IT'S GETTING TOUGH TO FILL A BOARDROOM

摘要

Jim Chapman is the kind of independent director who helps shareholders sleep at night. He's a professional corporate watchdog creditors bring in to serve on the boards of debt-laden companies. His most recent cases: Southwest Royalties Inc., a Midland, (Tex.)-based oil and gas provider and Davel Communications Inc., a Tampa-based pay phone operator. After doing this for seven years, he's getting nervous. As revelations of corporate misdeeds mount, regulators, legislators, and litigious investors are blaming directors for letting so much slip by. The pressure keeps mounting: Starting from Aug. 14, chief executives and financial officers of almost 1,000 of the largest public companies will have to state under oath that their books are accurate. Although the onus is mostly on corporate execs, some directors are concerned they might also become more exposed. That's because books must first pass muster with the directors on their audit committees. Other new rules proposed by the New York Stock Exchange would require directors to meet regularly without management.