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Boards are much less beholden to their CEOs, and much more susceptible to outside pressure, than ever before. However, since Directors control the proxy machinery and, thus, are not nominated or truly elected by Shareholders, they remain effectively unaccountable. There are over 14, corporations with publicly traded securities. Events at a few does not a sea change make. In order to mask details of the secretive process, news releases may vaguely state that the persons were "appoint ed," "joined," "brought on," "called," "chosen," "hired," "interviewed," "recommended" or "recruited.

Even if Shareholders know the details and do not approve of the process by which board members are selected, for all practical purposes, there is currently nothing Shareholders can do to change it. Those Directors are very much more beholden to the person who brought them to the dance than to Shareholders!

Typically, one director alone along with the C. The nominating committee merely vetted. That, as they say, is life. That's Life " What action, if any, did Mr. Johnson take when he observed that corporate nominating committees were being bypassed? Teslik [former Executive Director, Council of Institutional Investors] cites how difficult it is for shareholders to elect a director other than those handpicked by management even though the directors, in theory, represent the shareholders.

Directors know the score. Yet, while dependent on Management and their fellow Directors for their longevity, Directors still have a fiduciary duty to ALL Shareholders to monitor Management's actions. We were role-playing a board meeting Apparently he liked my answer. He asked me onto the Tyco board. He used "hard-nosed salesmanship" to dispose of the former Directors.

One can only wonder what that euphemism really means. But the process required hard-nosed salesmanship. In effect, the entire BOD abandoned the ship. Tyco's stock price has subsequently increased, but does the end justify the means with every member of the new BOD beholden to Breen?

Clarke, chief operating officer of Computer Associates International Inc. Lenzmeier, a Best Buy Co. Scrushy invited him to join its board because they casually knew each other from serving Several months before Mr. Rodek … has hired one new director and is looking for another. Webster … had until recently headed the auditing committee of a company that was facing fraud accusations…. At the center of the investigation and the suits … is … the company's chairman and chief executive, who recruited Mr.

Webster and other prominent Washington figures to serve on its board The board members included George Mitchell , the former Senate majority leader, and Beth Dozoretz , the former finance chairwoman of the Democratic National Committee. When a friend or longtime associate asks you to serve on a board , it's sometimes difficult to ask probing questions. How Directors Can Shield Themselves" Note that it was "asks you to serve" as opposed to "asks you to apply.

The idea that an election by Shareholders is only a mere formality is very ingrained into the mindset of the corporate and news media. Mack began his effort to recruit and promote new talent at Morgan Stanley , he did not have to stray too far a field — or off the fairway, for that matter.

Two of the first directors named to the firm's board last summer are members of Mr. Mack's own club, the Golf Club of Purchase in Westchester County … [W]ith chief executives under increasing pressure to have independent boards, that old temptation to have a few golf pals on the board and in the executive suite might be less acute.

Yet the practice appears to be alive and well, if not as visible. Mack has recruited other directors, as well as executives, who are diverse in makeup and background, and share no recreational ties with the chairman. Ethical handicaps seem to extend beyond the fairways. The Boardroom has become the new 19 th hole for good cheer and fellowship. The word to Shareholders is: Miles … is one of a number of Purcell allies who have left or are expected to leave the board following Mr.

John Mack, who succeeded Mr. Purcell on June 30, brought in three new directors last month. Miles helped cement Mr. Purcell's hold on the CEO job…. Miles is the third Purcell ally to leave the board since the resignation. It might have been instructive had the meaning and background facts of "brought in" and "stepped down" been explored in detail. Miles, a Morgan Stanley director with close ties to the former chief executive, Philip J.

Purcell, has resigned from the board, the bank said yesterday. The move, which was expected, is the latest signal that the new chief executive, John J. Mack, intends to reorganize a board that during the battle over Mr. Purcell's leadership became a lightning rod for criticism and remains the target of several shareholder lawsuits.

Miles was an architect of a board that included several former chief executives, many of whom lived in the Chicago suburbs, who defended Mr. Purcell in the years after the Dean Witter Morgan Stanley merger. And, if they are not compliant, the Directors could expect that the BOD would be "reorganized" again. Purcell; and John Madigan, former chief executive of Tribune Co.

Mack, a North Carolina native, has recast the board, bringing in four outside directors, two of whom have North Carolina ties as well. Roy Bostock, an advertising executive, like Mr. Mack graduated from Duke University and has served as a trustee. Erskine Bowles is president-elect of the University of North Carolina. Three former Purcell-era directors left the board in September.

With yesterday's resignations, only four remain from the group of 10 outside directors elected at the annual meeting in March. Madigan and Miles L. Marsh … are the latest sign of a fundamental reshaping of the board by the firm's new chief executive, John J. The departure … is an open acknowledgment that all the control levers at Morgan Stanley are now firmly in Mr. Mack has moved quickly to repopulate the board with executives more in his own image.

The government-sponsored provider of funding for home loans said Dennis Beresford, an accounting professor at the University of Georgia , Athens , is joining the board and taking over as chairman of the board's audit committee. A Fannie spokesman declined to comment on whether the expected report from the company's main regulator, the Office of Federal Housing Enterprise Oversight, or Ofheo, was a factor in the board changes.

Ofheo's report, recently sent to Fannie's management, is due to be made public Tuesday. The report is expected to blame the board and senior executives for failing to ensure that Fannie complied with accounting rules.

He also is a director of Kimberly-Clark Corp. None of the directors would comment on that. On the other hand, was personal greed the trump card? There is not the barest pretext that Shareholders are involved in the process, except to rubber stamp those "picked" by the CEO the person supposedly supervised by the BOD.

