Corporate Governance – Upbeet Communications http://upbeetcommunications.com/ Sat, 06 Aug 2022 12:36:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://upbeetcommunications.com/wp-content/uploads/2021/07/icon-3.png Corporate Governance – Upbeet Communications http://upbeetcommunications.com/ 32 32 What Tesla’s stock split means for shareholders https://upbeetcommunications.com/what-teslas-stock-split-means-for-shareholders/ Sat, 06 Aug 2022 11:00:00 +0000 https://upbeetcommunications.com/what-teslas-stock-split-means-for-shareholders/ If you thought Tesla shares at $864 were a good investment, how about shares at a third of that price? Of course, Tesla shares don’t magically get cheaper – the 3-for-1 stock split was one of several measures approved at the company’s August 4 shareholder meeting. (You can read Fortune’s explanation of stock splits here.) […]]]>

If you thought Tesla shares at $864 were a good investment, how about shares at a third of that price?

Of course, Tesla shares don’t magically get cheaper – the 3-for-1 stock split was one of several measures approved at the company’s August 4 shareholder meeting. (You can read Fortune’s explanation of stock splits here.) This follows on Tesla’s first stock split in August 2020 – which was a 5-to-1 split. don’t actually influence share value, they increase liquidity, and Tesla’s split was overwhelmingly supported by shareholders. Despite the fact that stock splits are largely superficial, tech companies that have seen stock prices soar are counting on them to make trading expensive stocks accessible to retail investors. “I think Tesla wants to keep its stock price lower so that a single stock is more affordable for retail investors. That was probably the driver of the 2020 split and the split to come,” the lender explained. Morningstar Senior Equity Analyst Seth Goldstein.

Tesla announced in a press release on Aug. 5 that the split would go into effect later that month. Tesla shareholders will receive a dividend of two additional common shares to be distributed after the close of trading on August 24, 2022. Trading on the new adjusted stock split price will begin on August 25.

Interestingly, stock splits were much more common than they are today, with some analysts saying the rise of split trading has made them somewhat useless since through Robinhood or Schwab you can just buy a fraction of a Tesla share if you don’t. have more than 800 dollars. As Fortune’s Anne Sraders previously reported, when a company splits its shares, “The cost per share is lower, but the valuation hasn’t changed, so it’s not cheap – meaning that it doesn’t automatically become undervalued, it has the same measures of value as it did before,” said CFRA’s Sam Stovall Fortune. The result is that “it’s more psychological. People prefer to buy and sell an even number of stocks, and they like to pay within a particular range if possible,” Stovall said.

Other Tesla shareholder proposals have been rejected

Tesla investors erupted in joy when top CEO Elon Musk took the stage Thursday night at their annual shareholder meeting, also known as Cyber ​​Roundup, at the Austin-based gigafactory, in Texas. Still, the most important decisions of the evening had largely been voted on in a preliminary fashion by the time Musk spoke at the event around 6:15 p.m. ET. Shareholders voted broadly on the board’s recommendations, approving an early stock split and broadly rejecting investor proposals to bolster corporate accountability in the racism and sexism allegations Tesla has faced over the year. last.

The vote follows Musk’s continued entanglement with his now rescinded bid to buy Twitter and a disappointing quarter for the company. Tesla stock is down 12% year-to-date.

Two members of Tesla’s board of directors, Ira Ehrenpreis and Kathleen Wilson-Thompson, were on the ballot at that shareholder meeting and won re-election. Institutional Shareholder Services advised shareholders to vote against them because of the amount of borrowing Musk and other board members are taking as collateral for Tesla stock. The ISS argued that the pledging of company shares by directors poses a risk to outside shareholders.

Investors also considered a series of shareholder proposals that Tesla encouraged them to vote against. Proposals focused on improving corporate governance, including shareholder proposals to require Tesla board diversity reporting and mandatory political lobbying disclosure, have not been met. adopted. Other investor proposals not supported by Tesla’s board of directors, including allowing employees to form a union, requiring Tesla to report on its progress in eliminating racial and gender discrimination, and disclosing related risks in the water, all failed. These shareholder proposals follow Tesla’s removal from the S&P 500 ESG Index in May. Tesla lost its place in the index, which lists companies that meet the bar of responsible environmental, social and governance practices, largely due to allegations of racism at Tesla’s gigafactories. In February 2022, the California Department of Fair Employment and Housing filed a lawsuit against Tesla for racial discrimination and harassment at the company’s California factory.

A failed outside proposal would have allowed shareholders who held 3% or more of Tesla stock for at least three years to have a say in director nominations. Despite the discouragement of the board, shareholders adopted a proposal to increase the power of investors in the appointment of directors to the board. Shareholder proposals to allow board directors to serve two-year terms and eliminate supermajority voting requirements were not adopted.

