Latest news with #AuditCommittee
BBC News
a day ago
- Politics
- BBC News
Bristol City Council loses fight over Freedom of Information cases
A council has lost its legal battle against the Information Commissioner's Office (ICO) after failing to clear a Freedom of Information request City Council was last year handed an enforcement notice by the data watchdog over 158 overdue FOI requests. The council had said it would clear them in 39 months but they are supposed to be answered within 20 council did not dispute the watchdog's complaints but appealed the notice. Judge Kiai dismissed the appeal at the First-tier Tribunal on Wednesday, saying the ICO had "exercised its discretion correctly".A spokesperson for the council said it would "continue to work towards addressing" the backlog. According to the ICO, which upholds rights to information in the public interest, it has received more complaints about Bristol City Council (BCC) than any other watchdog said it had received more than 60 complaints about the authority since April 2023, many of which related to unanswered FOI issuing the enforcement notice, the ICO had urged the council to create an action and recovery plan to ensure that 90% of requests were answered by the end of 2023. The council failed to achieve this. 'Stop hiding' Issuing its enforcement notice in March 2024, the ICO said there had been "no improvement" in efforts to clear the backlog and that 39 months was "unreasonable".Councillor Nicholas Coombes, vice-chairman of the Audit Committee, said: "We are appalled at the build-up of unanswered FOI requests under the last administration, and that BCC chose to appeal the regulator's enforcement notice rather than take their advice."BCC needs to stop hiding behind legal tricks and improve the FOI service, as recommended by the Information Commissioner. "Political leaders need to continue our transformation of the council to welcome public scrutiny and involvement, so that fewer people resort to Freedom of Information requests."A genuinely open council makes better decisions and wastes less money on legal fees."
Business Wire
3 days ago
- Business
- Business Wire
Conduent Announces Board Leadership Transition
FLORHAM PARK, N.J.--(BUSINESS WIRE)-- Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the appointment of as Chairman of its Board of Directors, effective August 6. He succeeds Scott Letier, who now chairs the Board's Audit Committee. Mr. Agadi joined Conduent's Board in 2025 and previously led its Audit Committee. Mr. Letier has served as a director since 2018 and as Chairman since 2021. These leadership changes are part of the Board's practice of rotating board roles and commitment to strategic governance, as noted in the company's Form 8-K filing on June 25. 'We're pleased to welcome Harsha to the role of Chairman,' said Cliff Skelton, President and CEO of Conduent. 'His leadership and global business experience will be invaluable as we continue driving value for shareholders, clients, and associates. We also thank Scott for his significant contributions and leadership as Chairman during a period of transformation and growth.' Mr. Agadi, Chairman and CEO of GHS Holdings, LLC, brings over 35 years of experience in executive leadership and corporate governance across multiple industries in Public and Private companies. 'I'm honored to take on this role and grateful for the trust of my fellow Board members,' said Mr. Agadi. 'I'm impressed with Conduent's progress and its management team's dedication to transform Conduent, and I look forward to working closely with the Conduent team to continue to advance our strategy and deliver meaningful impact for our stakeholders.' About Conduent Conduent delivers digital business solutions and services spanning the commercial, government, and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation, and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 56,000 associates, process expertise, and advanced technologies, Conduent's solutions and services digitally transform its clients' operations to enhance customer experiences, improve performance, increase efficiencies, and reduce costs. Conduent adds momentum to its clients' missions in various ways, including disbursing approximately $85 billion in government payments annually, facilitating 2.3 billion customer service interactions, empowering millions of employees through HR services each year, and processing nearly 13 million tolling transactions daily. Learn more at Trademarks
Yahoo
3 days ago
- Business
- Yahoo
OMass Therapeutics Appoints Carol A. Schafer as Non-Executive Director and Chair of the Audit Committee