Frank Zarb left Nasdaq in , Mr. Greenberg asked his friend to join AIG's board, a plum directorship at one of the nation's leading companies. Two Financiers' Long Alliance". Daum, who leads the board practice at the executive search firm Spencer Stuart in New York.

The firm says her practice conducts about 60 percent of all board member searches in the United States. Following are excerpts from a recent conversation: So the notion that directors are just captives of C. I think boards also are very cognizant now of having anything that can be perceived as a conflict. If you and I serve on a board together, it probably means that neither of us should serve on another board with each other. Boards are very conscious of the concept of interlocking boards. It used to be that's where the ideas for candidates came from.

You knew somebody from another board and you'd recommend them. What is an example of a company where the independence of directors has been questioned? Home Depot is a good example. The relationships among directors, those were not situations where someone was getting compensated by the other.

But they were serving on the boards of other organizations. I could be your next-door neighbor and best friend, but I qualify as independent because we don't have a business relationship. I'm not serving on your board. You're not setting my compensation. We're not doing consulting work together. We would meet the stock exchanges' criteria for independence, but obviously we have a less-than-independent relationship.

That's what you can't quantify. Duke had Joel Fleishman , 72 years old, a wine connoisseur who sits on boards of companies run by Duke donors and the parents of Duke students. Fleishman's friendships with Duke donors gave him a valuable entrée into businesses far a field from academia. Take, for example, Ralph Lauren. Two of the famed designer's children, David and Dylan, graduated from Dalton School in Manhattan in and respectively and enrolled at Duke while Mr.

Fleishman ran the fund-raising campaign. Dylan had better grades and SATs in the s. In that era, Duke's average SAT score was close to Fleishman became a director of Polo Ralph Lauren Inc. He also owned or held options to buy 37, shares of Ralph Lauren stock, worth at least half a million dollars, public filings show.

Fleishman also sits on the board of Boston Scientific Corp. His three children graduated from the university. Fleishman sits on more corporate boards "than a lot of people, especially nonpresidents," says J. David Ross, a former vice president at Duke.

Ross says he believes the directorships weren't payback for admissions. Schmidt was elected Tuesday…. Some analysts interpreted the appointment … as an event that could help Apple…. How could mere mortals, e. Stanley O'Neal 's board at Merrill Lynch is largely handpicked.

He has recruited people like John D. Finnegan , the chief executive of Chubb and a friend for more than 20 years. The two men worked together in the General Motors treasury department. O'Neal is also close to another director, Alberto Cribiore, a private equity executive who runs his own firm, Brera Capital.

In the late s, Mr. Cribiore came close to persuading Mr. O'Neal to join his nascent private equity firm. Directors also should recognize that their previous hands-off approach didn't work. O'Neal's ruthless response to anyone who challenged his authority might have made sense as he consolidated his position. Still, it left him holding the firm's top four positions for a time: The directors now have to put one of their own in charge as interim nonexecutive chairman.

The nonexecutive chairman post is something they should consider keeping. That might put off some potential CEO candidates. But Merrill's travails stem from inadequate oversight, and a CEO who insists on all the leeway granted Mr. O'Neal might not be the right choice. The presence of a nonexecutive chairman could reassure investors the board is back on the case.

O'Neal, and he was reportedly someone who resisted constructive criticism and stifled genuine debate. In this, he resembles plenty of chief executives, and there's nothing in Sarbanes-Oxley to prevent it. But it's not good governance or effective leadership. As a result, Mr. O'Neal and his board may have failed to engage in the kind of debate that would have prevented this tragedy. To be specific, what was Merrill's board asking Mr. O'Neal when Merrill was earning record profits on the outsize success of its huge investment in subprime mortgages and related collateralized debt and loan obligations?

I know it's hard to ask tough questions in the face of success. It's not a strategy for winning popularity contests. But it's essential in the worlds of business and investing. You can't earn massive returns without assuming tremendous risk.

We now know that was true for Merrill. Amid the big gains in its fixed-income operations, it was assuming far more risk than anyone there apparently realized.

Stephen Gordon , named chairman and chief executive in November, brought in five new directors One person close to the company described him as 'a safe choice,' because he was one of the few GM directors who had run a major industrial company. The decision by President Barack Obama's auto task force to replace most GM directors came amid some pressure by company bondholders and other industry experts who had advised the task force in recent weeks During one meeting, the board was described as 'a collection of failed CEOs,' and the group was blamed for not prompting GM management to move faster in restructuring the company.

Some governance experts consider GM's board fairly weak because it lacks individuals with auto-industry expertise and includes several retirees without recent corporate-management experience.

It may be easier to remove directors than to replace them, however. The government may encourage GM to add directors with more automotive or industrial know-how, some observers believe.

The more things change, the more they stay the same. Now, the US Calvary is galloping to the rescue. However, the US Calvary, with sabers held high, may lack pertinent experience. Those companies include Citigroup Inc. Kresa has a deep base of contacts after several years on GM's board, a tenure as chief executive of Northrop Grumman Corp. He had planned to rely on his professional network to conduct the search. Kresa choose Spencer Stuart for GM's board search, telling him that the search firm 'can do it quickly,' said a person close to the matter.

Kresa he would be contacted by Tom Neff, head of the firm's U. Neff with marching orders? Gone in the past 10 months are Chairwoman to Its Board" No one explains what "was named" means or by whom she "was named. Should the BOD motto be "Go along and get along or get out before we throw you out"?

Chief executives tended to dominate the choice The way we govern now". Mom-and-pop investors could buy shares in celebrity businessman Donald Trump ' s first public company, Trump Hotels and Casino Resorts. Their investments were quickly depleted. None of the original directors responded to requests for comment.

