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  • Massey Energy, the US's fourth largest coal company, has promoted Eric Tolbert to CFO. The way was opened for Holbert's appointment when James Gardner resigned as chief administrative officer in October of this year. That role is to be filled by current CFO Baxter Philips, leaving the way open for Holbert to take the reigns as finance chief.
  • Corporates registered with the SEC in the US need to be aware of the sweeping changes affecting audit committees there, or risk being surprised by changing practices, according to a new study by Independent Audit Limited. The governance and compliance consultancy has warned companies, particularly in the UK, that they need to work out how to manage their risks in the new Sarbanes-Oxley environment, specifically the responsibility placed on audit committees to overview financial reporting and controls.
  • Failure to fully implement SOx requirements is costing CFOs their jobs, according to a report by ARC Morgan. The study, entitled ?Using reported weakness disclosures to benchmark internal control?, surveyed 350 companies registered with the US Securities and Exchange Commission (SEC). It found that the disclosure of deficiencies in a company's financial reporting had resulted in more than 60% of CFOs losing their jobs ? either by resigning or being pushed out.
  • The CFOs and finance directors of technology companies are struggling to find the right balance between strategist and controller in the post-boom world of mature markets, according to The McKinsey Quarterly, the online magazine published by management consultants McKinsey & Company.
  • SunGard has announced that it has extended the company's reach with one more acquisition, of Kiodex, a software company that specialises in supplying systems to companies exposed to commodities risk.
  • The UK's National Association of Pension Funds (NAPF) has proposed that future salary expectations be removed from pension scheme accounting standards. At the same time, it has advocated a move away from AA-rated corporate bonds to discount future liabilities. In a paper released entitled Accounting for Pensions, the NAPF argues that since companies do not normally have an obligation to increase future salaries, the benefit obligation should therefore no longer reflect estimated future growth in salaries.
  • The largest bond sale by a Latin American company has been completed by Petroleos Mexicanos, Mexico's state-owned oil company. ?Pemex? raised $1.75 billion through the issue of Perpetual Bonds by a Delaware Statutory Trust as issuer with a guarantee provided by Pemex.
  • The UK government has agreed to soften its requirements for corporates' mandatory operating and financial reviews (OFRs) after intense lobbying from the business community.
  • The inaugural Corporate Finance loan markets survey, to be published in the December/January issue of CF, reveals that the majority of finance officers believe the fees and margins on their loans will level off over the next year, haven fallen sharply in 2004.
  • There may be yet another impact of IFRS that financial directors are not paying enough attention to. According to PricewaterhouseCoopers' business recovery team, the impact of IFRS from next year on European corporates' banking covenants is being widely ignored.
  • Nearly nine out of every 10 CFOs say the costs of complying with Sarbanes-Oxley legislation are greater than the benefits, according to a study released this month by JD Power and Associates, a US based consultancy. The study also finds that many of those involved in the auditing process, from senior management to the audit committee, are feeling the pressure of increased requirements.
  • The nominations for CF's Deals of the Year 2004 have been submitted and the final shortlist has been forwarded to our judges: