– Anthropic has appointed former US Federal Reserve chair Ben Bernanke to its long-term benefit trust, an independent oversight body responsible for ensuring the company remains committed to its public mission. As reported by Reuters (paywall), the company announced the appointment on Thursday, adding that the trust helps balance Anthropic's commercial goals with its commitment to developing AI responsibly.
Bernanke, who led the Fed from 2006 to 2014 and won the 2022 Nobel Prize in economic sciences, said: 'The potential of AI is enormous, and so is the range of outcomes. How that potential plays out will depend, in part, on the institutions we build around it.'
Bernanke joins Neil Buddy Shah, Richard Fontaine and Mariano-Florentino Cuellar on the trust.
– The SEC has removed a legal hurdle to UBS Group's crisis-resolution plans by confirming it will not object to certain securities transactions ordered by Switzerland's financial regulator during a bank resolution.
According to Reuters, the decision allows UBS to convert certain debt securities into equity without registering the offering with the SEC, provided the action is required by the Swiss regulator.
The decision supports the bank's 'bail-in' framework, which is designed to recapitalize a failing lender by shifting losses to investors instead of relying on taxpayer-funded bailouts. The SEC said the transactions would qualify for an exemption from Securities Act registration requirements, removing a potential obstacle to UBS's emergency planning.
– Former BP chairman Albert Manifold was planning to reduce the company's board further before his surprise dismissal in May, according to a report by The Times (paywall). Manifold had already cut the board from 13 directors to 10 and was considering reducing it to eight as part of a governance review aimed at streamlining decision making and introducing term limits for non-executive directors.
BP was removed Manifold less than eight months after he became chairman, citing 'serious concerns related to governance, oversight and conduct'. Manifold has denied allegations about his conduct and is reportedly considering legal action against the company.
BP has said the proposed board changes were unrelated to Manifold's departure.
– Hugo Boss has urged shareholders to reject an unsolicited €2.7 bn takeover offer from Frasers Group, saying the proposal significantly undervalues the German fashion company, reports The Financial Times (paywall). Specifically, the company said the offer fails to reflect the strength of its brand, strategic progress and future growth potential.
Frasers, which is controlled by British businessman Mike Ashley, has built a substantial stake in Hugo Boss over several years, making it the company's largest shareholder.
Hugo Boss's board has unanimously recommended that shareholders reject the offer, arguing it does not represent fair value. The company said it remains focused on executing its strategy to drive profitable growth and deliver long-term shareholder returns.
– Meta has asked a US judge to reject a proposed $1.4 trn penalty sought by four states in a lawsuit accusing the company of designing Facebook and Instagram to addict young users, arguing the damages claim is 'untethered' to the alleged misconduct. According to Bloomberg Law (paywall), the company said the proposed penalties by California, Colorado, Kentucky and New Jersey have 'no basis in fact or law' and are unprecedented in consumer protection enforcement.
The states are among more than two dozen pursuing claims against Meta over allegations that its platforms harmed teenagers' mental health and misled users about safety. The penalty calculation is based on multiplying the number of alleged violations by fines permitted under state law.
The case is due to go to trial in August before US district judge Yvonne Gonzalez Rogers. Meta has denied wrongdoing, arguing there is no recognized psychiatric condition known as 'social media addiction' and disputing the states' methodology for calculating damages.
– Vale's corporate governance drama has intensified after chairman Daniel Stieler resigned with immediate effect ahead of a shareholder vote on his proposed removal. His departure follows a campaign by shareholder Previ, which had called an extraordinary meeting to replace him.
According to The Financial Times, Stieler's resignation removes the one item from the July 22 shareholder meeting, but investors will still vote on appointing a new chair. The contest is expected to be between vice-chair Marcelo Gasparino da Silva, who has opposed political interference and Previ-backed board member Manuel Oliveira.
The dispute has revived concerns over political influence at the iron ore producer because of Previ's ties to state-owned Banco do Brasil. Previ has denied political interference, arguing its proposals are intended to strengthen governance and improve board independence.
Natalie Bannerman
Natalie is a former telecoms and infrastructure journalist, a role she held for nearly seven years. Before this, she worked in the B2C startup space, covering lifestyle, arts and culture reporting. As senior reporter for Governance Intelligence she...