PRESS RELEASE OMass Therapeutics Appoints Carol A. Schafer as Non-Executive Director and Chair of the Audit Committee Oxford, United Kingdom – 6th August 2025 – OMass Therapeutics ('OMass' or 'the Company'), a biotechnology company identifying medicines against highly validated target ecosystems such as membrane proteins or intracellular complexes, today announces the appointment of Carol A. Schafer as non-executive Director and Chair of the Audit Committee. Carol has more than 25 years of experience in investment banking, equity capital markets, corporate finance and business development in the healthcare sector. She currently serves on the Board of Directors for Insmed Incorporated (Nasdaq: INSM), Immunome, Inc. (Nasdaq: IMNM), Kura Oncology, Inc (Nasdaq: KURA) and Repare Therapeutics Inc. (Nasdaq: RPTX). In addition, Carol previously served on the Board of Directors of Five Prime Therapeutics, Inc. (acquired by Amgen for $1.9 billion in April 2021) and Idera Pharmaceuticals, Inc. (until its merger in September 2022). From 2007 to 2018, Carol worked at Wells Fargo Securities in a variety of roles, including as Vice Chair, Equity Capital Markets. Prior to this, Carol worked at J.P. Morgan, where she held positions of increasing responsibility including Managing Director, Equity Capital Markets. She holds a Master of Business Administration from New York University's Stern School of Business and a Bachelor of Arts from Boston College. 'I am honoured to join the Board and contribute to the OMass's mission of developing first or best-in-class small molecules for areas of high unmet need in endocrinology and immunology,' commented Carol Schafer, non-executive Director and Chair of the Audit Committee at OMass Therapeutics. 'I look forward to working with the Board to help guide the company as they advance towards the clinic and prepare for their next phase of growth.' 'Carol's extensive combination of healthcare investment banking experience and biotech board experience will be invaluable to OMass as we move towards becoming a clinical-stage company,' added Jim Geraghty, Chairman of OMass Therapeutics' Board of Directors. 'I am confident that her strategic insight and understanding of equity markets will be a tremendous asset to the company. We are pleased to welcome her to the Board and as our new audit committee chair.' -ENDS- For further information, please contact: OMass Therapeutics Rosamond Deegan, Chief Executive OfficerEmail: ICR Healthcare (For media) Namrata Taak / Ashley Tapp Email: omass@ Thrust Strategic Communications (For IR)Renee LeckEmail: renee@ About OMass Therapeutics OMass Therapeutics is a biotechnology company discovering medicines against highly-validated target ecosystems, such as membrane proteins or intracellular complexes. OdyssION™, OMass' unique drug discovery platform, comprises next-generation native mass spectrometry with novel biochemistry techniques and custom chemistry to interrogate not just a drug target, but also the interaction of the target with its native ecosystem, separate from the confounding complexity of the cell. This unique approach results in cell-system fidelity with cell-free precision. OMass is advancing a pipeline of small molecule therapeutics in rare diseases and immunological conditions. Its lead program is a best-in-class MC2 (melanocortin-2) receptor antagonist for the treatment of Congenital Adrenal Hyperplasia (CAH) and ACTH-dependent Cushing syndrome. The focus of the program has been to increase receptor residency time to make OMass' antagonists resistant to competition by the endogenous ligand, thereby avoiding loss of efficacy in the face of rising adrenocorticotropic hormone (ACTH) levels due to reductions in glucocorticoid supplementation for CAH or progression of Cushing's Syndrome. Headquartered in Oxford, UK, OMass has raised over $160M (£129M) from a top-tier international investor syndicate including Syncona, Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures and British Patient Capital. To learn more, please visit Follow us on in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
OMass Therapeutics Appoints Carol A. Schafer as Non-Executive Director and Chair of the Audit Committee