One later director was close to Trump: Ivanka Trump was named to the board of directors in , when she was 26 and had been working for two years at her father ' s private company, the Trump Organization. Representatives for Ivanka Trump declined to comment. Ivanka and Donald Trump both resigned from the company in , after Trump declared in a statement that he strongly disagreed with bondholders who had been pushing the company to file again for bankruptcy.

How much were they compensated for their stellar BOD service? It will only be different when the BOD ' s personal assets are on the line. Countries headed by "imperial CEOs" are known as kleptocracies. Eisner 's harsher board critics vehemently objected and accused the chairman of orchestrating her removal … Directors said the names of the four leaving the board were submitted by the nominating committee, which was acting on the recommendation from Eisner.

Stewart , that Mr. Van de Kamp, 'You're a terrible director. You are so loyal to Stanley P. Gold , it's like you've carried his babies. Van de Kamp, who was not reinstated to the board in a vote of 12 to 4, with 2 abstentions.

Minnie is especially fond of him. Disney critical of Mr. Eisner's management style either left or saw their influence diminished. Gold , who was once very influential on the board, was stripped of crucial posts because of his status as the investment adviser to Mr. Eisner has proved himself a skilled corporate politician who has been shrewd about using the idea of better corporate governance as a shield against critics who threaten his reign.

Gold's letter criticized the other directors for serving as a rubber stamp for management, saying that they enacted policies that muzzled dissenters and shielded Mr. Eisner from 'criticism and accountability. Let is start all over again. In a new report, Institutional Shareholder Services Inc.

Iger chairman—and criticized it for doing so— without seeking shareholder input. The report also raised concerns about his compensation. The board's decision to grant Mr. Iger the dual roles is 'an about-face from governance reforms adopted following a highly public 'vote no' campaign at Disney in ,' the report said.

The company subsequently adopted corporate-governance guidelines calling for an independent chairman, 'unless the board concludes that the best interest of shareholders would be otherwise better served. Chief Operating Officer Sheryl Sandberg. The report also questioned Mr. Dolan replaced three directors with four of his friends this week, corporate governance experts, legal experts and investors cringed.

Analysts said it behooved those new directors to take a hard look. Tenet Chairman Edward A. Kangas and two other directors counter that Mr. Nakasone resigned after he was asked to leave because he was disruptive and wasted the board's time. Repeated efforts to revisit decisions and even 'to argue about the minutes' distracted the board, hurt its efficiency and explains 'why we asked him to step off the board,' Mr.

Did Tenet issue a misleading explanation for the resignation? What is inherently wrong about revisiting past decisions? Should it not be for the Shareholders to decide whether a Director's efforts to protect their interests are "disruptive and wasted the board's time"? Scrushy with 'massive' accounting fraud…. May … and told the director he was going to 'fire' him …. May's efforts to replace certain longtime board members Summers III , a retired president of Coca-Cola of the Southwest, notes he was asked to resign in after 'Jud Alfred "Jud" Schroede r, major shareholder and Chairman of Lancer and I reached an agreement that I wasn't good for the board because I was too independent.

The indictment charged that through 'fraud and outright intimidation, Mr. Lake devised a scheme to loot the company of tens of millions of dollars,' It further contends that the two men forced out board members who objected to executive compensation plans She also complained that management failed to supply board members with sufficient information to make decisions. Wittig, a Kansan who rose to stardom as an investment banker on Wall Street before returning nearly a decade ago with multinational ambitions for Westar.

Wittig's lawyer, said he expected to win the case since most of Mr. Wittig's actions as chief executive were approved by Westar's board. In , it tapped Wittig to head corporate strategy. Wittig resigned at the end of , after a grand jury had subpoenaed corporate records.

He demanded tens of millions in unpaid compensation. Westar balked, commissioning a page internal report that detailed much of the alleged wrongdoing in the indictment. Perhaps, BODs, if they feared any sting of accountability, would adopt the mantra of "trust, but verify" when dealing with the hired help.

Chief Executive Officer David Wittig and another executive guilty of looting the electric utility of millions of dollars. Wittig and Lake have denied the charges, saying that their actions were legal, approved by the company's directors, and disclosed in corporate filings. The three-judge panel ruled that prosecutors presented insufficient evidence to support convictions of former chief executive David Wittig and former executive vice president Douglas Lake , on charges of wire fraud, money laundering, conspiracy and circumvention of internal financial controls.

In reversing the convictions, the appellate court ruled that all the counts hinged on the government's ability to prove that Messrs.

Wittig and Lake tried to hide from the Securities and Exchange Commission their personal use of corporate aircraft. However, the panel said, SEC regulations only require the reporting of such activity when it costs the company an amount above a certain threshold. Because 'the government offered no evidence that the additional cost to Westar of either defendant's personal travel ever exceeded this threshold.

The court ruled that the defendants could not be retried on the fraud or money laundering charges, but that they could be retried on the lesser charges of circumvention of internal controls and conspiracy. The court refused to give the instruction. There was no evidence that the value of personal travel ever exceeded the reporting threshold. With hindsight, one could observe that the prosecutors really blew it! Grasso had the authority to select those who served on the Compensation Committee.

He also regulated most of them. This conflict allowed Grasso to influence directors who might have wanted to pay him less, and to reward directors who would pay him more. For example, one former Compensation Committee member was confronted by Grasso after he had privately expressed concern to Ashen about a component of Grasso's proposed compensation in The director testified that 'he was a little taken [a]back that there was an ear to the committees And when he's kind of indirectly your supervisor or your regulator, you have to be careful.

Grasso , et al. Shapiro tapped Reed to serve on the Monsanto board and Reed, in turn, asked Shapiro to the board of Citicorp, the bank where Reed was chief executive.

