execs Tinto

Rio Tinto execs lose bonuses but keep jobs after destruction of ancient aboriginal caves – CNN

London (CNN Business)Rio Tinto will cut the bonuses of three senior executives by a combined £3.8 million ($5 million) after the company blew up a 46,000-year old sacred indigenous site in Australia to expand an iron ore mine.

In a report published Monday into the destruction of the Juukan Gorge caves in Western Australia in May, the company said that it failed to meet some of its own standards “in relation to the responsible management and protection of cultural heritage.”
But Rio Tinto stopped short of firing any executives, drawing criticism from investor groups who accused the company of failing to take full responsibility for the demolition of the caves, which had significant archeological value and deep cultural meaning for aboriginal people.
The site featured two cave systems that contained artifacts indicating tens of thousands of years of continuous human occupation. In a report given to Rio Tinto (RIO) before the planned expansion of its Brockman 4 mine, a leading Australian archeologist said the archaeological significance of the shelters “cannot be overstated.”
Demolition went ahead on May 24 despite a seven-year battle by the local custodians of the land, the Puutu Kunti Kurrama and Pinikura people, to protect the site. Rio Tinto apologized in June.
“It is clear that no single individual or error was responsible for the destruction of the Juukan rockshelters, but there were numerous missed opportunities over almost a decade and the company failed to uphold one of Rio Tinto’s core values — respect for local communities and for their heritage,” Chairman Simon Thompson said in a statement on Monday.
“We will implement important new measures and governance to ensure we do not repeat what happened,” he added.
Rio Tinto said it will withhold performance bonuses from CEO Jean-Sébastien Jacques, the head of its iron ore business Chris Salisbury, and group executive for corporate relations, Simon Niven.
In addition to having his £1.7 million ($2.2 million) bonus withdrawn this year, Jacques will have awards due to vest in 2021 reduced by £1 million ($1.3 million). The CEO earned £5.8 million ($7.6 million) in 2019 including salary, benefits, a bonus and stock awards, according to Rio Tinto’s latest annual report.
Investor groups in Australia said the company’s actions do not go far enough.
“The report from the Rio Tinto board review does not deliver any meaningful accountability for the destruction of some of the most significant cultural sites in Australia,” Louise Davidson, the CEO of the Australian Council of Superannuation Investors, said in a statement. The body represents institutional investors.
Not only did the destruction of the caves result in a “devastating cultural loss,” but it is of significant concern to investors because it puts at risk Rio Tinto’s “social licence to operate,” Davidson added.
“This is a devastating outcome for the Puutu Kunti Kurrama and Pinikura people, and a massive loss to the heritage of all Australians,” said Simon O’Connor, the CEO of the Responsible Investment Association Australasia. “The information revealed to date has exposed large failings in the internal processes to deliver upon the company’s own commitments to protecting indigenous heritage,” he added.
According to Rio Tinto, “material new information” that came to light after legal approvals for the mine were obtained in 2013 should have led it to reconsider its expansion plans.
For example, in a 2014 report, Australian archaeologist Michael Slack identified the shelters as “one of the most archaeologically significant sites in Australia.”
These findings were amplified in a final report provided to Rio Tinto four years later, in which Slack said the site “has the amazing potential to radically change our understanding of the earliest human behaviour in Australia… The significance of this cannot be overstated.”
The Puutu Kunti Kurrama and Pinikura Aboriginal Corporation did not immediately respond to a request for comment.

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execs Ubisoft

Ubisoft Execs Resign Following Sexual Harrasment Allegations – Push Square

Hascoet, Cornet, and Mallat gone

Ubisoft Logo

Update: The publisher has now issued a statement ahead of Ubisoft Forward this evening:

Original story: Members of Ubisoft’s executive team have resigned from the company after multiple allegations of sexual harassment were made against them. The chief creative officer, named Serge Hascoet, human resources director Cecile Cornet, and Yannis Mallat have all left the French publisher. The latter was the managing director of Ubisoft’s Canadian branch, who said: “The recent allegations that have come to light in Canada against multiple employees make it impossible for [Mallat] to continue in this position.”