As Musk interacted with the crowd like a true entertainer, he teased shareholders that he might be able to announce the location of a new gigafactory later this year. As audience members shouted suggesting various states and countries, Musk jokingly responded. “Canada?” he said. “I’m half Canadian, so maybe. Tesla currently has factories in California, Berlin and Shanghai.

Musk said his goal was to produce 2 million vehicles a year and he reiterated his long-term vision for Tesla to produce fully self-driving cars. Morningstar’s Tesla analyst note projects that Musk’s goals are within reach: “During the earnings call, management confirmed our view for the year that the Austin and Berlin were ramping up production, and it aims to have all plants operating at an annual production rate of over 2 million vehicles by the end of 2022. We believe this is achievable, which would allow deliveries to Tesla to reach approximately 1.5 million vehicles in 2022 and grow to over 2 million in 2023.”

Musk also argued that despite Tesla’s competitiveness against other electric vehicle producers, all electric vehicles are taking market share from gasoline-powered cars, noting that all major automakers are now shifting to electric vehicles. Musk also boasted that Tesla hit the milestone of manufacturing its 3 millionth vehicle last week to applause from shareholders in the crowd.

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Profitability of BharatPe in 10 months, IPO in 2 years: Rajnish Kumar https://upbeetcommunications.com/profitability-of-bharatpe-in-10-months-ipo-in-2-years-rajnish-kumar/ Wed, 03 Aug 2022 18:42:43 +0000 https://upbeetcommunications.com/profitability-of-bharatpe-in-10-months-ipo-in-2-years-rajnish-kumar/ Fintech company BharatPe is transitioning from an individual-centric company to a professionally managed entity with a new board, chairman Rajnish Kumar has said. The company is now focused on profitability over the next 6-10 months, said Kumar, who was previously chairman of State Bank of India, which led the bailout of private lender Yes Bank […]]]>

Fintech company BharatPe is transitioning from an individual-centric company to a professionally managed entity with a new board, chairman Rajnish Kumar has said. The company is now focused on profitability over the next 6-10 months, said Kumar, who was previously chairman of State Bank of India, which led the bailout of private lender Yes Bank in 2020. Edited excerpts from a interview:

According to reports, BharatPe co-founder Bhavik Koladiya has quit over disagreements with the company. What led to its release?

Bhavik, along with Shashvat Nakrani, are the original founders. For the past five years, Bhavik has acted as a consultant to BharatPe. So, after helping to build the business, there is quite a large team that takes care of day-to-day operations. The business has matured. It is now a professionally run business. In a few days there will be an expanded council. BharatPe is transitioning from a sole proprietorship to a professionally run business. As far as guidance or advice is concerned, it will continue to be available. Bhavik’s five-year consultation period is coming to an end. In what shape or form the new contract was signed, which the company will decide, bearing in mind the individual’s own compulsions and desires; don’t read too much.

There have been talks that the company is in settlement talks with Ashneer. What is the status?

Ashneer is a shareholder. The rest of the matter is between the company and him.

Are you disappointed with what happened between BharatPe and Ashneer?

I still believe jo bhi hota hai theekh hi hota hai. If you look at the corporate perspective, there has been a complete shift when it comes to corporate governance. Now the predictions are clear that the company will be professionally run, fully compliant with regulations. As I mentioned, the company has reached a stage where it will no longer depend on a single individual. Any business that wants to grow beyond a certain point, must have its own strengths to survive without relying too much on one individual. Now it’s more about team and business strategy. To that extent, whatever happened, in terms of business performance, there is no impact. The focus is on how the business will become profitable. In the next 6-10 months, the business will become profitable.

What about IPO plans?

We are preparing for this. 18-24 months is the lead time we are looking at.

You sewed together the Yes Bank restructuring plan. Are you satisfied with the way the bank has transformed over the past 2 years?

From SBI’s perspective, the investment was made at 10:40 a.m. There was a great fear that taxpayers’ money would be wasted. Thus, all of these naysayers turned out to be wrong. In the sense that even regardless of the price today, SBI can easily earn a 50% return three years from now, which is a decent return. From an investment perspective, no cost to the business. (It’s also about) the national obligation to save a bank the size of Yes Bank. If SBI had not intervened, what would have happened to the depositors? What would have been the impact on the private sector? From that point of view, it was a satisfying opportunity.

Since the departure of the founder, in your opinion, what has changed at Yes Bank?

Yes Bank now has a professional board of directors. The first thing after the restructuring was the cash injection, the capital injection. But what is important is the bank’s governance philosophy. For the rest, they did not opt ​​for a change of direction. Again, this reinforces the point that if you have a board that is transparent, acts independently, and key executives, including the CEO and CEO, are allowed to operate freely, then things can be reversed. In the end, what has changed is the board of directors and the general manager and chief executive officer. The rest of the things are the same.

