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November 29, 2022

Accounting News Roundup: A Finance Heavy Board; PwC’s ‘Cumbersome’ Election; Powerball and Taxes | 01.08.16

On Finance Talent, Valeant Board Enjoys an Embarrassment of Riches [CFOJ]
Valeant has "a strikingly large number of executive-level finance professionals" on their board of directors, which is to say, four of the twelve. This includes the interim CEO Howard Schiller who's filling in for Michael Pearson while he's in the hospital and "one current CFO of another company, an ex-accountant and the former head of treasury for a big telecommunications company."

That does sound like a lot and experts get all expert-y about it. “This is pretty much a uniform group of people with narrow skills. I wouldn’t call this a diverse board,” says a guy. Given Valeant's business model, it's not so surprising that they'd want a lot of numbers people around, but considering all the company's been through, a decent crisis manager could help. 

PwC gears up to replace chairman Powell [FT]
BoMo's counterpart in the UK is stepping down so the Brits are trudging through the selection of a new leader. First is the "indications process" which puts forth names for consideration. That just gets things rolling:

Partners have until February 22 to decide if they want to put themselves forward. Then the supervisory board picks a shortlist, followed by election hustings, followed by a partnership vote.

"All very cumbersome," City Insider wonderfully reports. It is an accounting firm, after all.

When It Comes To Taxes, Where Not To Win Powerball [Forbes]
The answer is, of course, nowhere. My tax advice to the general public is to win the Powerball if you can. I can't speak from personal experience, but I'm sure winning the lottery is better than not winning it. Sure, I'm sure some lives will get ruined but your average instant multimillionaire has only themselves to blame if their life sucks after winning the lottery. Now that that's settled, my advice to journalists and bloggers who write sensible tax advice for Powerball winners is to STOP. You're wasting perfectly good inches on the internet.

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