I do not view this as a negative opinion from a corporate governance standpoint. It should not make those who ignore their responsibilities happy nor should it discourage those who seek greater levels of oversight of directors,
More Quotes from Charles Elson:
The issue is on everyone's radar screen now. If you disregard the shareholder vote, you run the risk of a proxy battle.Charles Elson
Since severance packages generally are contractual, the issue is not the size of the severance package. The issue is why was the original employment contract structured to allow such a severance package And that responsibility rests in the board.
Charles Elson
At the time, people thought the Gilberts were like Don Quixote. But because of that case, it legitimized the use of the shareholder resolution.
Charles Elson
When a consultant does other work for the company, it creates either the actual danger or perceived danger of a conflict of interest. The consultant should either work for the board, or work for the company.
Charles Elson
Frankly, once you commit to a job, you should stick with it unless you have an extraordinary reason. You can dissent, but you are not helping by taking yourself out of the equation.
Charles Elson
He's a very bright guy. He'll figure his way out of this. The financial world is a very small place. When you're on the board of a company engaged in financial transactions, this sort of thing may happen.
Charles Elson
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