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Kaskela Law LLC Announces Investigation https://upbeetcommunications.com/kaskela-law-llc-announces-investigation/ Sat, 30 Jul 2022 12:00:00 +0000 https://upbeetcommunications.com/kaskela-law-llc-announces-investigation/ PHILADELPHIA, July 30. 10, 2022 (GLOBE NEWSWIRE) — Investor protection law firm Kaskela Law LLC is investigating possible legal claims on behalf of investors in VAALCO Energy, Inc. (NYSE:EGY) (“VAALCO”) regarding the transaction recently announced by the Company with TransGlobe Energy Corporation (“TransGlobe”). On July 14, 2022, VAALCO announced that it had entered into an […]]]>

PHILADELPHIA, July 30. 10, 2022 (GLOBE NEWSWIRE) — Investor protection law firm Kaskela Law LLC is investigating possible legal claims on behalf of investors in VAALCO Energy, Inc. (NYSE:EGY) (“VAALCO”) regarding the transaction recently announced by the Company with TransGlobe Energy Corporation (“TransGlobe”).

On July 14, 2022, VAALCO announced that it had entered into an agreement to acquire TransGlobe in an all-stock transaction. In connection with the proposed transaction, CareMax has indicated that it plans to issue 49.3 million Class A common stock of CareMax to shareholders of TransGlobe who, therefore, are expected to hold more than 45% of the combined company. Following the announcement of this transaction, VAALCO shares fell $1.03 per share, or more than 16.5% in value.

The investigation aims to determine whether members of VAALCO’s board of directors violated securities laws or breached their fiduciary duties in connection with the proposed transaction, and whether the company properly disclosed all conflicts of potential interests to its shareholders.

VAALCOsshareholders wishing to protect their investment are invited to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 715 – 1740, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/vaalco/ to receive additional information about this investigation and their legal rights and options.

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and M&A litigation, and has helped recover over $100 million on behalf of victimized investors. For more information about Kaskela Law LLC, please visit www.kaskelalaw.com.

CONTACT:

D.Seamus Kaskela, Esq.
(skaskela@kaskelalaw.com)
Adrienne Bell, Esq.
(abell@kaskelalaw.com)
SARL DE LOI KASKELA
18 Campus Blvd., Suite 100
Newtown Square, Pennsylvania 19073
(484) 229 – 0750
(888) 715-1740
www.kaskelalaw.com

This notice may constitute advertising for attorneys in some jurisdictions.

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Administrators instruct NNPCL on an adequate risk management framework | The Guardian Nigeria News https://upbeetcommunications.com/administrators-instruct-nnpcl-on-an-adequate-risk-management-framework-the-guardian-nigeria-news/ Thu, 28 Jul 2022 04:16:00 +0000 https://upbeetcommunications.com/administrators-instruct-nnpcl-on-an-adequate-risk-management-framework-the-guardian-nigeria-news/ The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) advised the new management of the Nigerian National Petroleum Company Limited (NNPCL) on the need to adopt an adequate risk management and control system framework within the new entity. The institute said that proper checks and balances must be built into the system to ensure […]]]>

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) advised the new management of the Nigerian National Petroleum Company Limited (NNPCL) on the need to adopt an adequate risk management and control system framework within the new entity.

The institute said that proper checks and balances must be built into the system to ensure that the efficient operation and efficiency of the business is not compromised at any time.

A statement from ICSAN, signed by its Chairman, Taiwo Owokalade, who commended the Federal Government for unveiling the NNPCL as a new entity to replace the current Nigerian National Petroleum Corporation (NNPC), advised management to ensure that the principles of corporate governance are firmly anchored so that the company takes full advantage of its emergence as a private company.

Owokalade, who described the development as positive for the Nigerian economy, said the measure would ensure greater efficiency and enhance transparency in the oil and gas sector.

He said the new entity, which is now a commercially oriented national oil company with all the trappings of a thriving private company, believed it was more structurally ready and organically well-adjusted to play a pivotal role in the sector.

“As a leading professional institute on corporate governance and public administration, we applaud the vision behind this structural substitution of NNPC by NNPCL, which is to ensure greater efficiency and transparency in the petroleum exploration and distribution system.

“This transition to a private company will allow the company to be more value-driven and its operations more inclined to comply with international best practices.

“This is a very commendable development and we are commenting on it for the positive implications it portends for the energy sector and the national economy in general,” he said.

President Muhammadu Buhari recently officially unveiled the NNPCL as the successor to the NNPC under the provisions of the Petroleum Industry Act 2021.

