WHO'S ADVISING THE BOARD?

摘要

Any columnist writing about financial misdeeds rarely lacks material. Buccaneering chief executives and ineffective auditors are invariably centre-stage - but what of the wise owls making up the panel of non-executive directors (NEDs)? How effective are they as a bulwark against executive opportunism or worse? I remember one prominent public company CEO, the darling of shareholders, whose personal regard for the notion of corporate governance was evident in the practice of obtaining from any new board appointee a signed but undated letter of resignation - which was kept locked away in a desk drawer, until needed. There were no complaints. But that was 40 years ago.