitte's UK Corporate Governance Update - available here (pdf) - reports that in the year to 31 March 2010, the number of director disqualification proceedings was 17% higher than in the previous year (2,169 compared to 1,852).

UK: interim management statements - Deloitte survey

Deloitte has published a survey of companies' interim management statements. The report, titled And there’s more: Surveying second halves’ interim management statements, is available here (pdf). In the accompanying press release, available here, it is noted:

Only 28% of corporates clearly met the Disclosure and Transparency Rules (DTR) on the content of second halves interim management statements (IMS) ... this result is a marked improvement on the first half IMS for which only 15% did so.

Deloitte’s survey of 100 corporates contained 34, 33 and 33 companies from the top 350, middle group and smallest 350 companies by market capitalisation. 30 investment trusts, spread equally across these three groups, were also surveyed. The survey examined second half IMSs and compared these with those issued in the first half of the year by the same companies".

USA: New York: Parmalat, Deloitte and vicarious liability

The United States District Court for the Southern District of New York has given its opinion in Re Parmalat Securities Litigation. The case concerned the claim that Deloitte Touche Tohmatsu (DTT), a Swiss verein with headquarters in New York, was vicariously liable for the actions of Deloitte Italy, Parmalat's auditor. DTT sought summary judgment dismissing the claim: the trial judge declined and observed (p. 19):

In all the circumstances, the totality of the evidence – including evidence concerning the structure and internal relationships of Deloitte generally, DTT’s authority over the professional practices of the member firms, and DTT’s exercise of that authority in connection with the Parmalat engagement – raises a genuine issue of material fact as to whether Deloitte Italy was an agent of DTT with respect to the Parmalat engagement".

For background information, click here.