Reed said, he impulsively offered the chief executive job to Mr. Reed walked up to Mr. Train, whom he knew as a fellow trustee of the Massachusetts Institute of Technology Thain would have the power to veto other prospective chairmen. Elson, who teaches corporate governance at the University of Delaware's business school, said. To Sue or Not to Sue? Did the "handpicked" BOD later ratify Reed's impulsive act by its silence?

Thain went on to become CEO of Merrill Lynch and, when the bumbling herd stumbled over a cliff into the arms of Bank of America, was terminated. A former telecom executive, he was pushed out of Covad Communication Group shortly after Carly Fiorina named him to the board. At the time, his allegiance seemed inclined far too much to Fiorina, rather than to HP's investors. If she left tomorrow, I'd resign tomorrow.

Some BODs may be so beholden to the CEO that regulators have to put a gun to their collective heads to get them to do what is in Shareholders' best interests. In a securities filing yesterday, Fannie said its financial statements from through the third quarter 'no longer should be relied upon' because they were prepared with practices that didn't comply with generally accepted accounting principles.

Raines , who had carefully cultivated personal relationships with the directors over many years … taking them to dinner at a Four Seasons hotel in Washington on the eve of board meetings. The directors came to no conclusions about Mr. Raines's fate Thursday, but agreed to hold a formal meeting on Sunday. Directors … still didn't come to a conclusion on whether to force Mr. One idea advanced by Mr. Raines, according to a person close to the discussions, was for him to announce a retirement effective at some later date, which would have created the appearance that he wasn't to blame for the accounting fiasco.

A final decision didn't come until Tuesday, when Mr. Fannie was subsequently placed into a conservatorship where it was forbidden to continue to make political contributions and to conduct lobbying efforts. If you dissent on this board, we'll nail you. If company officials think I violated the law, they can call the cops.

Spy on Him ". The report, which relied in part on private telephone records, fingered George Keyworth , a longtime director and former science adviser to President Reagan, as the source of many of the leaks about board deliberations. A boardroom showdown ensued, during which the board voted to ask Mr. Keyworth to resign, and he refused, saying he was elected by the shareholders. Venture capitalist Tom Perkins , a friend of Mr. Keyworth, quit the board on the spot in anger. Keyworth will not be nominated for re-election to the board at its annual meeting next March.

Dunn said she regularly informed the board of the investigation, but provided few details, at the investigators' request. Keyworth to leave, Mr. Dunn, saying, 'Pattie, you betrayed me. You and I had an agreement we would handle this offline without disclosing the name of the leaker. Dunn says she never had such an agreement. Counsel was explicit the matter needed to go before the full board,' she says. Perkins rose from his seat, slammed his briefcase shut, and said, 'I quit and I'm leaving.

The law requires that when a director resigns, the company has to disclose whether it was the result of a fundamental disagreement. I don't want people to speculate about my health. Perkins had no disagreement with the company, only with Ms. Therefore they decided they had no obligation to file details with the SEC.

Instead, the board issued a statement on May 19 that simply said Mr. Perkins had resigned, effective immediately. Perkins was concerned with the way his resignation was portrayed by the company, however, and subsequently contacted the SEC with his concerns, according to people familiar with the situation.

Perkins has also been critical of the investigation, which he suggested involved illegal surveillance. Board members acknowledge some discomfort with the methods used by the private investigator who obtained the phone records, but H-P says it was assured by the investigators that the methods were legal. Assuming that the BOD provided any hearing of the allegations against George, he could have defended against his removal on the ground that the BOD had acted with "unclean hands" in acquiring its alleged proof.

What is the value of the private investigator's assurances? Would anyone expect an admission of illegal activities?

The other message is that Directors are under pressure to conform and keep quiet, or else…. Or, does it mean that he regrets abandoning his friend and fellow Director in in his time of need? Perkins sent a letter to Hewlett-Packard wherein he set forth his version of the events surrounding his resignation, his follow-up efforts and various allegations of misconduct.

Pretexting, or posing as a person in order to obtain private phone or other information about them, is illegal in California. He added that H-P didn't know pretexting would be involved. H-P declined to disclose the name of the private-investigation firm it retained or the 'pretexting' firm that firm employed as a subcontractor.

Keyworth for another term as director. The company is scheduled to hold its next board elections in March The law firm had concluded that the methods used were legal, these board members say.

But the law firm says it made no such conclusion on its own; it simply reported that the private-investigation firm involved and that firm's lawyers claimed their methods were legal. Larry Sonsini, the attorney for H-P's board, yesterday declined to comment.

When does a high-powered law firm reasonably rely, in matter crucial to its client, upon the favorable legal opinion of other and, likely, lesser powered law firm of their client's investigator? For what has the BOD paid? A major issue remains whether and to what extent there is a semblance of due process in the board room before the death penalty is imposed upon a member who is invited, but refuses, to resign.

Sonsini's firm has grown strained. Perkins of discussing internal Hewlett-Packard deliberations with others last month. The lawyer went on to demand that he name those he spoke to and what documents he gave them. Perkins's response was just as rough. Dinh … accused the law firm of conflicts of interest. He accused the company of 'sanitizing' the minutes of the board meeting in which Mr.

He told the company that Mr. Perkins was a victim of possible fraud, identity theft and misappropriation of personal records. Sometimes, CEOs make consensual Directors disappear. Hollinger International … did that late last year. Shareholders like president of hedge fund Providence Capital, Herbert Denton … wanted three of the firms' directors to step down.

ACS Chairman Darwin Deason , a flamboyant entrepreneur who built the company, teamed up with Cerberus Capital Management LP during the buyout frenzy earlier this year to take the company private. But such a bid never materialized, and earlier this week Cerberus pulled its offer, citing turmoil in credit markets. ACS management along with some of its biggest shareholders, including Oppenheimer Funds, blamed the independent directors for allowing the deal to slip out of their hands -- by refusing to set a vote on the bid before pursuing alternatives.

