We often meet with clients about planning topics. Whether it’s business planning, estate planning, personal/financial planning – our goal is to help our clients be ready for what may come in life. I heard a story on NPR while driving home this past week. Kenneth Feinberg, who has administered victim funds for several of the significant crises our country has faced in recent years, was motivated to plan based on his experiences. He witnessed first hand how many of the victims of those tragedies hadn’t taken the time to plan.
Whatever your stage of life, take the time to plan. Meet with your attorney, insurance agent, financial planner, accountant – professionals who will help you limit uncertainty and manage the risks we all face every day.
To read the NPR story, click here: http://www.marketplace.org/topics/your-money/my-biggest-financial-lesson/kenneth-feinberg-placing-value-life#.VRgDxLOpfCY
Congratulations to our client, Molded Fiber Glass Companies, on being named a Supplier of the Year by General Motors. According to Steve Kiefer, GM Vice President, Global Purchasing and Supply Chain, “These companies are the best-of-the-best suppliers, and deserving of special recognition for their outstanding contributions. We need them to continue to bring us their most innovative technologies, highest quality services and work, and we will continue to win together for the benefit of our customers.”
MFG has been supplying parts to General Motors for its Corvette for many years, and was instrumental in developing new material technologies for the newest generation Corvette, the C7. We are proud to work with the teammates at MFG as they continue to deliver the latest in reinforced plastic technology to all their customers.
For more information, see http://www.automotiveworld.com/news-releases/gm-announces-2014-supplier-year-winners/
Congratulations to our client, Molded Fiber Glass Companies, on the hiring of Chuck Dana as Executive Vice President. We look forward to working with Chuck as MFG continues its success in developing new composite products and technologies.
Congratulations to our friends and clients, Ric Selip and Joe Misinec, of Grand River Rubber & Plastics, on being named Co-Executives of the Year by Rubber & Plastics News! For more on the story, go to fb.me/1vbgziE1s, or visit www.rubbernews.com.
We are pleased to congratulate our client and friend, Richard S. Morrison, CEO of Molded Fiber Glass Companies, on his induction into the Northeast Ohio Business Hall of Fame, sponsored by Inside Business Magazine. Each year since 1996, a blue ribbon committee made up of business and civic leaders in Northeast Ohio selects a small class to induct into the Business Hall of Fame. These honorees have been the men and women who have helped to create Northeast Ohio’s industries and shaped the area’s economic landscape. Richard, along with the other inductees for 2014, will be honored at a ceremony at the Intercontinental Hotel in Cleveland on Thursday, November 6, 2014. For more information, go to http://ibmag.com/businesshalloffame/businesshalloffameabout.aspx.
Deadline for Employers to Distribute Obamacare Notices is October 1
All employers covered by the Fair Labor Standards Act (FLSA) are required to notify their employees about coverage options through the Obamacare insurance exchanges by October 1, 2013. Section 1512 of the Affordable Care Act (commonly known as Obamacare) created a new Fair Labor Standards Act section – 18B – requiring a notice to employees of coverage options available through the new insurance exchanges, or “marketplace.” This notice requirement applies to all employers with at least $500,000 in annual revenue—not just large employers who are required to offer their employees health insurance under Obamacare.
Information about the notification requirement is available on the U.S. Department of Labor’s website by following the links posted below. The sites also include model notices that can be used both by employers who are required to offer insurance and by those who are not required to offer insurance.
Please contact one of the employment lawyers at Warren and Young for further guidance in preparing and distributing these notices and for general guidance in navigating the many new requirements Obamacare places on employers.
To those of us who live and work in the heartland of our country, what happens (or doesn’t happen) in our nation’s capital seems pretty far removed from our daily life. What the politicians, lobbyists and others do is sometimes confounding, but often amusing. And as one might expect, it appears Washingtonians have even developed their own vocabulary, or code, to describe the people, processes, behaviors and events that occur “inside the Beltway.”
This piece from the New York Times is a wonderful reference for anyone who is in a position of needing to understand the code, or who just wants a chuckle. http://nyti.ms/15MyCF9
Earlier this week I posted an article from Corporate Counsel describing some survey results concerning whether the general counsel of a company would be a good candidate for being on the board of directors – of their own company, or of another company. As I indicated, I think having an experienced corporate lawyer on the board of a company can be a good thing, but I have concerns about an in-house general counsel serving on the board of his own company, or an outside attorney serving on the board of his client.
The attached article, also from Corporate Counsel, summarizes my concerns and my position clearly: http://www.corpcounsel.com//corporatecounsel/PubArticleCC.jsp?id=1202618869420
In it, Ben Heineman, Jr., formerly with General Electric, argues that having an in-house general counsel on the board of his company creates “insoluble conflicts of interest,” but also states that it is important for the general counsel to be highly engaged with the board of directors as a resource and colleague. I couldn’t agree more. In my experience, having a mutually trusting, credible relationship with the members of the board is critical for any lawyer advising or making recommendations to a client on the many issues facing companies today.
My conclusion – experienced corporate lawyers are good candidates for membership on a board of directors, just not on the board of their employer/client.
I’ve been practicing for over 32 years now, and I’ve served as outside general counsel to several companies. On those with active boards of directors, I often heard the question – should the general counsel serve on the board? If not, should the board elect an attorney as a member?
See the attached article from Corporate Counsel. http://t.co/tK8ZdxSqvC It deals squarely with this issue. Based on recent survey results of general counsel, the consensus appears to be that the general counsel or another attorney would be valuable board members, although there are always caveats about a GC serving on their own company board. I tend to agree. Lawyers bring a different perspective to the deliberations of the board.
The other result of the survey – and a disturbing one – is that the number one concern of most general counsel is regulation and compliance, not creating value for the company. Sad that shareholder value takes a back seat to handling the regulatory environment in today’s world.