October, 2023

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Exxon Acquires Pioneer Natural Resources for $60 Billion

NYT M&A

The acquisition of Pioneer Natural Resources, Exxon’s largest since its merger with Mobil in 1999, is a bet that U.S. energy policy will not move against fossil fuels in a major way.

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Boards of Directors in Disruptive Times: Improving Corporate Governance Effectiveness

Harvard Corporate Governance

Posted by Jordi Canals (IESE Business School), on Wednesday, October 25, 2023 Editor's Note: Jordi Canals is Professor of Strategic Management and the holder of Fundación IESE Chair in Corporate Governance at IESE Business School. This post is based on his book. Disney’s board of directors fired CEO Bob Chapek on November 20, 2022. He was nominated for that job in February 2020 to replace Bob Iger -Disney CEO between 2005 and 2020-, after several board attempts in previous years to speed up Ig

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From Tradition to Transformation: Appraising Diplomatic Real Estate

IVSC

Wayne A. Nygard, MAI, FRICS is the Division Chief for the Evaluations Division (“EV”) within the Bureau of Overseas Buildings Operations of the U.S. Department of State. EV is responsible for evaluation of U.S. Embassy and Consulate facilities and other real estate worldwide. The portfolio consists of over 25,000 properties in over 190 countries. Nygard oversees a staff of appraisers and real estate analysts who review and perform Market Value Appraisals worldwide as well as conduct various anal

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Fintechs: A new paradigm of growth

Mckinsey and Company

After decades of hypergrowth, fintechs have entered a new era of value creation, where the focus is on sustainable, profitable growth. This report examines how fintechs can win in these disruptive times.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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EY US and AuditBoard Announce Expansion of Alliance to Empower Businesses to Better Manage Risks

Audit Board

New service offerings leverage AuditBoard’s connected risk platform and EY’s solutions to address dynamic risk assessment and controls testing needs for enterprises. LOS ANGELES, CA - October 19, 2023 – AuditBoard, the leading cloud-based platform transforming audit, risk, IT security, and ESG management, today announced the expansion of their existing alliance with Ernst & Young LLP (EY US) to provide powerful new joint offerings for internal audit and IT audit teams.

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Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024

ThomsonReuters

Jump to: Who does the Corporate Transparency Act affect? Who needs to file Beneficial owners Company applicants When do reports need to be filed for the Corporate Transparency Act? The Corporate Transparency Act’s impact on tax and accounting professionals Implementation and compliance challenges Embracing the Corporate Transparency Act The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money launde

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State of Cyber Awareness in the Boardroom

Harvard Corporate Governance

Posted by Sarah Kuranda Vallone, VP Marketing (NightDragon) and Edna Twumwaa Frimpong, Director of International Research (Diligent Institute), on Tuesday, October 10, 2023 Editor's Note: Sarah Kuranda Vallone is a VP Marketing at NightDragon, and Edna Twumwaa Frimpong is a Director of International Research at Diligent Institute. This post is based on a NightDragon and Diligent memorandum by Ms.

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Oil megadeals usher in an age of energy uncertainty

Financial Times M&A

Those betting transactions by Chevron and ExxonMobil signal robust demand growth may want to think twice

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Five paths to TSR outperformance

Mckinsey and Company

It’s hard for companies to significantly beat long-term market TSR, harder still for the largest corporations, and hardest of all in the face of low growth. But industry endowment needn’t be destiny.

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AuditBoard Announces AI and Analytics Capabilities

Audit Board

Purpose-built extensions allow Audit, Risk, and Compliance teams to leverage transformative automation and data insights to manage risk more efficiently. LOS ANGELES, October 18, 2023 - AuditBoard , the leading cloud-based platform transforming audit, risk, compliance, and ESG management, today revealed powerful new capabilities purpose-built to enable teams to automate critical workflows, surface key strategic insights, and stay on top of proliferating risks.

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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How do different accounting firms use AI?