The directors say they had a duty to look for other potential bidders, given that Cerberus's proposed deal included the participation of ACS's chief insider: The dispute is all the more extraordinary given the close, even cozy, relations Mr. Deason once enjoyed with a number of the independent directors -- Robert B.

Livingston Kosberg, Frank A. Several of them enjoyed business or personal ties with Mr. Deason in past years. The confrontation began Tuesday during a six-hour board meeting, when Mr. Deason demanded the directors resign immediately. He threatened to nominate a new slate of independent directors for election at the next shareholder meeting, in May, if they refused He also said he would issue a news release accusing them of neglecting their duties if they didn't comply by yesterday, these people said.

The directors responded in their own sharply worded letter: Late yesterday, the independent directors filed a lawsuit against Mr. Deason and other ACS executives in Delaware Chancery Court asking for a declaratory judgment that they haven't breached their fiduciary duties.

The resignations came during a closed-door session in which the bloc sought to replace Chief Executive Alan Armstrong , who they felt was ill-suited to lead an independent Williams as it sets out a new course, the people said. Chairman Frank MacInnis was among those who resigned, as were a pair of activist hedge-fund investors, Keith Meister and Eric Mandelblatt , who joined the member board following a public campaign in , the people said.

All three had championed the merger with Energy Transfer, which Mr. Armstrong had opposed and continued to oppose even after it was agreed. The discussion turned to whether Mr. Armstrong was the best person to remain at the helm. The directors not including Mr. Armstrong were split evenly, with six supporting Mr. Armstrong and six opposed. MacInnis, who had been Williams ' s chairman since , was opposed to Mr. Armstrong remaining as CEO, but resigned largely for personal reasons….

All three had been supportive of the merger. Did the newly departed leave with some benefits? Does one hand wash the other? Do CEOs and Directors say to one another, in substance, "I won't tell on you to Shareholders , if you don't tell on me"? A conflict of interests arises when Directors set their own compensation, e. It is just another conflict of interest for which there is no real accountability.

Corporate governance watchdogs fret that CEOs use lucrative pay packages to co-opt board members. Still, that's not bad for a part-time job that requires attending a handful of meetings a year. And because boards seem reluctant to rein in compensation, some critics conclude that the system is irreparably broken. Sinegal of Costco Wholesale pay package seems a throwback to another era, especially when compared with the lavish compensation of Henry R.

Sinegal's compensation is skinny, then corpulent is the word that comes to mind when considering the pay bestowed on Mr. Silverman, the chairman and chief executive of Cendant, the travel, real estate and direct marketing concern. The fear, of course, is that corporate executives, who have oodles to gain from mergers, have too much say about the terms, structure and consummation of the transactions.

When management is at the controls, as often seems to be the case, directors are asked mostly to rubber-stamp the deals. Melican , president of Proxy Governance.

Melican, an executive vice president at International Paper from to , was involved in many of that company's mergers. And because there are going to be shareholder lawsuits, you can pretty much assume you'll be in depositions for many years.

Melican said, when executives of the acquired company are promised high-ranking jobs at the combined entity, postmerger. Melican says, boards have to get in early. But hey, that's what being a fiduciary means. Anyone Tell the Board?

Where there is a will, there is a way! CalPERS is "concerned by the timing of a decision in May by PacificCare 's board to boost payout that executives would get if the company was sold. Typically a board would know whether high-level merger talks had been occurring for months Upon what need for change was it based? What are the odds that the BOD's decision was based upon a "fairness" or consultant's opinion, which issued by someone who was well-paid by Management?

Steven Milloy … claimed that Goldman's policies are … designed to advance Mr. He objected to Goldman's gift of , acres in Chile to the Wildlife Conservation Society , calling it a conflict of interest because Mr. Paulson is chairman of the Nature Conservancy, which works with the society, and has a daughter, Merritt, who sits on the society's board of advisors.

Paulson batted away the charges with a simple defense: The board did it, not me. He was not even part of the discussions of the Chilean land deal. Paulson's involvement with the conservancy or his advocacy of environmental causes. No one who makes it into the board room of a place like Goldman is unfamiliar with the time-honored strategy of gaining influence by showing interest in the CEO's interests, be they golf or global warming.

Why wouldn't directors rubber-stamp Mr. There are no studies to prove this, of course. But the society pages hold a clue: It's the CEO who is toasted at benefits and photographed for posterity.

How often is the source of the funds -- the pockets of shareholders -- even mentioned? The Free Enterprise Action Fund , a tiny mutual fund with a conservative political bent, says the gift hasn't benefited Chile or Goldman shareholders.

The fund petitioned the Wall Street firm on Friday to have its board review the gift as part of a broader study of Goldman projects supporting environmental causes, and seeks a shareholder vote on the proposal. Treasury Secretary, defended the donation at Goldman's annual meeting on March 31, saying it was something 'Goldman Sachs wanted to do. Paulson's son, Henry Merritt Paulson.

At the meeting, Mr. Paulson said he knew of the deal but recused himself from the decision, leaving it to the board. Paulson's underlying assumption is that whatever Goldman wants is proper.

Now the country's most important court for corporate law has raised questions about some deals. I n recent back-to-back opinions, the Delaware Court of Chancery criticized two publicly listed companies that have agreed to sell themselves to private investors. The rulings expressed concern that Topps Co. The author of both opinions, year-old Vice Chancellor Leo E. Strine faulted the company's board for letting Chief Executive Robert E.

Rossiter negotiate the deal with Mr. Icahn on his own. The Delaware court's increased scrutiny of possible conflicts comes amid rising complaints, and more lawsuits, criticizing buyout deals for allegedly enriching corporate executives at the expense of the shareholders.

