News Digest for September 29, 2006

There are 6 items… California takes the lead in global warming fight | Program to train corporate directors on climate change | Options Probe Has Cost Investors $7.9 Billion in Market Value | Tough Questions at House Hearing on H.P. Spying | HP general counsel resigns before hearing | Singapore firms should encourage feedback to improve governance

California takes the lead in global warming fight
By imposing the nation’s first universal cap on greenhouse gas emissions, Gov. Arnold Schwarzenegger has challenged the Bush administration and Congress to follow, saying California will lead the way on “one of the most important issues that are facing our time.”

Program to train corporate directors on climate change
Initial training of more than 200 independent U.S. board members will begin this winter through a newly created curriculum - the Sustainable Governance Forum. The training sessions will be offered across the country through September 2008.

Options Probe Has Cost Investors $7.9 Billion in Market Value
The shock value of the revelations may also be wearing off. The average one-day loss for the first 30 companies to disclose investigations, from March 14 to May 25, was 2.9 percent, or 2.8 percentage points worse than their peers. The last 30 disclosures as of Aug. 31 prompted an average decline of 1 percent, trailing peers by 1.2 percentage points.

Tough Questions at House Hearing on H.P. Spying
“I have to ask our witnesses, what were you thinking?” said Representative John D. Dingell, Democrat of Michigan, who called the effort “a plumbers’ operation that would make Richard Nixon blush were he still alive.”

HP general counsel resigns before hearing
She had been scheduled to testify to a House committee, but she invoked her Fifth Amendment right against self-incrimination and did not answer lawmakers’ questions. As part of Baskins’ severance, she will take away retirement payments totaling $1.78 million. The agreement also gives Baskins until Nov. 22 to cash in 465,858 HP stock options — worth $3.66 million as of Wednesday.

Singapore firms should encourage feedback to improve governance
“Asian culture comes with an inherent code of respect for your seniors. So the courage to speak up, what you think is right is not there yet.”

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