ThomsonReuters

Jump to: How many accounting firms use AI? How do the Big 4 use artificial intelligence? How do smaller accounting firms use AI? How does AI impact workflow? In today’s fast-paced business world, ignoring technology is not an option, and the field of accounting is no exception. Artificial Intelligence (AI) has become a game-changer, helping accounting firms streamline processes, improve accuracy, and deliver more value to their clients.

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Rite Aid Files for Bankruptcy, Facing Slumping Sales and Opioid Suits

NYT M&A

The pharmacy chain, one of the country’s largest, faces more than a thousand lawsuits that say it filled illegal prescriptions for painkillers.

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Standardization and Innovation in Venture Capital Contracting: Evidence from Startup Company Charters

Harvard Corporate Governance

Posted by Robert Bartlett (Stanford Law School), on Tuesday, October 17, 2023 Editor's Note: Robert Bartlett is the W. A. Franke Professor of Law and Business and faculty co-director of the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford Law School. This post is based on his recent paper. In 2003, a group of approximately two dozen lawyers specializing in venture capital (VC) finance embarked on a mission to standardize the financing documents utilized by VC firms for inve

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Edtech group Byju’s faces shrinking empire with creditors at the gates

Financial Times M&A

Online education company was once India’s most valuable start-up but now plans asset sales to settle debts

Start-ups 137
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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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What is Web3?

Mckinsey and Company

Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users.

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Tech Evolution: Q&A With Edwina Fitzmaurice, EY’s Global Chief Customer Success Officer

Global Finance

Global Finance Magazine - Edwina Fitzmaurice, EY’s global chief customer success officer, speaks with Global Finance about technology, innovation and customer success.

Finance 105
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Market Bipolarity: Exuberance versus Exhaustion!

Musings on Markets

As we enter the last quarter of 2023, it has been a roller coaster of a year. We started the year with significant uncertainty about whether the surge in inflation seen in 2022 would persist as well as about whether the economy was headed into a recession. In the first half of the year, we had positive surprises on both fronts, as inflation dropped after than expected and the economy stayed resilient, allowing for a comeback on stocks, which I wrote about in a post in July 2023.

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Chevron to Acquire Hess for $53 Billion in Latest Major Oil Deal

NYT M&A

The acquisition marks further consolidation of the oil industry and highlights the confidence that energy companies have in the future of fossil fuels.

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The Compensation Committee’s Evolving Role in Human Capital Management

Harvard Corporate Governance

Posted by Blair Jones, Rachel Ki, and Jennifer Teefey, Semler Brossy LLC, on Tuesday, October 31, 2023 Editor's Note: Blair Jones is a Managing Director, Rachel Ki is an Associate, and Jennifer Teefey is a Senior Associate Consultant at Semler Brossy LLC. This post is based on a NACD Directorship magazine publication. Many leaders delved into human capital management (HCM) when the economy was booming, just before the Great Resignation.

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Engagement Quality Reviews under SQMS No. 2

Trout CPA

Written by Nicole Cradic, CPA, Partner This article first appeared in the Pennsylvania CPA Journal - Fall 2023 and is reprinted with permission. Copyright © 2023 by the Pennsylvania Institute of CPAs. All rights reserved. The Auditing Standards Board (ASB) issued four quality management standards in June 2022. These were generally presented in the spring 2023 issue of the Pennsylvania CPA Journal together with a deeper dive into SQMS No.1, A Firm’s System of Quality Management.

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Tech talent in transition: Seven technology trends reshaping telcos

Mckinsey and Company

With technologies like edge computing, AI, and xRAN transforming telecom, leaders are reassessing how to capture value. Rethinking talent is a key piece of the puzzle.

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ExxonMobil backs up bullish view of oil demand with $60bn bet

Financial Times M&A

Purchase of Pioneer reinforces group’s Permian Basin inventory as fossil fuel debate intensifies

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Invisible, yet Invaluable: Valuing Intangibles in the Birkenstock IPO!

Musings on Markets

A few days ago, I valued Instacart ahead of its initial public offering , and noted that the reception that the stock gets will be a good barometer of where risk capital stands in the market, right now. After a buzzy open, when the stock jumped from its offering price of $30 a share to $42, the stock has quickly given up those gains and now trades at below to its offer price.

