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Independent Directors

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BUSINESS
May 9, 2003 | From Reuters
Billionaire investor Warren Buffett jumped into line with proposed corporate governance rules as his Berkshire Hathaway Inc. appointed two independent directors. Berkshire named Donald Keough, a former president of Coca-Cola Co., and Thomas Murphy, formerly chief executive at Capital Cities/ABC Inc., as directors, putting independent directors in the majority on the board.
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BUSINESS
April 9, 2013 | By Ronald D. White, Los Angeles Times
For several days, Occidental Petroleum Corp. has been roiled by speculation that its CEO search was really a power play by Executive Chairman Ray Irani to push out his onetime protege, Chief Executive Stephen Chazen. On Monday the Westwood company's board of directors took the unusual step of saying there is "no fight at the top" of the oil and gas producer, but made clear that the two men who have run Occidental for the last decade were on their way out in one way or another. The board's statement, billed as unanimous, went on to say that the 78-year-old Irani played no role in the February decision by independent directors to identify a successor for Chazen, 66. Chazen acknowledged Monday that he didn't ask to leave Occidental but said, "I respect the board's decision to seek a new generation of leadership.
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BUSINESS
March 30, 1997 | CHARLES A. JAFFE
"Independent director" has long been considered the cushiest job in the fund business. It generally involves an annual vacation, a little paperwork and some exercise with a rubber stamp in exchange for a nice paycheck. The Securities and Exchange Commission has encouraged directors to take a more active role in examining their funds, but the rubber stamps remain the norm. Recently, the independent directors of one fund put their rubber stamp down and tossed their fund manager.
ENTERTAINMENT
January 23, 2013 | By Joe Flint
After the coffee. Before my cable bill goes up again. The Skinny: I'm trying to create a fake girlfriend, but I can't decide between a blond or brunette. Send your thoughts. Wednesday's headlines include coverage of the Dodgers' pending deal with Time Warner Cable, a look at pilot season and a piece on how ESPN missed the Manti Te'o story. Daily Dose: ABC is pulling the plug on its sitcom "Don't Trust the B---- in Apt 23. " The twisted sitcom, about a selfish girl who has no problems tormenting her friends to get what she wants, was a critical darling but failed to attract many viewers.  What will a hot dog cost?
BUSINESS
January 4, 2001 | Associated Press
New rules giving independent directors of mutual fund companies more power were adopted Wednesday by federal securities regulators in an effort to better protect the millions of Americans who invest in the funds. The Securities and Exchange Commission proposed the rules in October 1999. They included a requirement that the boards of most mutual fund companies have a majority of independent directors.
BUSINESS
November 11, 1994 | JOHN O'DELL, TIMES STAFF WRITER
Freedom Communications Inc., the holding company for a chain of newspapers including the Orange County Register, has elected three outside executives to its board of directors as part of a planned restructuring. The reorganization calls for adding outside members to the board and reducing the number of board members from the Hoiles family, which owns the company. Family members and their representatives held 12 of 13 seats before Tuesday's election. Chairman Robert C.
BUSINESS
March 28, 1999 | PAUL J. LIM, TIMES STAFF WRITER
A month ago, at a Securities and Exchange Commission round-table discussion on mutual fund fees and governance, John Markese asked for a show of hands. "How many of you know who your funds' independent directors are?" asked the president of the American Assn. of Individual Investors, turning to an audience of industry officials and observers. "I don't recall seeing a single hand," Markese said. And these were the so-called experts.
BUSINESS
May 20, 2009 | Associated Press
A federal court has approved distributing $843 million to investors in American International Group Inc., the Securities and Exchange Commission said. The distribution was ordered after the SEC alleged accounting fraud at AIG, saying the insurance giant falsified finance statements from at least 2000 until 2005. A federal judge authorized a fund to help compensate investors in June 2007. The money includes $700 million in AIG profits from the period and an additional $100 million in penalties.
BUSINESS
October 20, 2007 | Kathy M. Kristof, Times Staff Writer
A union-affiliated pension plan is calling on Countrywide Financial Corp. to take the chairman's post away from Chief Executive Angelo Mozilo amid growing criticism of the company's management and a sharp decline in its stock price this year.
BUSINESS
September 23, 2012 | By Donie Vanitzian
Question: What happens if no one runs for the board and we can't get anyone to serve? Does the state take over? Who if anyone puts us in receivership? How do those actions affect all of us titleholders? Answer: Although common interest developments are state-created entities in law, the state has no interest in taking over their operations. There is no state agency that would initiate a "takeover" of a privately owned common interest development with a homeowners association. When there are no directors to serve on the board, there may be two alternatives.
