Charles Elson
Charles Elson
board matter meeting next slice thick time
He has a potentially conflicting fiduciary duty. There may be a way around it, but no matter how thick you slice it, it's still baloney. The next Time Warner board meeting will be interesting.
board seeing
We're seeing board salaries going up all over the place.
anyone asking failure led pick system
When you see something like this, it begs asking what failure in their system led to this. Why didn't anyone pick it up?
almost expressing third voted
Those are big numbers. Almost a third of the shareholders who voted are expressing discontent.
happen information legally liability stock trading
Trading on stock on nonpublic information is legally problematic for the SEC, absolutely. But to get to liability is a pretty long road. It doesn't happen very easily.
company confidence directors fact good might pay
The fact that directors might go without pay is meaningful. It shows, on the part of the directors, confidence that the company has a good future.
attached boards certainly director directors faded focus greater weight
Because of a greater focus on governance, the resignation of a director certainly has a greater weight attached to it. Boards have greater power. In the past, directors just faded into the sunset.
chord economic good heard interest kinds leads lessens proposal reason separate strike time voting
Any time you separate economic interest from voting interests, it leads to all kinds of problems. It lessens the accountability. I haven't heard of any good reason for dual-class stock. I think the proposal will strike a chord with a lot of people.
disregard issue radar risk run screen
The issue is on everyone's radar screen now. If you disregard the shareholder vote, you run the risk of a proxy battle.
agreements companies excellent
It's an excellent proposal. A lot of companies have such agreements informally, particularly for directors.
board escape failure internal large question
The big question is: Was this a failure of internal controls, or a failure of the board itself? How did something this large escape their notice?
based directors meet novel unique
It's a novel idea. Where it's unique is that if directors don't meet internally based targets, they get nothing.
fun took
It's going to be fun to watch. But the real story took place long ago.
activism designed good increase term value view
It's a good thing. I view shareholder activism that's designed to increase shareholder value long term as positive.