In the current buyout craze, many buyout firms retain the management by offering rich pay packages and a stake in the newly private entity. These deals are being challenged in the courts by shareholders who allege that they are getting a meager payout for the company.

They say boards are accepting deals based on factors other than the best-available price. In addition, shareholders are accusing boards of running into the friendly arms of private-equity buyers to escape activist hedge funds, who are trying to oust them through proxy battles. In the case of Topps, the New York producer of trading cards, collectibles and candy, shareholders have accused the board of breaching its duties to get the highest price for the company Strine warned in his Topps opinion.

Not only do CEOs get theirs, but , when they do wrong, Shareholders foot the bill. Once again, shareholders are shouldering the costs of unethical behavior they had nothing to do with. Hill and Richard W. Painter, professors at the University of Minnesota Law School. In 'Better Bankers, Better Banks,' they argue for making financial executives personally liable for a portion of any fines and fraud-based judgments a bank enters into, including legal settlements. Hill said in an interview.

If that's the case, bad CEOs are able to hang on to their jobs long after they should be driven out. In a new study titled Pay for Failure: Few of the plans, for example, required that the company's performance be measured against its industry peers.

It's a matter of mutual back-scratching, as another recent study confirmed. The authors are John K. They found that companies paying CEOs excessive amounts also pay directors excessive amounts. Companies that pay too much also tend to perform worse than their peers. Kozlowski was exceptionally extravagant with company money, Mr. Campriello showed jurors an expense report Mr. John Fort submitted for his attendance at a single three-day board meeting.

Campriello asked 'This is the way we traveled,' Mr. Permitting extravagant expenses is the morale equivalent of bribery. Raines received salary, bonus and other compensation last year However, Fannie Mae is not a person. The Broadcom Corporation … shareholders are being asked to vote on a company proposal to increase by 12 million the number of shares authorized for grants under its stock incentive plan.

In addition, a 'yes' vote will expand the types of stock awards that the company can offer executives and employees, as well as grant the compensation committee the right to reprice underwater options at any time. This objectionable repricing practice removes the risk for executives and employees that outside shareholders incur when their stock falls.

Had the proposed plan been in place last year, it would have cost shareholders an amount equal to about 75 percent of the company's revenue, the firm said. Berman had until 29 February been affiliated with a law firm that served as outside counsel to the Company and had since 1 March been engaged by the Company to render legal, regulatory and other professional services.

Berman was a director of Tyco until December 5, From March 1, through July 31, , Mr. Berman was engaged to render legal and other services. During this period, Tyco compensated Mr. Berman with health benefits, secretarial assistance, a cell phone and electronic security services for his homes.

Weingarten said the two clashed over several issues, including the amount of Tyco business sent to Kramer Levin for which Berman received referral fees.

Dennis Kozlowski , Tyco's former chief executive, and were not approved by the board or disclosed in filings with the United States Securities and Exchange Commission. He also has drawn fire from critics for having business ties to Disney in the past while sitting on the board. Those payments ended two years ago amid an outcry from corporate governance experts. Independence of new chairman, who had sided with Eisner, is called into question.

Mitchell, 70, … who has little business experience, said … yesterday that he had no desire to play the corporate strategist, as many chairmen do. Instead, he sees his main job as negotiating among factions of unhappy investors, other board members and Michael D.

Eisner, the chief executive who lost the chairman's title in the wake of a resounding no-confidence vote at the company's shareholder meeting on Wednesday. Mitchell's appointment is not sitting well with many of the investors … nor with corporate governance experts. They complained that not only does Mr. Mitchell have negligible corporate experience, but they say he is too closely allied to Mr. Eisner and his appointment does little to address investor discontent with Mr.

Eisner's management of the company. Mitchell takes umbrage at the notion he is beholden to Mr. He said he had only had three social dinners with Mr.

Eisner actually approached Mr. Mitchell in to gauge his interest in joining Disney as president. Mitchell said because the decision was made only on Wednesday, the duties of the job had not been completely defined.

But he said the setup and his lack of business experience should not impede his ability to oversee Mr. The most beholden Directors may live in states of denial. And that has prompted some governance experts and investment fund officials to question his sincerity toward reform and sensitivity to appearances. Their concern is that directors may have competing loyalties between the shareholders they are supposed to serve and the executives who put them on the payroll.

Sidhu has … become a national force in community banking by repeatedly triumphing over rebellious directors and shareholders. Sidhu has excluded directors from important deal deliberations or waits until the last minute to brief them. Some investors say his public statements about acquisition plans are misleading.

Sidhu has a board of supportive directors who have scant banking experience, are compensated unusually well and, in some cases, enjoy access to Sovereign loans and business opportunities. While that's more than directors at similar banks get, Sovereign justifies the pay by noting that its directors meet 14 times a year, five more times than its peer average. Sovereign has had business dealings with and made increasing loans to its directors in recent years.

Sovereign added that the Troilo leases all have been at market rates. Troilo didn't return calls. Troilo so he could buy a Lawrenceville, N. To help secure the loan, Mr. Troilo used another Sovereign-mortgaged property, in Pennsylvania , that he also rented to the bank. The Monday filing said Mr.

Troilo's bid was better because it included 'no financing, inspection or due diligence' conditions. Was Sovereign concerned that its building could not withstand "inspection or due diligence"? Upon what objective criteria was that decision made and by whom?

But, after all, it is just another instance of Shareholder assets being considered as chump change! The bank offers no relevant disclosure about the loans, including terms, interest rates or performance. Relational Investors discovered the full extent of them only by cross-referencing Sovereign's Securities and Exchange Commission filings with records at the Office of Thrift Supervision. Sovereign says the SEC filings excluded credit extensions that haven't been drawn down. Since , however, Sovereign's filings have included no specific figures, just vague reassurances.

