Verbatim - Global Compliance: Quarterly Newsletter: Fall 2012

by Orrick, Herrington & Sutcliffe LLP
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In This Issue:

We’ve highlighted a few notable developments in corporate governance law taking place this fall that may be of interest to you. For more information on any of the topics listed below, please contact your account manager or info@verbatimglobal.com.

- United States:

The U.S. District Court for the District of Delaware recently ruled in Delaware Coalition for Open Government vs. Honorable Leo E. Strine, Jr. that the scheme of confidential judicial arbitration implemented by the Delaware Court of Chancery is unconstitutional...

- India:

The Expert Committee on India’s General Anti-Avoidance Rules, commonly referred to as the Shome Committee, has recommended a three-year deferral of implementation of the Rules to allow sufficient training of officers charged with enforcement...

- Brazil:

The Securities and Exchange Commission of Brazil announced this summer that online general meeting using new technology to permit online voting are permitted...

- Turkey:

New provisions of the Turkish Commercial Code (“TCC”) reduce the duration of appointment of auditor allowed by law to only one year...

- Canada:

On 7 August 2012, Canada’s Office of Superintendent of Financial Institutions made available a draft Guideline on Corporate Governance for Federally-Regulated Financial Institutions, which will update the original Guideline published in 2003...

- Mauritius:

India’s Shome Committee in recently recommended in its report that the General Anti-Avoidance Rules shall not extend to challenges of residency of a Mauritius entity...

- Uruguay:

Earlier this year Uruguay entered into a Tax Information Exchange Agreement (“TIEA”) with the Republic of Argentina...

- Australia:

The Corporations Amendment (Proxy Voting) Act 2012 came into effect on 28 June 2012 to confirm that the Chair may vote undirected proxies for certain company actions pertaining to executive remuneration at the annual general meeting...

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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