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…
Category: boards
Board Members Called to Testify Before House panel Investigating Climate Disinformation by Big Oil – The Washington Post
A House committee investigating climate change has followed its call for testimony by fossil fuel company executives with another hearing, this one with members of the boards of directors The House Committee on Oversight and Reform has broadened its investigation into the role of fossil fuel companies in misleading the public about climate change, asking…
Agenda – New Investor Policies at State Street ‘Highly Likely’ to Increase Negative Director Votes
If Agenda was not so board-centric, its headline might have been the more accurate: Poor Judgement and Lack of Responsiveness to Investor Concerns from Board Members Leading to No Votes for Director Candidates. We note that another article in the same issue highlights the increase in diversity and financial expertise on boards, which it is…
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…
McDonald’s claws back $105m from disgraced former chief Steve Easterbrook | Financial Times
Steve Easterbrook, the former McDonald’s chief executive who was fired over a relationship with a subordinate, has forfeited more than $105m to settle one of corporate America’s most extraordinary executive pay battles. The burger chain on Thursday revealed Easterbrook’s return of awards, which far exceeded the $40m-plus severance package he was granted on his exit…
Agenda – Millions of Dollars on the Line as Insurers Deny D&O Claims
We have been long-time advocates of tougher standards from D&O insurers, and of discounts on premiums for companies with exemplary governance. Insurers are taking a “really strict” view of claims and what is covered by a D&O policy, according to Jared Zola, a partner in Blank Rome’s policyholder-only insurance practice. There tend to be very…
The queasy ‘Enron feeling’ that directors must never ignore | Financial Times
VEA Vice Chair Nell Minow is quoted in an article looking back on the 20th anniversary of the collapse of Enron. “Unquestionably, boards are sharper, more independent, more focused, and more engaged,” says Nell Minow, vice chair of ValueEdge Advisors and a longstanding critic of poor governance and campaigner for shareholder rights. Still, since 2001,…
Agenda – Audit Committees Question Climate Competency
Climate change has now become the issue of the 21st century. With the conclusion of COP26 in Glasgow, Scotland — bookended by India’s commitment to achieving net-zero emissions by 2070 and the historic U.S.-China agreement to reach the 1.5 C temperature goal outlined in the Paris Agreement — the three largest polluters in the world…
Agenda – ISS Sets ‘Minimum’ Bar for Boards on Climate in Proposed Policy Changes
It’s essential to remember that ISS is market-driven and these changes are a reflection of their response to client demand and not an indicator of their intention to lead on climate issues. Proxy advisory firm Institutional Shareholder Services today published its annual list of proposed policy changes for the 2022 proxy season, and it includes…
valueedgeadvisors.com 