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,…

Ira Millstein and Leo Strine on Corporate Governance Then, Now, and Soon

Two of the wisest, most experienced, and most influential people in corporate governance, Ira Millstein and former Chief Justice and Chancellor of Delaware, Leo E. Strine, Jr. had a conversation moderated by Columbia professor Eric Talley. It is published in the current issue of the American Bar Association’s Business Law Journal. Some highlights: On what…

Fitch: Increased Impact of Governance on Credit Ratings

Fitch Ratings expects idiosyncratic governance weaknesses to weigh on ratings more often than previously as the tolerance of governance failures from a wide range of stakeholders (e.g. authorities, investors, creditors, customers and employees) declines. It is likely that investors’ growing focus on ESG topics and better ESG-related disclosure will mean that governance failures will have…

Dimon Shareholder Letter: JP Morgan Chase

From the JP Morgan Chase shareholder letter [emphasis added]: We have consistently described to you, our shareholders, the basic principles and strategies we use to build this company — from maintaining a fortress balance sheet, constantly investing, nurturing talent, fully satisfying regulators, and continually improving risk, governance and controls to serving customers and clients while…

Aid to corporations with dependent workers – Backbencher

Essential reading from Tim Noah on why welfare to full-time workers is really welfare to corporations and overpaid executives. The ingenuity of American corporations in finding ways not to reward work begins with keeping them the hell off the payroll. As Brandeis economist David Weil observed in his book The Fissured Workplace, the much-discussed “gig…

CII Spring Conference 2021–Highlights

From VEA Vice Chair Nell Minow: I remember taking the escalator down to the CII conference last year and seeing boxes of hand sanitizer and antiseptic wipes. People greeted each other with elbow taps and made grim jokes about this new virus we were hearing about. A week later, everything shut down. So, this year’s…