Please see the foot of the Feedback page for important copyright information. In this role, the mayor promotes the town of Warrington to attract more investment and visitors to the area.
We have entered into an age of widespread investor skepticism over nearly all aspects of corporate governance. Scandals are sapping investor confidence. With the financial shenanigans at Enron, WorldCom, Global Crossing, Tyco, Adelphia, Lucent, Xerox, Qwest, Ahold NV, Peregrine and other public companies permeating the news, many are seeking ways to improve corporate governance and, in particular, Director accountability to Shareholders.
Solutions involving better disclosure and stiffer penalties miss the big picture. Tweaking rules and business plan muster pdf editor at the margins will only minimally improve the quality of corporate governance.
The powers-that-be will vigorously seek to maintain the status quo. Almost everyone who has previously enjoyed an advantage and is suddenly forced onto a level playing field will feel cheated, treated unfairly, singled out for undeserved punishment.
Shareholders put their faith in and entrust their money to directors to manage the company and counter a chief executive if need be. But when things get tough, boards become captive of executives or bankers or they simply leave.
The recent case of Dynegy illustrates this. Rather than stay to fix the mess the directors created, the entire Dynegy board resigned when shareholders rejected its efforts to sell the company. The reasons are interrelated. They do not own substantial stock in their companies and face no risk if things go wrong.
Even if directors are given incentives to take strong action, the corporate board is not set up for this type of decision-making. Directors work part time to manage the company.
Boards thus naturally tend to rely on the top executives and advisers. Board collegiality and friendships among directors and with the chief executive often also mean that no director takes a disruptive stance. All these factors work to prevent directors from taking charge of a company or forging their own vision, a sobering thought for those who advocate greater board power.
I think we have too much in boardrooms today a feeling that you have kind of a divine right to continue on the Board without anybody challenging that assumption. They think they deserve their steep payouts even when their performance has been far from stellar.
Yet, because CEOs have influence over who gets on the board -- the only board slate offered to shareholders is the one proposed by management -- directors are careful not to offend them.
Call it the fear factor: If directors knew they stood a good chance of losing their board seats -- and the prestige and valuable business connections these provide -- unless they aligned themselves with shareholders, they might stop forking over so much and narrow the gap between what CEOs and their managers and employees get.
To get there requires changing corporate laws and practices.
As a first step … shareholders gain the power to place director candidates on corporate ballots and to initiate and adopt changes in corporate charters.
Under current rules, shareholders can only pass nonbinding resolutions and must wage costly proxy fights to nominate a dissident director slate. Moreover, strong oversight by shareholders should reduce the need for regulatory oversight. At a minimum, the breakdown of board accountability has resulted in stock losses for investors.
At worst, it has contributed to corporate wrongdoing.The Committee of Concerned Shareholders ("Committee"), formerly known as the Committee of Concerned Luby's Shareholders, consisting of individual shareholders who met on a Yahoo!
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Web Site Archives and historical articles for The Galt Ocean Mile Beach Community Neighborhood Associations in Fort Lauderdale, Florida.
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