PRESS RELEASE OMass Therapeutics Appoints Carol A. Schafer as Non-Executive Director and Chair of the Audit Committee Oxford, United Kingdom – 6th August 2025 – OMass Therapeutics ('OMass' or 'the Company'), a biotechnology company identifying medicines against highly validated target ecosystems such as membrane proteins or intracellular complexes, today announces the appointment of Carol A. Schafer as non-executive Director and Chair of the Audit Committee. Carol has more than 25 years of experience in investment banking, equity capital markets, corporate finance and business development in the healthcare sector. She currently serves on the Board of Directors for Insmed Incorporated (Nasdaq: INSM), Immunome, Inc. (Nasdaq: IMNM), Kura Oncology, Inc (Nasdaq: KURA) and Repare Therapeutics Inc. (Nasdaq: RPTX). In addition, Carol previously served on the Board of Directors of Five Prime Therapeutics, Inc. (acquired by Amgen for $1.9 billion in April 2021) and Idera Pharmaceuticals, Inc. (until its merger in September 2022). From 2007 to 2018, Carol worked at Wells Fargo Securities in a variety of roles, including as Vice Chair, Equity Capital Markets. Prior to this, Carol worked at J.P. Morgan, where she held positions of increasing responsibility including Managing Director, Equity Capital Markets. She holds a Master of Business Administration from New York University's Stern School of Business and a Bachelor of Arts from Boston College. 'I am honoured to join the Board and contribute to the OMass's mission of developing first or best-in-class small molecules for areas of high unmet need in endocrinology and immunology,' commented Carol Schafer, non-executive Director and Chair of the Audit Committee at OMass Therapeutics. 'I look forward to working with the Board to help guide the company as they advance towards the clinic and prepare for their next phase of growth.' 'Carol's extensive combination of healthcare investment banking experience and biotech board experience will be invaluable to OMass as we move towards becoming a clinical-stage company,' added Jim Geraghty, Chairman of OMass Therapeutics' Board of Directors. 'I am confident that her strategic insight and understanding of equity markets will be a tremendous asset to the company. We are pleased to welcome her to the Board and as our new audit committee chair.' -ENDS- For further information, please contact: OMass Therapeutics Rosamond Deegan, Chief Executive OfficerEmail: ICR Healthcare (For media) Namrata Taak / Ashley Tapp Email: omass@ Thrust Strategic Communications (For IR)Renee LeckEmail: renee@ About OMass Therapeutics OMass Therapeutics is a biotechnology company discovering medicines against highly-validated target ecosystems, such as membrane proteins or intracellular complexes. OdyssION™, OMass' unique drug discovery platform, comprises next-generation native mass spectrometry with novel biochemistry techniques and custom chemistry to interrogate not just a drug target, but also the interaction of the target with its native ecosystem, separate from the confounding complexity of the cell. This unique approach results in cell-system fidelity with cell-free precision. OMass is advancing a pipeline of small molecule therapeutics in rare diseases and immunological conditions. Its lead program is a best-in-class MC2 (melanocortin-2) receptor antagonist for the treatment of Congenital Adrenal Hyperplasia (CAH) and ACTH-dependent Cushing syndrome. The focus of the program has been to increase receptor residency time to make OMass' antagonists resistant to competition by the endogenous ligand, thereby avoiding loss of efficacy in the face of rising adrenocorticotropic hormone (ACTH) levels due to reductions in glucocorticoid supplementation for CAH or progression of Cushing's Syndrome. Headquartered in Oxford, UK, OMass has raised over $160M (£129M) from a top-tier international investor syndicate including Syncona, Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures and British Patient Capital. To learn more, please visit Follow us on in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
5 days ago
- Business
- Mint
Sebi moots major relief for big firms on related party transaction norms
The Securities and Exchange Board of India (Sebi) on Monday proposed sweeping changes to its related party transaction (RPT) regime, sharpening its focus on ease of doing business for large companies. The capital markets regulator's consultation paper recommends a significant overhaul of materiality thresholds, potentially cutting compliance hurdles by nearly 60% for the nation's top listed firms. The consultation paper, released for public comment, sets out a 'scale-based threshold mechanism' to determine when RPTs are considered material and must be placed before shareholders for approval. Currently, listed companies must seek shareholder approval for any RPT exceeding ₹ 1,000 crore, or 10% of their annual consolidated turnover, whichever is lower. However, Sebi noted that this was onerous for listed entities with high turnover, as large companies were forced to classify many substantial—but not necessarily significant—transactions as material, leading to excessive paperwork. To address this, Sebi has proposed replacing the 'one-size fits all' approach with a scale-based system: For companies with up to ₹ 20,000 crore turnover: Threshold remains 10% of annual consolidated turnover. 