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To RIM's credit, it has announced that "A new Oversight Committee of the Board will be established, comprised exclusively of independent directors, whose mandate will include providing oversight into areas typically under the responsibility of management.
Among other things, the Oversight Committee will examine executive compensation, the use of stock options as a compensation mechanism, trading by insiders, hiring practices and a general review of activities within the accounting and finance groups." One can only hope that this new Oversight Committee will be objective and will have the ability to enforce accountability.
Corporations where a single shareholder or family holds more than fifty percent of the shares, are in effect private corporations.
If it means a director who is not a shareholder, but one appointed or nominated by the board for their expertise, say accounting - that can be a problem.
The concept that technocrats will somehow be independent or represent the best interests of shareholders is a fallacy and in many ways makes a bad situation worse.
An executive sitting on the board, and directors selected or anointed by executives will undermine the effectiveness of any professed corporate governance reforms.
Governance best practices requires that all shareholders have a voice in nominating directors and that they have the ability to exercise their franchise in electing directors.
Most owner/managers of private companies find it diffucult to relinquish the control they had when their company seeks to attract public funds.
More importantly, they find the accountability requirements of a public company to be bothersome.This is especially true for the disbursement of funds to the majority shareholders and their nominees.Balsillie shares the board director and co-chief executive officer titles with Michael Lazaridis.Other Pages On This Site Conrad Black Trial - The Latest News The Conrad Black Trial in Depth Hewlett Packard's Resurgence Hewlett Packard's Governance Woes Blackberry Maker Professes Sweeping Governance Changes After Accounting Problems Insurer Seeks Shareholder Opinion on Executive Compensation Board Compensation Committee's Face Increasing Criticism Warren Buffett's Succession & Governance Plans Spotlight on CEO Compensation CEO Calls Governance Researchers Birdbrains!Governance Issues Arising from Corporate Scandals Sarbanes-Oxley Legislation News & Views Enron Timelines World Com Timelines Governance Best Practices - TELUS what are being reported as sweeping corporate governance reforms - reforms being made in the wake of a disclosure of US0 million in accounting errors related to under-reporting stock option costs.Executives manage day-to-day operations, boards provide general guidance and safeguard shareholder interests.Tags: Adult Dating, affair dating, sex dating