Audit Committees Continue to Improve Transparency of External Oversight
For the fourth consecutive year, audit committees are improving transparency regarding their external auditor oversight. The news was revealed by the Center for Audit Quality (“CAQ”) and Audit Analytics’ new report, Audit Committee Transparency Barometer (“Barometer”), which stated that audit committees are voluntarily increasing the information disclosed to investors and stakeholders. This year’s Barometer report features year-over-year comparisons of significant audit committee disclosure areas for various-sized companies, including: 37 percent of S&P 500 companies’ proxy statements have increased discussion of the audit committee’s considerations in endorsing the selection of the audit firm (13 percent rise from 2014); 24 percent of mid-cap companies have increased. Read More.
Sustainability Reporting Increasing Among S&P 500 Companies
According to a June report by the Governance & Accountability Institute (“the Institute”), sustainability reporting among companies in the Standard & Poor’s 500 (“S&P 500”) is growing at a staggering rate. Through the Institute’s research, it was discovered that 72 percent of S&P 500 companies submitted reports last year covering environmental, social and governance (ESG) matters. The number marks a 19-percent increase (53 percent) from 2012. By these numbers, the Institute’s research concluded that corporate sustainability disclosure is a major concern for companies, especially in the eyes of investors and stakeholders. The report’s findings also noticed a strong link between. Read More.