20,000 crore turnover: Threshold remains 10% of annual consolidated turnover. ₹ 20,001–40,000 crore turnover: Threshold of ₹ 2,000 crore plus 5% of turnover above ₹ 20,000 crore. 20,001–40,000 crore turnover: Threshold of 2,000 crore plus 5% of turnover above 20,000 crore. Above ₹ 40,000 crore turnover: Threshold of ₹ 3,000 crore plus 2.5% of turnover above ₹ 40,000 crore, subject to a maximum of ₹ 5,000 crore. 'The approach of scale-based threshold would ensure that materiality threshold increases with the increase in the turnover of the company leading to an appropriate number of related party transactions being categorized as material thereby reducing the compliance burden of listed entities.' Sebi said. Testing the new thresholds with recent data, Sebi found the number of material RPTs requiring shareholders' approval has reduced by around 60%. Sebi also addressed transactions by subsidiaries, proposing that deals above ₹ 1 crore require audit committee approval if they exceed either 10% of the subsidiary's turnover or the new scale-based threshold for the parent, 'whichever is lower.' For subsidiaries without full-year financials, the comparison would be to 10% of net worth or the parent's threshold. Noting that the ₹ 1 crore exemption from full disclosure requirements is a "minuscule amount for listed entities having high turnover," Sebi proposed that smaller RPTs (up to 1% of turnover or ₹ 10 crore, whichever is lower) need only provide minimal information to the Audit Committee or shareholders. The consultation paper seeks to formalize that omnibus RPTs approved in an AGM shall be valid up to the date of the next AGM for a period not exceeding 15 months. For other shareholder meetings, the approval remains valid for one year. It proposed that exemptions on retail purchases will apply only to directors or key managerial personnel of a listed entity or its subsidiary (or their relatives). It also clarified that exemptions for transactions between holding companies and subsidiaries are intended for listed holding companies only. Sebi has sought public comments on these proposals by August 25, 2025. Legal experts said the challenge will be to balance efficiency with sufficient rigour, ensuring that the compliance reset does not dilute minority rights or open new avenues for opacity in related party dealings. Ashima Obhan, senior partner at Obhan & Associates, welcomed the nuanced shift, noting that Sebi's move towards scale-based thresholds for material RPTs reflected a nuanced recognition of the varied compliance capacities of listed entities. "While easing procedural burdens for larger corporations may enhance operational agility, it is crucial that such relaxation does not dilute the protection framework for minority shareholders.' Obhan said scaled thresholds require careful calibration to ensure truly significant deals face scrutiny, and that reduced disclosures for small-value transactions should be coupled with safeguards like periodic aggregative disclosures or triggers, to maintain transparency without overburdening companies. Echoing the sentiment, Hardeep Sachdeva, senior partner at AZB & Partners, said that for large listed entities, the higher thresholds could reduce procedural friction. "But it is imperative that shareholder protection, particularly for minority investors, remains uncompromised." Sachdeva underscored the need to avoid fragmentation of RPTs into small tranches that slip through oversight. "While fewer transactions may cross materiality thresholds, the responsibility to ensure fairness and arm's length dealing will only grow, demanding greater diligence and internal coordination.' With potentially fewer transactions being escalated by default, audit committees will need robust internal mechanisms to proactively assess the commercial rationale and fairness of intra-group dealings, she said, adding that enhanced reliance on internal controls, independent evaluations, and data analytics may become essential to fulfill their fiduciary mandate. The reforms, if adopted, could mark a significant shift in the compliance of related party transaction norms, promising greater flexibility for India's most prominent corporates. But the onus will remain on the companies' boards and committees to maintain rigorous oversight.
