Five Things You Should Read

June 13, 2018

53% of millennials expect to become millionaires, and 7 questions every boards should ask to address sexual harassment and misconduct.

Philadelphia Had $924 Million in Accounting Errors

Accounting Today

Philadephia’s city controller released a damning report Tuesday finding that the city ranked at the bottom among the top 10 biggest cities in the U.S. in terms of its internal controls and accounting practices. Two material weaknesses and eight significant deficiencies in internal controls over financial reporting resulted in $33 million being unaccounted for in the city’s largest cash account along with $924 million in undetected material misstatements that occurred in the preparation of Philadelphia’s financial reports.

Judge Rules in Favor of AT&T

The Verge

Yesterday, the U.S. District Court for the District of Columbia cleared the way for the world’s largest telecom to buy the world’s third-largest entertainment company, kicking off a new era in how content gets distributed online. Pending appeal, AT&T will now be able to purchase Time Warner for $85 billion, bringing subsidiaries like CNN, HBO, and Warner Bros. movie studios along for the ride.

ADP CFO to Leave Company

WSJ - Paywall

Automatic Data Processing Inc.’s (ADP) finance chief, Jan Siegmund, plans to resign from his post, the payroll-processing company said Tuesday. The announcement, disclosed in a SEC filing, comes after the company completed a meeting with investors earlier in the day. Mr. Siegmund’s departure date hasn’t been determined, according to the filing.

53% of Millennials Expect to Become Millionaires

Time

According to a recent survey, about half of people between the ages of 21 and 37 expect to eventually become millionaires (or already are). Just last month, Fidelity revealed that about 157,000 people had more than $1 million in their 401(k), with most of them having saved for about three decades.

7 Questions Boards Should Ask to Address Sexual Harassment and Misconduct at Their Organizations

MIT Sloan

Whether you are a member of the board of a public, private, or nonprofit company, procedures for addressing and preventing sexual harassment must be on your board’s agenda. Directors should ask the following questions: How do our current policies measure up to best practices? Do employees trust and use our procedures for reporting harassment? When does the board get notified? What is company culture like at the mid-employee level? Does the board composition need a refresh? What’s our crisis response plan? How do we vet our board members and CEO candidates?