Under the PIA 2021, the federal government is empowered to establish the NNPCL to replace the NNPC within six months of the law taking effect.

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Alibaba closes in on home with dual Hong Kong primary listing https://upbeetcommunications.com/alibaba-closes-in-on-home-with-dual-hong-kong-primary-listing/ Tue, 26 Jul 2022 04:43:04 +0000 https://upbeetcommunications.com/alibaba-closes-in-on-home-with-dual-hong-kong-primary-listing/ Alibaba will apply for a dual primary listing on the Hong Kong stock exchange, which analysts say lays the groundwork to allow mainland Chinese investors access to its shares and help minimize disruption if U.S. regulators force it to quit. withdraw from Wall Street. The New York-listed Chinese e-commerce group, which has a secondary listing […]]]>

Alibaba will apply for a dual primary listing on the Hong Kong stock exchange, which analysts say lays the groundwork to allow mainland Chinese investors access to its shares and help minimize disruption if U.S. regulators force it to quit. withdraw from Wall Street.

The New York-listed Chinese e-commerce group, which has a secondary listing in Hong Kong, said its board had authorized management to apply for a primary listing on the Hong Kong Stock Exchange and the process should be completed. by the end of 2022. .

Having a primary listing in Hong Kong is a requirement for Chinese dual-listing groups to be included in the city’s Stock Connect program, which allows mainland Chinese investors to trade a company’s shares. Inclusion can help bolster a stock’s valuation and liquidity. A dual primary listing means that Alibaba will be subject to the full rules of the Hong Kong stock exchange as well as those of New York.

Hong Kong-listed shares of Alibaba were down 6% at the midday break on Tuesday. The Hang Seng Tech Index, which tracks the 30 largest listed tech companies in the territory, rose 1.6%.

Chief Executive Daniel Zhang said the company hopes to foster “a broader and more diverse investor base to share in Alibaba’s growth and future, particularly from China and other markets in Asia.”

Analysts said the move marked another step towards eventual inclusion in the login system and could simplify a transition to Hong Kong-only commerce if U.S. regulators force Alibaba and other New York-traded Chinese companies to withdraw. remove from the list.

“It’s a very smart decision to meet the demands of the Chinese [securities regulator] So ultimately Alibaba can be included in Stock Connect, and even if they get delisted in the US, they still have a back-up plan,” said Dickie Wong, head of research at Kingston Securities.

U.S. regulators have demanded that Chinese companies make detailed audit reports available by 2024 or be kicked off Wall Street. The Financial Times reported on Monday that Beijing was preparing a scheme to bring some Chinese groups into compliance with US rules requiring public companies to let regulators inspect their audit records. But officials in Washington are skeptical that most will achieve full compliance.

Inclusion in the Stock Connect program is also not guaranteed, as a majority of annual trading activity must take place in Hong Kong before a company with a primary listing can qualify.

In its Tuesday announcement, Alibaba said there had been a “significant increase in its public float in trading volume” in Hong Kong since its secondary listing in late 2019.

But he acknowledged that the average daily trading volume over the past six months in Hong Kong was around $700 million, while New York’s was around $3.2 billion. This left Hong Kong’s share at less than 20% of the total and far from qualifying for the Stock Connect.

The request for a dual primary listing also came after the company revealed that the management of Ant Group, its affiliated payment and fintech platform, was no longer serving as a partner of Alibaba, under the Ant’s efforts to revamp corporate governance after a government crackdown.

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2022-07-23 | NYSE: VLTA | Press release https://upbeetcommunications.com/2022-07-23-nyse-vlta-press-release/ Sat, 23 Jul 2022 19:55:17 +0000 https://upbeetcommunications.com/2022-07-23-nyse-vlta-press-release/ Philadelphia, Pa.–(Newsfile Corp. – July 23, 2022) – Investor protection law firm Kaskela Law LLC announces it is investigating Volta Inc. (NYSE: VLTA) on behalf of long-term shareholders of the society. The investigation seeks to determine whether Volta and/or the company’s officers and directors violated securities laws or breached their fiduciary duties to shareholders in […]]]>

Philadelphia, Pa.–(Newsfile Corp. – July 23, 2022) – Investor protection law firm Kaskela Law LLC announces it is investigating Volta Inc. (NYSE: VLTA) on behalf of long-term shareholders of the society.

The investigation seeks to determine whether Volta and/or the company’s officers and directors violated securities laws or breached their fiduciary duties to shareholders in connection with recent corporate actions, thereby causing harm to shareholders at long term of the company.

Volta shareholders are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/volta-inc/for more information about this investigation and their legal rights and options.

Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger and acquisition litigation. For more information about Kaskela Law LLC, please visit www.kaskelalaw.com. This notice may constitute advertising for attorneys in some jurisdictions.

