One of the main responsibilities of board members is to maintain financial accountability of their organization. Board members act as trustees of the organization’s assets and must exercise due diligence to oversee that the organization is well-managed and that its financial situation remains sound. Here is an outline on how board members can fulfill their role as fiduciaries.
What does fiduciary mean?
Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy, and efficient. Board members, as stewards of public trust, must always act for the good of the organization, rather than for the benefit of themselves. They need to exercise reasonable care in all decision making, without placing the organization under unnecessary risk.
IRVING, TX--(Marketwired - Aug 6, 2015) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company" or "Magnum Hunter") announced today that the Board of Directors has appointed Keith Yankowsky as Executive Vice President and Chief Operating Officer effective September 1, 2015. Mr. Yankowsky, age 50, will report directly to Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter.
Mr. Yankowsky brings more than 28 years of engineering experience, including operations, drilling and completions, within large independent oil and natural gas companies focused on both conventional and unconventional resource plays. Prior to his appointment at Magnum Hunter, Mr. Yankowsky served as Vice President of Appalachia South Business Unit at Chesapeake Energy Corporation ("Chesapeake") since 2013. During his nine year tenure at Chesapeake, he also held the title of Vice President of Engineering Technology and Special Projects and was involved in overseeing a variety of engineering and operational functions specifically related to horizontal drilling and fracture stimulation techniques within the Marcellus and Utica Shale plays. Mr. Yankowsky played a vital role in the discovery and development of many of the most prolific onshore U.S. unconventional resource plays for Chesapeake. In addition, he was responsible for the successful development and growth of certain Appalachian assets for Chesapeake and has overseen the successful disposition of some of these assets to other industry competitors. Prior to joining Chesapeake, Mr. Yankowsky served in various operational and engineering roles at Burlington Resources and Conoco Inc. Mr. Yankowsky earned a Bachelor of Science in Petroleum Engineering degree from Marietta College, Marietta Ohio.
Minimum Stock Price
Just because a stock’s price falls under $1 doesn’t mean that buying and selling stops. The stock can sell for under $1 a share for 29 consecutive trading days and still be safe from delisting. However, it must sell for $1 or more on day 30. If the stock sells for under $1 a share for 30 consecutive days, it's in violation of NYSE minimum price regulations.
Initial Price Violation Notice
The NYSE notifies the company if the stock price remains stuck under $1 a share for 30 or more consecutive days. The company has only 10 days from the day it receives the notice to tell the NYSE what it plans to do. The company has the choice of getting the stock price back up or being delisted from the exchange, and must submit a plan to the exchange explaining how it will increase the stock price. If the company opts for delisting, the NYSE can suspend the stock’s trading and start the delisting process.
The NYSE will suspend the stock’s trading if the company can’t bring the stock price back up or if it doesn't approve the company’s plan. To notify current and potential stockholders, the NYSE issues a press release announcing the upcoming suspension. After completing the suspension application, the NYSE sends it to the Securities and Exchange Commission. During this time, the stock continues trading on the exchange. However, if the stock price fell because of corporate fraud, the NYSE can immediately suspend trading indefinitely.
The NYSE sends a delisting notice to the company and issues a press release explaining why the company is being delisted. The NYSE notifies the press daily about how the delisting process is going. If the company doesn’t want to be delisted, it can appeal the delisting and request a review before the SEC. If the SEC denies the appeal or if the company opted for delisting, all trading stops and the stock is removed from the NYSE.
Don’t forget that the liar lacks empathy: As hard as it is to believe, it is true. The liar doesn’t have any consciousness of how the lying behavior may make you feel. The liar doesn’t think before he lies: “oh, I better not say that or I could hurt that person or mislead them.” The liar doesn’t care anything about your feelings and never will. A question many parents have asked their child who lies is: “Why don’t you just tell me the truth. Why is that so hard!?” As easy as it is for you to think this way, it’s not that easy for the liar. The liar lacks the ability to consider what you might feel in response to their lie (which is empathy).
PG bought Gillett at a baseball/football game can't remember which .BAC called Buffet when he was in the shower/bath to close their deal .BTW Buffett got the better deal .Gillett has been PG worst deal ever struck .Oh well .But yes a deal at leisure is still a possibility ? We will see .
If you disregard what a CEO COB with his time and money you r not performing proper Due Diligence .case in point HealthSouth Enron Tyco WorldCom etc etc etc .just saying .
Top Institutional Holders
Relational Investors, LLC 20,729,080 9.95 38,763,379 Jun 30, 2015
State Street Corporation 18,553,775 8.91 34,695,559 Jun 30, 2015
Vanguard Group, Inc. (The) 13,110,030 6.29 24,515,756 Jun 30, 2015
First Trust Advisors LP 6,379,524 3.06 11,929,709 Jun 30, 2015
BlackRock Fund Advisors 5,665,164 2.72 10,593,856 Jun 30, 2015
BlackRock Institutional Trust Company, N.A. 5,215,685 2.50 9,753,330 Jun 30, 2015
Penn Capital Management Co., Inc. 4,277,986 2.05 7,999,833 Jun 30, 2015
GRT Capital Partners, LLC 3,975,261 1.91 7,433,738 Jun 30, 2015
Citadel Advisors LLC 3,580,373 1.72 6,695,297 Jun 30, 2015
Kalmar Investments Inc. 3,324,155 1.60 6,216,169 Jun 30, 2015
Top Mutual Fund Holders
SPDR (R) Ser Tr-SPDR (R) S&P (R) Oil & Gas Explor & Prod ETF 15,395,253 7.39 28,789,123 Jun 30, 2015
Vanguard Small-Cap Index Fund 3,465,955 1.66 9,254,099 Mar 31, 2015
First Tr Exchange Traded Fd-First Tr ISE Revere Natural Gas 3,390,597 1.63 9,052,893 Mar 31, 2015
Vanguard Total Stock Market Index Fund 3,363,021 1.61 8,979,266 Mar 31, 2015
iShares Russell 2000 ETF 3,287,478 1.58 6,147,583 Jun 30, 2015
Vanguard Small-Cap Growth Index Fund 2,279,123 1.09 6,085,258 Mar 31, 2015
Vanguard Extended Market Index Fund 1,880,188 0.90 5,020,101 Mar 31, 2015
Kalmar Pooled Investment Tr-Growth-with-Value-Smallcap 1,862,805 0.89 4,973,689 Mar 31, 2015
iShares Russell 2000 Growth ETF 1,593,474 0.76 2,979,796 Jun 30, 2015
Direxion Shares ETF Tr-Direxion Daily Natural Gas Related Bu 1,285,883 0.62 2,404,601 Jun 30, 2015
All of these holder's hedge their position's .
"Materiality: If It Matters, It's Material
If a piece of information impacts the company's stock price, then it's considered material. Companies and their accountants come up with their own definitions of materiality to manage earnings. For example, a company will establish a numerical threshold (10% for instance) and decide that anything that has less than the 10% will not have a major effect on the bottom line, so it doesn't require discussion. There are some companies that will try to hide their mistakes by netting items against each other to keep below their numerical threshold; in this case 10%. Earnings management is the reason for this deception. A lot of companies continue to net immaterial items to meet or exceed target earnings. Netting takes place in the income statement located in the Other Income/Expense section. The items that are utilized to net are investments and restructuring reserves (gains/losses)."
GE as skirted this issue for years . Wells Notice !