Wall Street is skeptical that a three-year turnaround plan will work, and Fitch has cut its bond rating to triple C, which is low even for junk bonds. So far this year it is down another 27 percent. But there is little pain at the top. But there is no mention of internal equity -- of the justice of paying a lot to bosses when workers and investors are suffering.

Perhaps board members think they deserve an increase because their past stock grants keep losing value. They face tricky choices in deciding how much to challenge year-old Mr. Mozilo, who co-founded the company 38 years ago. Countrywide's nonemployee directors collect fees, shares that they must hold for at least a year, and perks that include health insurance and spousal travel, according to the latest proxy statement. The pay range is above median total compensation for directors of the largest U.

Countrywide said directors review their compensation annually with the help of an independent pay consultant Countrywide rewards board members so well that 'at some point, you cross the line between paying for services provided and a very lucrative thing where board members aren't going to challenge management,' says Mark Reilly, a partner at 3C, Compensation Consulting Consortium.

Corporate Library has long argued that Countrywide's board has done a poor job of designing Mr. Mozilo's pay package, guaranteeing him too much compensation regardless of performance.

The consultants urged directors to slim his hefty contract, partly by revamping his annual bonus formula Directors kept the formula and decided to replace the consultancy Snyder , 75, is Countrywide's lead director.

Institutional shareholders who have tried to engage the Countrywide board on issues like Mr. Mozilo's pay say that Mr. Snyder, who has been a board member since , prevents such dialogues from occurring. One complaint was that he does not share letters from stockholders with other members of the board.

Charles Prince , for instance, who stepped down under fire as Citigroup Inc. The rules are in place to allow boards to retain an appropriate mix of retired and active executives and push out members who no longer have the time for outside directorships because of more demanding new jobs. Still, many governance watchers and veteran directors say boards rarely accept a resignation after a member loses a CEO spot—no matter the reason.

Another former chief who kept a directorship is Richard Syron , ousted as head of Freddie Mac in when the U. Cheapest option for cliff bars I love these bars, but they sometimes can be a bit pricey. I get these for when I need a quick breakfast because I don't have the time to make anything.

These fill me up better than anything else and they taste great! Amazon usually has the best prices, especially if you eat them enough and want to do subscribe and save.

The product came to me undamaged and fresh aka it wasn't expired or stale. I also like how this product is Prime and does not need to be bought via Prime Pantry. I would recommended getting this product! With a humiture rating constantly exceeding degrees most of the year, dehydration and sun stroke are persistent companions. It's important to drink as much water as possible but also to get extra nutrients from something like Gatorade or Powerade.

If you've ever suffered from heat stroke you don't want to go through that again. It's the first bar that Clif ever made and I prefer its taste to the others. Sometimes though the Blueberry bar is either priced unreasonably or it is simply hard to find. In that case I have no problem getting Chocolate Chip. Definitely appealing to kids, at least my son loves all the flavors.

These are quite sweet and basically a fortified cookie. I love the size as they aren't so huge if you are watching your weight and make for a good mid morning or afternoon pick me up. We keep them in the house all the time. Also, my son has dairy and nut allergy and has had no issues with these bars so I'm pleased to find a good snack he can enjoy. Yummy My kids love these. I have one child that is an extremely picky eater but she loves zbars. I usually buy them at Sam's club because they are cheaper there but they were our of them for awhile.

We love these bars We love these bars!!! It is very hard to find healthy snack alternatives for children on the go that they actually like! After purchasing many different types all three of our kids absolutely love these. The reason for the four stars - price! Other than that, product review only, these are great.

They are not super sweet and both my children daughter 12 and son This bars are by far the most delicious energy bar i ever had. They are not super sweet and both my children daughter 12 and son 11 swim competitive and it helps them fell better before and after practice. I highly recommend this product. Negative- I order 2 boxes of these bars thinking i would receive the one shown in the picture for bars with only 4g of sugar and net wright per bar as 1.

I prefer for my kids the smaller size but they are both the same as good! Best vegan snack bar around My go-to snack during busy days as a professional. Always provides exactly what I need for less than calories. The biggest reason I buy them is the organic whole ingredients and the fact that they are vegan. As a vegan with an active lifestyle it can be hard to find healthy snacks with protein and carbs.

These fit my life perfectly. Best snack ever We usually buy these at the health food store. I'm so glad I finally decided to check Amazon and buy them there. Same great thing for a cheaper price. I love these bars. They are great if you're hungry and need a quick pick me up.

Or just for a snack. I love the energy these bars pack for a reasonable calorie count and the nutty pecan and spice flavors make these more like a special treat than an energy bar. Each bar has 9 grams of protein, 8 grams of fat 1.

Unfortunately for those of us who are carb-conscious each bar has 41 grams of carbs including a whopping 21 grams of various sugars.

The relatively high carb and sugar content is the only drawback to these bars, though be advised that they are a limited edition holiday flavor so buy them while you can. Of course Mikey likes just about anything with several exceptions e. As Individual tastes vary greatly, food reviews should be considered with a lot of skepticism.

As to several reviews claiming the bars are "too sweet," I disagree. They're neither too sweet nor too bland. If you like several of the other Cliff Bar flavors, chances are you'll like the Banana Nut Bread bar.

Will buy again, only very occasionally. Local Banana Nut Muffins satisfy my cravings - more gooder. This particular flavor wasn't a hit with us, but not everyone has the same taste, so I'm not knocking it just because it wasn't our favorite.

This 3 star rating is more about the packaging than the flavor. The box arrived crushed, so a good portion of the bars were popped open and stale.

