How Can Anyone Think Fox Has Genuinely Independent Directors?

According to The Wrap: Rupert Murdoch has pledged to follow the recommendations of special committees of the Fox Corp. and News Corp. boards on his proposal to recombine his media empire. Fox Corp. said Tuesday that the special committee of the board named to evaluate the plan to bring it back together with News Corp. received letters…

Elon Musk Dissolves Twitter Board, Crowns Himself as ‘Sole Director’

This is why there’s a G in ESG — a governance risk red flag the size of Alaska. We suspect that Musk’s other equity investors will have something to say about this. Elon Musk dissolved Twitter’s board and made himself the “sole director” of the company after all previous members were removed from their roles,…

Directors Resign from the Boards of Five Companies in Response to Justice Department Concerns about Potentially Illegal Interlocking Directorates | OPA | Department of Justice

The Department of Justice announced the resignation of seven directors from interlocking board seats. The Justice Department announced today that seven directors have resigned from corporate board positions in response to concerns by the Antitrust Division that their roles violated the Clayton Act’s prohibition on interlocking directorates. Section 8 of the Clayton Act (Section 8)…

PWC Directors Survey 2022

PWC’s annual directors survey shows a “new trust crisis,” a widening disparity between corporate insiders’ opinions on how they are perceived by consumers and the reality. While 87% of business executives believe consumers highly trust their company, only 30% of consumers actually do. Trust is hard won and easily lost, and stakeholders are coming to…

Vote-No Campaigns: Foreboding or Fizzled? — Agenda

Fed up with what they say is board inaction, investors launched high-profile campaigns this proxy season against the reelection of board members at companies including Amazon, Chevron, Meta Platforms, Twitter and Wendy’s. Additionally, companies including Activision Blizzard face vote-no campaigns in upcoming meetings.Though the campaigns so far had little impact on average support levels for…

After Incidents Across Years, a CEO’s Sudden Exit

Agenda reports on the “sudden” departure of Matt Maddox from Wynn Resorts after a now-revealed series of troubling behavior over a longer period. Despite the dismissal for what in any other position would be considered “cause,” the official position is that it was a voluntary departure: “Mr. Maddox’s decision to step down as CEO was…

The Most Overpaid and Underpaid Boards (Jan. 4)

Agenda’s study of the most overpaid and underpaid boards includes repeats in both categories. Some of the explanations are illuminating: At Goldman, total comp for directors actually decreased in 2020 to a flat $450,000 per director, from $575,000 in 2019. Of course, the change was a concession that Goldman’s board made this year to settle…