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S.E.C. Sues Elon Musk to Compel Him to Testify on Twitter Purchase

NYT M&A

The agency said Mr. Musk was subpoenaed to testify last month about his purchases of Twitter’s stock last year, but he failed to appear.

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The CEO Shareholder: Straightforward Rewards for Long-term Performance

Harvard Corporate Governance

Posted by Joel Paula, FCLTGlobal, on Monday, October 23, 2023 Editor's Note: Joel Paula is a Policy Advisor at FCLTGlobal. This post is based on a FCLTGlobal memorandum by Mr. Paula, Jess Gaspar , Matt Leatherman , and Sarah Williamson. Related research from the Program on Corporate Governance includes Paying for Long-Term Performance (discussed on the Forum here ) by Lucian Bebchuk and Jesse Fried.

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The Risks of AI in Banking

N Contracts

From chatbots assisting banking consumers to machines preventing fraudulent transactions, AI appears poised to transform the financial industry. Using large and complex data sets, FIs can leverage AI to develop more refined risk analyses and selectively target consumers with unique product and service offerings.

Banking 105
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Courageous growth: Six strategies for continuous growth outperformance

Mckinsey and Company

Fewer than one in four companies outpace their industry peers on revenue and profit growth. New McKinsey research reveals the six mindsets and strategies that set these growth outperformers apart.

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Western Digital Set To Merge With Japan's Kioxia, Further Consolidating Chip Market

Benzinga

Japanese chipmaker Kioxia Holdings and its U.S. peer Western Digital Corp (NASDAQ: WDC ) are expected to agree on a merger soon. What Happened : The two companies look to set up a holding company to integrate their operations producing NAND flash memory chips, widely used in devices such as PCs and smartphones. The combined entity will likely list on the Nasdaq stock exchange, the Japan Times reported.

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Microsoft completes $69bn deal to buy Call of Duty maker Activision Blizzard

The Guardian M&A

Completion of sale follows regulator’s decision to allow it after competition concerns were addressed Microsoft has completed its $69bn (£57bn) deal to buy Activision Blizzard, the maker of games including Call of Duty and World of Warcraft, after the UK’s competition watchdog cleared the acquisition. The Competition and Markets Authority (CMA) had moved to block the deal in April , citing concerns that Microsoft – the maker of the Xbox gaming console – would dominate the nascent cloud gaming ma

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BuzzFeed in Advanced Talks to Sell Complex, Backtracking on Digital Media Bet

NYT M&A

BuzzFeed is negotiating a sale of much of Complex Networks for under $140 million, less than half of what it paid to acquire it two years ago.

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AI and the Role of the Board of Directors

Harvard Corporate Governance

Posted by Holly J. Gregory, Sidley Austin LLP, on Saturday, October 7, 2023 Editor's Note: Holly J. Gregory is a Partner and co-chair of the Global Corporate Governance practice at Sidley Austin LLP. This post is based on The Governance Counselor piece. Artificial intelligence (AI) has the capacity to disrupt entire industries, with implications for corporate strategy and risk, stakeholder relationships, and compliance that require the attention of the board of directors.

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Cybersecurity Breaches: How to Protect Your FI

N Contracts

When the hacker group Scattered Spider breached MGM Casino and Resorts’ computer systems on September 11, 2023, the corporate gaming giant – with more than two dozen locations and an online sports betting operation – suffered significant material losses.

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Author Talks: Am I making myself clear?

Mckinsey and Company

Feeling misunderstood? A BBC journalist shares the communication blunders that keep you from getting your point across and what you can do to avoid them.

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Are you ready to defend your ERC claim?

Trout CPA

The IRS has announced substantial audit enforcement for Employee Retention Credit (ERC) claims. While details of who will be selected have not been disclosed, all taxpayers should actively prepare to defend their ERC claim - particularly if a third-party promotor was involved instead of an existing, trusted tax professional.

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