FINWIRES · TerminalLIVE
FINWIRES

Block Shareholder Proposes Creation of Dedicated Board-Level Technology Committee

By

-- Block (ASX:XYZ) shareholder the New York State Common Retirement Fund has filed a proposal to establish a dedicated board-level technology committee, arguing that the company's current technology oversight is "woefully inadequate," according to a Friday filing with the Australian bourse.

The retirement fund said a specialized technology committee would help relieve an overwhelmed three-member audit and risk committee that, among other duties, is tasked with direct oversight of the audit and risk functions of Square Financial Services, an industrial bank owned by Block.

This "creates a substantial, recurring compliance burden entirely separate from the committee's oversight of the parent company's technology risk and enterprise cybersecurity," the shareholder said.

Block's lack of a dedicated technology committee has exposed shareholders "to recurring compliance and cybersecurity risks," the retirement fund said, adding that the board has existing capacity, as four directors currently don't serve on any committees.

The proposal will be put to a vote at an annual meeting scheduled for June 16.

Block did not immediately respond to a request for comment from.

Related Articles

Asia

SKS Technologies Group Lifts CBA Guarantee Facility to AU$48 Million; Shares Hit Record-High

SKS Technologies Group (ASX:SKS) secured approval from Commonwealth Bank of Australia (ASX:CBA) for an additional AU$20 million in bank guarantees, expanding its total guarantee facility to AU$48 million and overall banking facilities, including equipment financing, to AU$52 million, according to a Friday filing with the Australian bourse.The company's bank debt capacity increased 6.5 times within less than four years, per the filing.The expanded funding supports the company's organic growth strategy, which has driven strong expansion since fiscal 2023, with work on hand increasing more than nine times to AU$355 million and the tender pipeline reaching about AU$1.25 billion, the filing added.SKS Technologies' shares rose around 7% in recent Friday trade and earlier hit a record high. Commonwealth Bank of Australia's shares shed 1%.

$ASX:CBA$ASX:SKS
Asia

Rakon Acquirer Bourns Becomes 'Dominant Owner' With 95.6% of Voting Rights

Rakon (NZE:RAK) said Bourns has now paid for and holds about 95.6% of the company's voting rights, making it a "dominant owner" of Rakon, according to a Friday filing with the New Zealand bourse.Bourns, a US-based electronics company, launched a full takeover offer for Rakon in February.

$NZE:RAK
Asia

Jindalee Lithium to Raise AU$8.4 Million via Share Placement

Jindalee Lithium (ASX:JLL) received firm commitments to raise around AU$8.4 million through the issue of roughly 18.3 million new shares at AU$0.46 apiece, according to a Friday filing with the Australian bourse.The company also intends to seek shareholder approval to issue 130,437 shares to its directors, bringing the total placement proceeds to AU$8.5 million through the issue of 18.5 million shares, the filing said.Participants will receive an option to acquire one share for every one share issued under the placement, with an exercise price of AU$0.60 and an expiry date of June 30, 2029.Additionally, the company will undertake a non-renounceable entitlement offer to raise up to a further AU$2.5 million at the same terms as the placement.Proceeds will be used to advance the McDermitt project in Oregon and support completion of the proposed Nasdaq listing of US Elemental, per the filing.

$ASX:JLL