Bloomberg’s Jason Schreier expanded on what this means for the company after more than 100 cases of sexual harassment were made to Ubisoft’s HR division. “Serge Hascoet was the man in charge of ALL of their games. With one word he could greenlight or cancel a project. Many Ubisoft employees believed he was too powerful and close to the CEO to ever be ousted, no matter how many allegations emerged”, he said on Twitter. Yves Guillemot has said that the editorial team will receive a complete overhaul in an effort to create an inclusive and open culture.

Ubisoft plans to host its Forward digital event in just a matter of hours. However, due to its pre-taped nature, it is unlikely that the publisher will comment on the current situation.

[source, via]

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execs Modern

Modern execs sell stock amid coronavirus vaccine news – New York Daily News

New York Daily News

May 22, 2020 11:57 PM

This is the Moderna, Inc., building in Cambridge, Mass. (AP Photo/Bill Sikes)

This is the Moderna, Inc., building in Cambridge, Mass. (AP Photo/Bill Sikes)(Bill Sikes/AP)

Top Moderna executives dumped almost $30 million in shares early this week as the company’s stock value climbed after positive results from its coronavirus vaccine trials, CNN reported.

The sales raised eyebrows, but the Massachusetts drug company said the transactions were executed in accordance with plans outlined in advance, according to CNN.

Moderna stock ended the week closer to where it started. Giddy investors flocked to the Massachusetts drug company after it said that participants in a study of its COVID-19 vaccine were developing antibodies.

Charles Whitehead, a professor at Cornell Law School whose focus includes business transactions, told CNN, “On its face, there is nothing wrong with these trades.”

Moderna CEO Stéphane Bancel also netted $1.2 million on Wednesday selling shares, according to CBS News.

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execs owners

NBA owners, execs hopeful for return after call with Adam Silver, sources say – ESPN

9:57 PM ET

  • Adrian WojnarowskiSenior NBA Insider


    • Host of The Woj Pod
    • Joined ESPN in 2017

Participants on a board of governors call on Tuesday with NBA commissioner Adam Silver left the virtual meeting feeling increasingly positive about the league’s momentum toward a resumption of play this season, sources told ESPN.

Owners and executives on the call were encouraged about the league’s progress toward minimizing health risk upon a return and the league office’s positive conversations with the National Basketball Players Association about the players’ desire to eventually restart the season, sources said.

Discussions centered on health and safety concerns, including the goal of getting team officials and players comfortable with the idea that a positive test for the coronavirus upon a return would not shutter play.

Silver told those on the call that if a positive test would “shut us down, we probably shouldn’t go down this path.”

The question remains: How many positive tests would be too many? That is among the questions that the NBA, NBPA and medical experts have to come to terms with in the coming weeks before the league and union can greenlight a resumption of play.

Once the NBA formalizes a return to play, the league indicated to teams that the plan would be to standardize coronavirus testing among the 30 teams, sources said. For now, the NBA is allowing teams to use a variety of tests.

As for the format in a return to play, there still is no decision on the kind of form that would take with the 30 NBA teams, sources said. The league hasn’t worked through the details on whether all 30 teams would return or whether regular-season games would be played or if perhaps there would be a play-in tournament to give more teams a chance to make the 16-team playoff field, sources said.

When asked about the bubble-isolation plan on the call, Silver described it as a “campus environment,” sources said. He has talked about one or two locations for players, and the focus continues to be on Orlando’s Walt Disney World Resort and Las Vegas, sources said.

The NBA shared with owners several factors that it plans to study over the next two to four weeks before deciding on restarting the league.

Among them, sources said: Understanding the trajectory of new cases in those states starting to reopen, understanding who is getting severely ill and why, and developments in testing types. The NBA also is studying how other leagues are handling positive tests among participants, sources said.

On the call, the league office wasn’t optimistic about rapid-response testing becoming widely available within the next month, sources said.

There was growing confidence among owners on the call about how players were responding to the return to practice facilities. The league believes it will have 22 of its 30 facilities open by Monday, sources said.

The league office described to owners how leagues in the United States — and across the world — are handling a return to play, especially detailing overseas leagues, from the Premier League to La Liga to the Chinese Basketball Association, sources said.

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