Charles Elson
Charles Elson
case thank
This is the quintessential case of shareholder activism, and we can thank the Gilberts for it.
board course decide percent whether
The board has to decide whether to sell. Thirty-five percent is a pretty big number. They have to decide if that's the right course or they may have a shareholder revolt.
managerial raymond received returns taking
It's entrepreneurial returns for managerial conduct. Exxon was there long before Mr. Raymond was there and will be there long after he leaves. Yet he received Rockefeller returns without taking the Rockefeller risk.
calls
This indicates some receptiveness to calls for better governance.
executives incentive large seem standing valid
The whole idea of parachutes was to keep executives from standing in the way of valid transactions. What they seem to have become, because of their large size, is an incentive to do transactions.
appeared complete concern definition few gotten incorrect might
A few years ago, something that appeared incorrect might not be changed. Today, with heightened concern over complete accuracy, the definition of materiality has gotten a lot broader.
key
The key is not just to have the role, but what you do with it once you have it.