CONTACT:

D.Seamus Kaskela, Esq.

Adrienne Bell, Esq.

SARL DE LOI KASKELA

18 Campus Blvd., Suite 100

Newtown Square, Pennsylvania 19073

(888) 715 – 1740

(484) 229 – 0750

www.kaskelalaw.com

LONG-TERM VOLTA SHAREHOLDER ALERT: Kaskela Law LLC Announces Volta Inc. (VLTA) Shareholder Investigation and Encourages Long-Term Shareholders to Contact the Firm

PHILADELPHIA, Pennsylvania

April 16, 2022

Kaskela Law LLC announces that it is investigating Volta Inc. (NYSE: VLTA) on behalf of the company’s long-term shareholders.

Volta shareholders are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/volta-inc/ for more information about this investigation and their legal rights and options.

The investigation seeks to determine whether Volta and/or the company’s officers and directors violated securities laws or breached their fiduciary duties to shareholders in connection with recent corporate actions, thereby causing harm to shareholders at long term of the company.

Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger and acquisition litigation. For more information about the firm, please visit www.kaskelalaw.com. This notice may constitute advertising for attorneys in some jurisdictions.

CONTACT:

D.Seamus Kaskela, Esq.

Adrienne Bell, Esq.

SARL DE LOI KASKELA

18 Campus Blvd., Suite 100

Newtown Square, Pennsylvania 19073

(888) 715 – 1740

(484) 229 – 0750

www.kaskelalaw.com

SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Volta Inc. (VLTA) and Encourages VLTA Investors to Contact the Firm

PHILADELPHIA, Pennsylvania

July 23, 2022

Kaskela Law LLC announces that it is investigating Volta Inc. (NYSE: VLTA) on behalf of the company’s investors.

Recently, a shareholder complaint was filed alleging that Volta made a series of false and/or misleading statements to investors and failed to disclose to investors material adverse facts regarding the company’s business, operations and prospects. . Among other things, the complaint alleges that the Company “misaccounted for restricted stock issued in connection with the business combination,” which caused Volta to understate its net loss for the 3rd quarter of 2021 and to have to restate its financial state.

The truth began to emerge on March 2, 2022 when the Company disclosed that the financial impact of the restatement was greater than previously disclosed. The company has filed an amended Form 8-K with the SEC stating, “The estimated financial impact of this adjustment is an increase of approximately $26.7 million in stock-based compensation and a corresponding increase in paid-up capital, resulting in an approximate net loss for the three and nine months ended September 30, 2021 of $69.7 million and $155.5 million, respectively.

Then, on March 28, 2022, the company announced that its founders, Scott Mercer and Christopher Wendel, had resigned as CEO and chairman, respectively, and from the board of directors of Volta. Following this news, the company’s shares lost a further 18% in value, closing at $3.37 per share on March 28, 2022.

The purpose of the investigation is to determine whether members of Volta’s board of directors violated securities laws and/or breached their fiduciary duties in connection with the misconduct alleged above.

Current Volta shareholders are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/volta-inc/ for more information about this investigation and their legal rights and options.

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and M&A litigation, and has helped recover over $100 million on behalf of victimized investors. For more information about Kaskela Law LLC, please visit www.kaskelalaw.com.

CONTACT:

SARL DE LOI KASKELA

D.Seamus Kaskela, Esq.

skaskela@kaskelalaw.com

Adrienne Bell, Esq.

abell@kaskelalaw.com

18 Campus Blvd., Suite 100

Newtown Square, Pennsylvania 19073

(888) 715 – 1740

(484) 229 – 0750

www.kaskelalaw.com

This notice may constitute advertising for attorneys in some jurisdictions.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131743

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Kinetik publishes its 2021 ESG report and announces the appointment of Deborah Byers to its Board of Directors… | New https://upbeetcommunications.com/kinetik-publishes-its-2021-esg-report-and-announces-the-appointment-of-deborah-byers-to-its-board-of-directors-new/ Thu, 21 Jul 2022 20:25:46 +0000 https://upbeetcommunications.com/kinetik-publishes-its-2021-esg-report-and-announces-the-appointment-of-deborah-byers-to-its-board-of-directors-new/ HOUSTON and MIDLAND, Texas, July 21. 2022 (GLOBE NEWSWIRE) — Kinetik Holdings Inc. (NASDAQ: KNTK) (“Kinetik” or the “Company”) today released its 2021 Environmental, Social and Governance Report (the “Report”), highlighting achievements sustainability performance of its predecessors, Altus Midstream Company (“Altus”) and BCP Raptor Holdco, LP (“BCP”), in calendar year 2021. The report provides a […]]]>

HOUSTON and MIDLAND, Texas, July 21. 2022 (GLOBE NEWSWIRE) — Kinetik Holdings Inc. (NASDAQ: KNTK) (“Kinetik” or the “Company”) today released its 2021 Environmental, Social and Governance Report (the “Report”), highlighting achievements sustainability performance of its predecessors, Altus Midstream Company (“Altus”) and BCP Raptor Holdco, LP (“BCP”), in calendar year 2021. The report provides a comprehensive review of Kinetik’s progress toward promoting a safer, cleaner and more reliable energy future, creating a more diverse and inclusive culture and investing in the communities in which it operates.