The inner box was damaged, not the shipping box. Other things in the box were just fine, but this one was clearly crushed under or between something much bigger before it was shipped. Disappointing, especially when these are so expensive! They might actually be Perfect! With a name like Perfect Bar you have to be a bit skeptical of the product. I have to say that I was not disappointed. This is a refrigerated whole food product. It is refrigerated to keep it fresh and extend the shelf life.

There are no preservatives, artificial ingredients or anything else to keep these shelf stable for an extended period of time. They are fine to be kept at room temperature before eating but it is not recommended to store them at room temperature. I prefer them warm- see details below. So what is in these? Organic everything, well nearly everything.

Sooo good I first sampled the Perfect Bar at my local Costco. They come in a box of 3 flavors, I still find that the box at Costco is still the best value one though you don't get to choose the flavor only Peanut Butter, Almond Butter, and Cranberry Crunch. Not so crazy about their Coconut flavors but I don't generally care for the taste of coconut anyway. My favorite so far: Their plain Peanut Butter is also very good, you can definitely taste the honey in that one. The best bar out there!

These are by far our favorite bars to buy- no matter what store we go to! They taste amazing, are so healthy for you, and are made with quality products. Our 1 year old loves them also! We have gotten many friends and family hooked as well! You can taste the difference from the first bite compared to other "nutritious" bars. They taste delicious, and sometimes that's hard to say when eating something so good for you. We keep them cold, but you don't have to.

They came packaged so nicely- you can tell that time and consideration was put into their shipping. It is so awesome to be able to buy these from Amazon. Whenever we run low I just have them shipped right to me! This company has an amazing story and we will forever remain a customer. Excellent bars - best of bars I you haven't tried Skratch bars you will love this product.

The ingredients are excellent, and none of their products cause bloating or stomach cramps like many other products. The bars have fueled short and long rides and not only during mountain biking but also when going hiking or similar sport. The bars have a natural and excellent taste. I enjoyed the ginger ingredient in the bars, the pistachios and chocolate are also very tasteful. I will definitely continue buying Skratch Labs products.

The gels are amazing too, the powder mix are the best and overall I have no issues during or after my rides. I have used Skratch products for over 2 years when I found them by accident and I have narrowed my products to Skratch Labs. Try the product, you will like it.

I would highly recommend this flavor. Thank you Skratch for making an allergy friendly energy bar that tastes good! Not my favorite or even close I understand these type of nutrition bars are not every going to be the best tasting things you can eat, but for some reason these do not work with my taste buds at all!

I would rather not even take them in my pack. I prefer most other products I have tried other than these. Probably just my personal preference. They look small but they are dense and pack a nice amount of nutrition in them to fill you up It's hard to only eat one a day, but if you can make them last it's worth it!! They look small but they are dense and pack a nice amount of nutrition in them to fill you up for a good while.

Perfect for when I work late at the office. Wasn't my favorite of all the Bounce ball flavors but not bad. They were something different! I've had them before and love them but the box I received from Amazon was non-edible. They were hard as rocks. As a joke my daughter and I were banging it up against the countertop and it sounded like a hammer! I bought these at Trader Joe's in the past and love them so was very disappointed at the product when I received it.

By Science in Sport. I recently stumbled upon this energy bar 5 pack that had several awesome flavors. I gave it a 5 star because As an avid crossfiter, my body needs all the extra energy It can get. My goal always when I pick supplements is on taste, and of course the actual energy it gives me during my workout.

I gave it a 5 star because I pretty much like all the flavors, and it was a great pre workout snack I could grab on my run to crossfit. Tastes very natural which is pretty important for me!

Love the flavors Love the flavors! The bars themselves are nice and light on your stomach and great for before and during my exercise and rugby training. I only scored it 4 out of 5 because I didn't like one of the flavors - banana fudge With the amount of training I do, I rely heavily on energy supplements. As a group fitness instructor, finding a quick source of energy when teaching back to back classes is really important for me.

I recently tried this energy bar 5 pack with various flavors. I only scored it 4 out of 5 because I didn't like one of the flavors - banana fudge.

What I did like about these bars is it felt like I was eating real food. I ate these bars in between teaching 2 or 3 1 hour classes and they would work perfectly. Providing enough fuel to sustain me for the next class. By Taos Mountain Energy Bar. Delicious Bars Delicious and nutritious. Not dry and very nice flavors with generous amount of nuts. Pricey considering they are not organic but probably among the best tasting and satisfying bars if you are hungry.

The small hit of coffee helps too! I am on a special diet now, and these are acceptable for me to eat, so I am so glad to have something I can carry with me to eat when I need a quick snack. I thought about giving only 4 stars, but that is only because I feel they are a bit on the expensive side. They are all tasty I got the mixed package , we have them in our car as emergency food, but finished them in no time! The reason I gave only 4 stars is because of the steep price. Small size protein packed, doable This is what I've been looking for, a good tasting protein packed thing that's not too much too eat to where your forcing it down.

The first bite taste like chalk but after word it's wonderful. If your the type of person that need flavor you probably might not like it meaning if you can't eat regular food with its natural flavor you probably won't like it. I liked that it is a bit smaller than some protein I was pleasantly surprised by this energy "ball". I liked that it is a bit smaller than some protein bars.

I also like that it is not as sweet as some. I have been eating Quest bars for awhile but this is nice as a snack rather than a meal replacement as a quick breakfast or an after school snack.

I like the crunchiness of the cacao nibs. It is a bit too bitter for my son's taste but I like them. They are a bit pricey though. My only other "con" besides the price would be that you have to check your teeth after eating one. Sometimes I get a few black specks in between. They're not too sweet, which is a big plus for me. They are soft and chewy I like the texture with crunch from the cacao nibs. These work well as a replacement for a cookie or brownie when I want a treat and don't want a sugar overload.