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World's first corporate governance guidelines
SYDNEY, Australia (August 23, 2003) - Following the recent spate of high profile corporate collapses across the world, an Australian company, SAI, has developed the world's first consensus based guidelines for organisations seeking to improve their corporate governance practices.
From tackling fraud and corruption to implementing systems designed to help blow the whistle on corporate crooks, the new guidelines offer organisations a comprehensive governance tool kit.
"The landmark guidelines have been devised to provide a blueprint for the development and implementation of a generic system of governance suitable for a wide range of entities across the world,” said a spokesperson for SAI. "Unlike other governance documents these guidelines are non-prescriptive and have been designed as an easy to understand framework for small, large, public, private and not-for-profit organisations. They also pull together a number of the key elements in the corporate governance including the OECD Principles of Corporate Governance." The guidelines in the corporate governance series include: -- AS 8000 Good Governance Principles -- AS 8001 Fraud and corruption control -- AS 8002 Organizational codes of conduct -- AS 8003 Corporate and social responsibility -- AS 8004 Whistleblower protection programs for entities "The guidelines will assist Board members, CEOs and senior managers in the development of a robust governance system and will provide a mechanism for organisations to establish and maintain an ethical culture and provide shareholder or stakeholders with benchmarks against which they can measure an organisations performance." Solutia to sell resins, additives, adhesive businesses to UCB ST. LOUIS, Missouri (December 3, 2002) -- Solutia Inc. (NYSE: SOI) today announced that it has signed a definitive agreement to sell its resins, additives and adhesives businesses to UCB S.A. for U.S. $500 million cash. In addition, UCB has made an upfront payment of $10 million for a short period of exclusivity. The sale is expected to close in early 2003, subject to completion of normal regulatory approvals and other customary closing conditions. Mitsubishi Chemical Group to launch plastics solution siteTOKYO, Japan (October 29, 2002) - Mitsubishi Chemical and 10 Mitsubishi Chemical Group companies are to launch a plastics solution site on the Internet from November 1, 2002. Following its launch, the Web site can be found at www.plastics-net.com. Elemica and Optimum Logistics form strategic allianceSTAMFORD, Connecticut (October 30, 2002) - Elemica, an e-hub serving the chemicals industry, and Optimum Logistics, a provider of supply chain execution, event management, and trade documentation to global shippers, have formed an agreement to provide Optimum Logistics solutions via the Elemica Network. Atrion launches ChemAware, online chemical legislation databaseMONTREAL, Canada (June 25, 2003) - Atrion International has launched ChemAware, a free online database of global chemical legislation for nearly 200 countries. ChemAware enables professionals to quickly and easily query for specific legislation in a certain country and, if it exists, to find where that legislation is located on the Internet. Brenntag Canada offers improved online orderingTORONTO, Canada (November 29, 2002) -- Brenntag Canada has launched a new "On-Line Store," allowing its customers to place and confirm orders online. Praxair adopts new governance practicesDANBURY, Connecticut (November 27, 2002) --Praxair, Inc. (NYSE:PX) on Tuesday announced significant changes in its practices for corporate governance and the board of directors, designed to enhance the board's effectiveness in fulfilling its responsibilities and to serve the interests of all Praxair stakeholders. Aberdeen: Collaborative planning holds promise with the right dataA wise electrical engineer, in explaining why his company's energy savings program had achieved negative results, once said: "If you can't measure it, you can't manage it." According to a new report from Aberdeen Group, that observation is as true for collaborative planning as it is for electricity. Online procurement: process change trumps new toolsA new Forrester study on Internet procurement trends shows just how prevalent online buying has become while documenting the growing disparity between large and small firms. H.B. Fuller taps ChemConnect to extend online sales, sourcingHOUSTON, Texas (November 25, 2002) -- Specialty chemical maker H.B. Fuller has committed to use ChemConnect to expand its online strategic sourcing and sales initiatives. Gartner: IT leaders must continue to invest in their peopleBRIDGEWATER, New Jersey (November 25, 2002) -- Today's short-term focus on cutting IT costs by reducing head count and cutting back on employee development will leave many companies unable to meet the demands of new business as the economy rebounds, according to a new report by people3, a Gartner company. Nexant honored for ChemSystems Online consulting platformLONDON (November 22, 2002) -- Nexant, which provides technology solutions and consulting services to energy and petrochemical firms, has received the British International Expertise Award for 2002 for its work in developing ChemSystems Online, a Web-based consultancy platform (www.chemsystemsonline.com). BP Chemicals UK plant uses Honeywell system to minimize downtimeBRUSSELS, Belgium (November 25, 2002) -- BP Chemicals' Hull, UK plant is using Honeywell's @sset.MAX Equipment Health management (EHM) system to improve the maintenance and availability of equipment. Monsanto Company Declares Quarterly DividendST. LOUIS, Sept. 19-- Monsanto Company today announced that its Board of Directors has declared a quarterly dividend on its common stock of 12 cents per share. The dividend is payable on Nov. 1, 2002, to shareowners of record on Oct. 10, 2002. ChemConnect introduces next generation marketplaceHOUSTON, Texas (September 23, 2002) – ChemConnect, an e-marketplace for the chemicals and plastics industry, has introduced a next-generation electronic marketplace with a series of enhancements designed to deliver greater benefits through faster trades and access to broader audiences for buyers and sellers of products such as natural gas liquids (NGLs), aromatics, oxygenates, olefins and related products. Lubrizol Acquires Brose Foam Control BusinessCLEVELAND, Oct. 31 -- The Lubrizol Corporation announced that it has completed the acquisition of Intermountain Specialties, Inc. (d.b.a. Brose Chemical Company). Brose's foam control chemicals are sold to food processing and fermentation customers in North America. Annual sales are approximately $4 million. DuPont Reports Fourth Quarter DividendWILMINGTON, Del., Oct. 30 -- DuPont today declared a fourth quarter common stock dividend of 35 cents per share, payable Dec. 14 to stockholders of record Nov. 15. This dividend is the same as that paid in the third quarter 2002. This is the 393rd consecutive quarterly dividend since the company's first dividend in the fourth quarter of 1904. Agrium: Third Quarter Results Meet Expectations While Industry Outlook ImprovesCALGARY, Alberta--Oct. 29, 2002-- Agrium Inc. announced today that its third quarter net earnings were $1-million (a loss of $0.01 per common share), a significant improvement over the net loss of $17-million (a loss of $0.17 per common share) for the third quarter of 2001. This is consistent with First Call consensus estimates of a loss of $0.01 per share. Vos Logistics taps TranswideTHE NETHERLANDS (October 29, 2002) - Vos Logistics, an asset-based logistics provider, is to gain one-to-many electronic communication following its link to Transwide, a logistics hub based in Europe. FMC Corporation Announces Refinancing PlanPHILADELPHIA, Sept. 19 -- FMC Corporation announced today that it is commencing a refinancing that is expected to include: a new $550 million senior secured credit agreement, consisting of a three-year revolving credit facility and a five-year term loan; a $300 million offering of senior secured notes due in 2009; and a $40 million supplemental letter of credit facility. OM Group, Inc. Revises Third Quarter EstimatesCLEVELAND, Sept. 19 -- OM Group, Inc. today announced that, based on preliminary estimates, it expects earnings per diluted share for the 2002 third quarter will be below its prior earnings guidance of $.89 to $.94 per share.
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