BUSINESS
April 4, 2012 | By Jessica Guynn
Yahoo Inc.'s decision to slash 14% of its workers is the biggest restructuring in the company's history, an analyst said. About 2,000 workers will be laid off, the Sunnyvale, Calif., company said Wednesday. It expects to record a pretax expense of $125 million to $145 million, most of which will come in the second quarter. "It may be the only way CEO [Scott] Thompson can effectively focus on the next generation of Yahoo," Think Equity analyst Ronald Josey said in an research note.
BUSINESS
February 7, 2012 | By Nathan Olivarez-Giles
Yahoo will forge its future without Chairman Roy Bostock and three other board members, the struggling Internet company said. Bostock announced the departures Tuesday in a letter to shareholders, describing the moves as part of Yahoo's turnaround efforts. "The board has concluded that in order to accelerate the Company's transformation, the combination of a new Chief Executive Officer with an enhanced team of independent directors would provide Yahoo with the expertise and perspectives necessary to drive innovation and growth going forward," Bostock said in the letter.
BUSINESS
August 6, 2011 | By Meg James, Los Angeles Times
The furor over Rupert Murdoch's management of News Corp. continues to reverberate. The mogul's daughter, Elisabeth Murdoch, had been scheduled to join her father and two brothers on the board of News Corp. after selling her British television production company to News Corp. this year. However, the company said Friday that those plans — announced in March by Rupert Murdoch, chairman and chief executive of the media conglomerate — had been put on hold. "Elisabeth Murdoch suggested to the independent directors some weeks ago that she felt it would be inappropriate to include her nomination to the board of News Corp.
BUSINESS
May 20, 2009 | Associated Press
A federal court has approved distributing $843 million to investors in American International Group Inc., the Securities and Exchange Commission said. The distribution was ordered after the SEC alleged accounting fraud at AIG, saying the insurance giant falsified finance statements from at least 2000 until 2005. A federal judge authorized a fund to help compensate investors in June 2007. The money includes $700 million in AIG profits from the period and an additional $100 million in penalties.
BUSINESS
August 19, 2008 | Tom Petruno, Times Staff Writer
Corporate directors often are accused of being pushovers. But in the case of Union Bank, the directors pushed back at a lowball takeover offer from the Japanese corporate parent -- and won a hefty premium for shareholders. UnionBanCal Corp., the San Francisco-based holding company for Union Bank of California, agreed Monday to a $73.50-a-share buyout from Mitsubishi UFJ Financial Group. That was 27% more than the $58-a-share offer Mitsubishi made in April, and nearly 17% above the revised bid of $63 a share that the Japanese firm made last Tuesday.
BUSINESS
March 23, 1999 | PAUL J. LIM, TIMES STAFF WRITER
In an effort to make mutual funds more responsive to their shareholders, Securities and Exchange Commission Chairman Arthur Levitt on Monday proposed strengthening the role of "independent" directors on fund boards. Initial industry reaction was tempered, however, as managers said they're already following many of his ideas.
BUSINESS
March 24, 2005 | From Bloomberg News
Merrill Lynch & Co. has acquired $140 million of a new type of insurance to protect its directors, executives and employees from lawsuits should the company go bankrupt. Merrill's plan comes after lawsuits against board members and executives stemming from the bankruptcy filings of Enron Corp. and WorldCom Inc. "When it comes to bankruptcy, independent directors are very concerned," said Evan Rosenberg, a vice president at Chubb Corp.
BUSINESS
August 13, 2008 | From Bloomberg News
Shares of UnionBanCal Corp., California's second-largest bank, rose 13% after controlling shareholder Mitsubishi UFJ Financial Group Inc. threatened a $3-billion hostile bid to buy out minority stakes. Mitsubishi UFJ said it would make a direct offer to investors to purchase the 35% of the company it doesn't already own for $63 a share, saying UnionBanCal's independent directors refused to negotiate after rejecting an earlier $58 bid. UnionBanCal said it had been negotiating and would review the new offer.
BUSINESS
November 2, 2007 | From Times Wire Services
Five independent directors of Affiliated Computer Services Inc. said they would resign after the firm's chairman blamed them for a failed $6.1-billion private equity buyout bid. Chairman Darwin Deason, who was working with Cerberus Capital Management on the buyout bid, urged the directors to step down at a board meeting, saying they had lost shareholder support.
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