Harvard Corporate Governance

JUNE 7, 2023

Since the SEC’s announcement of the new PvP rules in August 2022, human resources, finance and legal teams have worked diligently to address the requirements and provide a crisp and clear proxy disclosure. Separately, companies are also required to disclose their total shareholder return (TSR) and the TSR of their peer group.

Total Shareholder Return 225

Total Shareholder Return Finance Equity 225

Reynolds Holding

NOVEMBER 30, 2023

On November 21, 2023, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued eight new Compliance & Disclosure Interpretations (C&DIs), and revised two previously issued C&DIs, relating to the final pay-versus-performance (PVP) disclosure rules adopted last year. Answer: No.

Compliance 40

Compliance Total Shareholder Return Dividends Market Capitalization 40

Reynolds Holding

DECEMBER 10, 2023

As a capital allocation decision, share buybacks intersect all three of the main corporate finance activities of investing, financing, and dividends [1]. One of the deep-seated reasons for the splitting of opinion is that share buybacks transfer wealth between shareholders [2].

Dividends 45

Dividends Total Shareholder Return Corporate Finance Finance 45

Reynolds Holding

FEBRUARY 4, 2024

Application to Subsidiaries A subsidiary of a public company (including an operating company or finance subsidiary) can itself be the issuer of debt securities or a guarantor of debt securities issued by its parent company. We include a sample resolution that could be adapted for this purpose as an Annex to this client update.

Total Shareholder Return 45

Total Shareholder Return Finance Marketability 45

Reynolds Holding

AUGUST 25, 2022

These key performance metrics include total shareholder return (TSR), peer group TSR, net income, and a measure specific to the company. Companies will disclose several key performance metrics related to executive compensation.

Total Shareholder Return 45

Total Shareholder Return Corporate Finance Finance Marketability 45

Benzinga

APRIL 12, 2023

For our long-term shareholders, this transaction crystalizes a total shareholder return of approximately 700% since the 2016 merger of Triton and TAL International. "The sale price provides significant value to our investors and represents a 35% premium to yesterday's closing share price.

Total Shareholder Return 40

Total Shareholder Return Capital Structure Enterprise Value Dividends 40

Value Scope

JULY 21, 2020

The second inflection point was triggered by the “Fundamental Reshaping of Finance” open letter to CEOs on January 14, 2020, by Blackrock Chairman and Chief Executive Officer Larry Fink. “In What about stock price? These are fair questions. Do ESG programs impact firm value? If they do, how exactly can the valuation impact be measured?

Intangible Assets 130

Intangible Assets Beta Alpha Unlevered Beta 130