“We are pleased to share our progress made in 2021,” said Jamie Welch, President and CEO. “We recognize that we can symbolize the energy for change given our influence within our West Texas communities. Our commitment to advancing the sustainability initiatives outlined in the 2021 ESG Report is evidenced by our recently released sustainability finance framework and senior notes. We are now the first and only North American mid-market company to have tied 100% of our debt capital structure to environmental and social initiatives. I’m incredibly proud of what we’ve accomplished so far and look forward to Kinetik’s continued progress toward our ESG goals.

Kinetik also announced the appointment of Deborah Byers to the Kinetik Board of Directors, effective July 20, 2022. Ms. Byers will serve as Chair of the Audit Committee and a member of the Corporate Governance and Nominating Committee. Ms. Byers’ appointment brings the board to its full complement of 11 directors.

Ms. Byers recently retired from Ernst and Young (“EY”) after a distinguished 36-year career in public accountancy while holding several leadership positions. From July 2018 until her retirement in July 2022, she served as Industry Leader for the Americas at EY, overseeing markets and growth strategy in her core industry. Ms. Byers was Managing Partner of EY’s Houston office and Head of US Energy from July 2013 to July 2018 and Managing Partner of the Southwest Region Strategy and Transactions business unit from July 2008 to July 2013. In these roles, she was a market leader in global energy markets and worked with companies and investment funds in all phases of energy investing. Currently, Ms. Byers also serves on the board of directors of Excelerate Energy, Inc. Ms. Byers holds a BBA from Baylor University and is a Certified Public Accountant.

Welch said, “We are truly delighted to welcome Ms. Byers to our Board of Directors. Its world-class experience speaks for itself. It will further improve our financial reporting and strengthen our corporate governance. Ms. Byers’ ideas and perspectives will be valuable contributions to Kinetik.

Kinetik also announced that effective July 20, 2022, Ronald Schweizer has been appointed to replace Thomas Lefebvre on the Board of Directors. Mr. Schweizer is currently COO (Americas) at I Squared Capital. He previously served as Chief Financial Officer at I Squared Capital from August 2013 to May 2022. He holds a BS in Accounting from the University of Scranton. Mr. Lefebvre is stepping down as he is no longer affiliated with I Squared Capital.

Welch commented, “I would like to thank Mr. Lefebvre for his support and dedication as a member of our board over the years. We wish him good luck in his future endeavours. We also welcome Mr. Schweizer to the Board of Directors and look forward to continuing to grow our relationship with I Squared Capital. »

Highlights from Kinetik’s 2021 ESG Report include:

Environment

  • Obtained 100% of the electricity purchased by BCP for its assets and facilities operated from renewable sources from April 2021, making it the first major collection and processing company in the Permian Basin to do so, which which resulted in a 39% reduction in Kinetik’s Scope 2 emissions between 2020 and 2021
  • Reduction of absolute greenhouse gas emissions from scopes 1 and 2 by 16% between 2020 and 2021
  • No environmental fine incurred

People and communities

  • Awarded GPA Midstream’s Perfect Record Award for No Lost Time Incident in 2021
  • Completed over 4,700 hours of EHS-focused training for field employees
  • Achieved a 55% reduction in preventable motor vehicle accidents
  • Completed the first full year of the employee volunteer and matching fund program, resulting in 182 volunteer hours and over $260,000 in funds donated to local community causes
  • Launched the Kinetik Cares Foundation (formerly EagleNest Foundation) to provide support to company employees impacted by unexpected life events
  • Increased procurement and local procurement spending to 75%
  • 96% of employees surveyed said they are proud to work for Kinetik

Governance

  • Incorporation of ESG measures into Kinetik’s executive compensation program
  • Adoption of Supplier Code of Conduct ensuring suppliers adhere to our policies and objectives

Although the report is for BCP and Altus standalone operations in 2021, Kinetik has demonstrated an industry-leading commitment to corporate governance, carbon management practices and the promotion of an inclusive work environment during its first months as a public company:

  • Constitution of a board of directors independent of the control of a single shareholder, with an annual election of all directors and independent directors chairing each committee of the board
  • Partnership with Tachyus to implement Aurion, a software platform used to estimate, model, forecast and report our carbon emissions
  • Incorporation of sustainability performance objectives into 100% of our debt financings

Kinetik’s 2021 ESG Report has been prepared in accordance with Global Reporting Initiative (GRI) standards and references the Sustainability Accounting Standards Board (SASB) and the Energy Infrastructure Council (EIC) / GPA Midstream Association.

