Funds managed by BlueMountain Capital are holders of power revenue bonds in Puerto Rico Electric Power Authority (PREPA), a public corporation
that provides electrical power to residents and businesses in the Commonwealth of Puerto Rico.
Unfortunately, compliance to Sarbanes-Oxley may be an added cost to public corporations
, with no major gain to their bottom line.
As the central pillar of his structural reform plan, Koizumi adopted the ''scrap-or-privatize'' policy to push through radical reorganization of public corporations
When companies speak about important matters, Regulation FD now demands that such information is shared globally--and consequently, the views of the independent directors are and should be important disclosure for all public corporations
The main purpose of the reform of the public corporations
is to end the construction of unprofitable highways.
The plan also said certification projects currently conducted by 86 public corporations
such as an English proficiency exam and authorization businesses by government ministries for various lecture classes and workshops will be abolished in fiscal 2005.
Vested interests aside, the public corporation
system is deeply troubled.
Hershey, for its part, is officially a public corporation
, but it has been insulated from outside pressure by the fact that the Hershey Foundation owns a sizeable chunk of the company.
Thoughtful consideration by both public corporations
and their auditors of audit committee independence, appropriate expertise and effective performance of appropriate duties and responsibilities is urgently required.
Audit Integrity is an independent research and rating service that evaluates the risks associated with the accounting and governance practices of over 9,000 public corporations
In late June, Puerto Rico passed the Public Corporation
Debt Enforcement and Recovery Act ("Recovery Act"), which is intended to provide an orderly process through which public corporations
can continue providing critical services without relying on the Commonwealth, the GDB, or other municipal entities for financial support, even in times of financial distress.
JH) will review its discount toll system for large-lot users in line with the privatization of four road-related public corporations
slated for fiscal 2005, JH President Haruho Fujii said Monday.