[Winona Online Democracy]
On Jan 2, 2006, at 10:49, Paul Double wrote:
[snip]
Bryon, I think most if not all of us would agree that there are a few
CEO's
whose cost clearly does not represent a good value for the
corporations they
represent. Until Boards of Directors become responsible to their
stockholders and not to the CEO little if anything will change and
more and
more disclosure information will help stockholders stop some of the
games.
No individual, in my opinion, is worth or worthy of any compensation
for
their work, not ownership, beyond 40 percent of the people they
directly
supervise. In the case of very large corporations which will involve
many
layers of employees that will by the organizational tree generate more
for
those at the top. But the abuses of boards for many very large
corporations
to enable this to continue, not in the interest of good management but
rather, the politics of retaining a good old boy network.
For most, CEO's and owners, the poor examples of the big boy's greed
is not
a model that we respect or want to copy. We have enough outside and
foreign
competition to fight without having to deal with internal rapist of our
corporate assets.
[snip]
I would add to Paul's comments the following: When shareholders begin
to hold boards responsible for bad decisions by declining to rubber
stamp all proposals and elections, boards may then become cognizant of
whom they represent.
Currently there are few examples of boards being challenged, credibly.
The current high-profile example of a board being challenged involves
Carl Icahn and his idiotic attempt to protect AOL-Time Warner's
shareholder value. Where was Carl Icahn when AOL's Steve Case was
ripping off Time Warner shareholders? The point remains that
shareholder activism needs and boards of directors need improvement.
********************************************
David Dittmann
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