The 2021 ESG report is available below and on the Kinetik website.

2021 ESG Report

About Kinetik Management Inc.

Kinetik is a fully integrated, pure-play, Permian to Gulf Coast Midsize C-Corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and processing services to companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.

contacts

Kinetik Media: (713) 487-4838 Jim Schwartz

Kinetik Investors: (713) 487-4832 Maddie Wagner

Website: www.kinetik.com

Copyright 2022 GlobeNewswire, Inc.

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ZenBusiness Announces Appointment of Katie Royce as Chief Financial Officer https://upbeetcommunications.com/zenbusiness-announces-appointment-of-katie-royce-as-chief-financial-officer/ Tue, 19 Jul 2022 13:07:20 +0000 https://upbeetcommunications.com/zenbusiness-announces-appointment-of-katie-royce-as-chief-financial-officer/ Get instant alerts when news breaks on your stocks. Claim your one week free trial for StreetInsider Premium here. Former Cognizant North America CFO has been tapped to oversee all tax aspects of the growing company AUSTIN, Texas–(BUSINESS WIRE)–ZenBusiness, the only guided, one-stop-shop platform to help entrepreneurs start, manage and grow a successful business, today […]]]>

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Former Cognizant North America CFO has been tapped to oversee all tax aspects of the growing company

AUSTIN, Texas–(BUSINESS WIRE)–ZenBusiness, the only guided, one-stop-shop platform to help entrepreneurs start, manage and grow a successful business, today announced the appointment of financial industry veteran Katie Royce, CFA, as Chief Financial Officer (CFO). Royce joins ZenBusiness after the success of the $200 million Series C fundraising and during a period of rapid expansion as more people start businesses and seek to become their own bosses.

Royce will oversee all aspects of the startup’s finances, bringing a significant level of expertise in financial analysis, budgeting, forecasting, compliance, mergers and acquisitions, corporate governance, and more to the company. ZenBusiness management team. She will report directly to CEO and Co-Founder Ross Buhrdorf and oversee a growing team of professionals focused on the company’s long-term financial success. Her appointment brings the number of women in ZenBusiness’s leadership ranks to more than 40%.

“In our short time as a company, we have experienced tremendous growth and success; powered by the passion and determination of the entrepreneurial renaissance taking place across the country. To ensure that ZenBusiness is well positioned for the next step, we are delighted to welcome such a talented professional as Katie to the leadership team,” said ZenBusiness CEO Ross Buhrdorf. “She has already taken off and we all look forward to following her financial roadmap as we head into the next chapter of our business.”

“I am thrilled to join such a dynamic team of professionals who are deeply committed to supporting and growing entrepreneurship from the ground up,” said ZenBusiness Chief Financial Officer Katie Royce. “As CFO, I plan to build on our already strong financial base to ensure we are in the best possible position to execute our strategy through growth, innovation and delivering on our mission to change the face of business ownership across the country.”

Royce plans to continue to develop ZenBusiness’s in-house expertise and provide advice on how the company can expand its role as a public benefit company, including adopting strong ESG reporting and standards.

Royce has considerable experience leading public companies and brings a unique skill set and knowledge base to the business. She spent nearly a decade at Cognizant, a multinational IT services and consulting company, where she rose through the ranks to eventually become the company’s chief financial officer for North America. Prior to Cognizant, she held senior analyst and investor relations roles at several companies.

She is also a member of the Board of Directors and is the new Chair of the Board of the National Investor Relations Institute. She resides in Brooklyn, New York.

Royce is a graduate of the University of Richmond and a CFA charterholder.

About Zen Business

ZenBusiness, a public benefit corporation, is a unique technology platform that helps entrepreneurs launch, manage and grow the business of their dreams. ZenBusiness supports entrepreneurs through incorporation; helps automate their invoicing, payroll and banking; organizes expenses and taxes; build their websites; shaping their marketing; and give them all the education and inspiration they need to win customers and generate profits – at an affordable and clear price. By giving entrepreneurs what they need – worry-free services, front-line support, and an all-inclusive platform – ZenBusiness empowers the next generation of business owners. Founded in 2017, ZenBusiness is based in Austin, Texas. Visit www.ZenBusiness.com and follow @zenbusinessinc for more information.

Mike Loughran

[email protected]

Source: Zen Business

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BisB Wins Second Place in Bahrain’s Banking Sector | THE DAILY TRIBUNE https://upbeetcommunications.com/bisb-wins-second-place-in-bahrains-banking-sector-the-daily-tribune/ Sun, 17 Jul 2022 09:00:43 +0000 https://upbeetcommunications.com/bisb-wins-second-place-in-bahrains-banking-sector-the-daily-tribune/ TDT | manama The Daily Tribune – www.newsofbahrain.com Islamic Bahrain (BisB) was recently ranked second in the Kingdom’s banking sector in the Environmental, Social and Corporate Governance (ESG) ranking list by ESG Invest – Sustainability Excellence, with a commendable percentile ranking of 84. ESG Invests, assesses and rates the ESG performance of over 700 companies […]]]>

TDT | manama

The Daily Tribune – www.newsofbahrain.com

Islamic Bahrain (BisB) was recently ranked second in the Kingdom’s banking sector in the Environmental, Social and Corporate Governance (ESG) ranking list by ESG Invest – Sustainability Excellence, with a commendable percentile ranking of 84. ESG Invests, assesses and rates the ESG performance of over 700 companies in the Middle East covering nine regional markets. The Bank obtained its score on the basis of its performance on the main ESG issues, namely the integration of environmental and social factors into lending activities, responsible relations with clients, confidentiality and data security, training and development of employees, as well as the prevention of money laundering.

Each of these key criteria was scored based on qualitative Key Performance Indicators (KPIs) and quantitative research conducted by the ESG Invest team. Although the Bank scored high on several criteria, one of the highest scores it received was on the Privacy and Data Security KPI, where BisB achieved the highest possible score.

The Bank was recognized for introducing its end-to-end digital service, which allows individual institutions and Sijili customers to open a corporate account using state-of-the-art facial recognition technology, via the app Bank’s corporate mobile, BisB Corporate Digital. Promoting social and economic development was another high-profile criterion, where the Bank was recognized for its continued focus on supporting the local economy.

The Bank was also praised for rolling out significant measures to address social and economic development and earned additional marks thanks to the Bank’s highly proactive commercial banking division which is responsible for SME financing. BisB also earned top marks in its ESG ratings for its continued commitment to joining the Financial Action Task Force (FATF) and its active measures deployed to prevent money laundering and terrorist financing.

Additionally, the Bank was recognized for conducting comprehensive training programs for its employees on anti-money laundering and achieved high scores in its ESG Employee Training and Development section.

Commenting on the recognition, BisB’s Chief Executive Officer, Hassan Jarrar, revealed, “This milestone achievement demonstrates our successful formulation of a sustainability roadmap and aligns with our goal of effectively positioning BisB as a vital goal and impact. by 2023, while benefiting from recognized ESG leadership and reinforcing the Bank’s dominant position in the market as the lender of choice in sectors with a high impact on sustainable development.

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Union Assurance among top 10 for corporate reporting transparency – Financial News https://upbeetcommunications.com/union-assurance-among-top-10-for-corporate-reporting-transparency-financial-news/ Fri, 15 Jul 2022 04:30:00 +0000 https://upbeetcommunications.com/union-assurance-among-top-10-for-corporate-reporting-transparency-financial-news/ With a strong focus on transparency in reporting, Union Assurance PLC has become the first insurer to achieve the Top 10 for transparency in corporate reporting, according to the 2022 Transparency International Sri Lanka (TISL) report. The TISL report released in 2022 ranked the company in eighth place, […]]]>






With a strong focus on transparency in reporting, Union Assurance PLC has become the first insurer to achieve the Top 10 for transparency in corporate reporting, according to the 2022 Transparency International Sri Lanka (TISL) report.

The TISL report released in 2022 ranked the company in eighth place, a significant improvement from the 16th position in last year’s report. This achievement is a testament to the rigorous and transparent reporting practices followed by the company.

The report assessed the top 75 companies listed on the Colombo Stock Exchange based on market capitalization. It is an independent assessment of corporate disclosure practices, which ranks companies based on three areas critical to preventing and combating corruption: reporting on anti-corruption programs, transparency of organizational holdings, and key financial information on national operations.

Union Assurance’s chief financial officer, Asha Perera, noted that the company has a strong culture of corporate responsibility.

“It not only built trust between all stakeholders, but also protected our employees and our business while enhancing our brand,” she said.

According to her, they are guided by policies that promote transparency throughout the company. She said a strong corporate governance structure mitigates the risk of corruption and other transgressions.

“We have a compliance culture, strong internal controls and risk management mechanisms, which create lasting value,” she added.

Union Assurance’s Assistant Vice President of Audit and Compliance, Rehan Ismail, said they were extremely proud to have received the accolade from TISL.

“We consider this to be an important milestone, a testament to our continued improvements in transparent reporting,” he added.


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