March 26, 2004 |
The California state employees' pension fund nominated former Securities and Exchange Commission Chairman Arthur Levitt to the New York Stock Exchange board as the NYSE began allowing investors to suggest director candidates. The Big Board said Thursday that it had accepted about 100 applications for its eight director positions. The deadline for nominations was Wednesday. The California Public Employees' Retirement System nominated Levitt.
January 12, 2004 |
The Securities and Exchange Commission this week will take its latest steps in a campaign that the agency hopes will pressure boards of directors to serve as watchdogs for investors -- not lapdogs of management. On Wednesday, the SEC is scheduled to propose rules to increase the independence of mutual fund directors.
December 16, 2003 |
A member of the Securities and Exchange Commission says the agency should have dealt more harshly with four independent directors at Heartland Advisors Inc., a mutual fund group sued by the SEC last week. Amid a rash of scandals in the $7-trillion fund industry, SEC Commissioner Roel Campos said he cast the dissenting vote when the commission voted 3 to 1 in a closed meeting on a settlement with the independent directors of Heartland.
October 21, 2003 |
Corporate boards seeking independent directors should look beyond candidates' resumes to see whether they're running in the same social circles as the company's chief executive, Securities and Exchange Commissioner Cynthia Glassman said Monday.
May 9, 2003 |
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.
January 28, 2003 |
Walt Disney Co. said four long-standing directors would leave its board in connection with the company's ongoing corporate governance reform. Sidney Poitier, Robert A.M. Stern, Reveta Bowers and Andrea Van de Kamp won't stand for reelection to the Disney board at its annual meeting in March, Disney said.
December 12, 2002 |
Along with many other investors, the newly nominated head of the Securities and Exchange Commission surfed the dot-com stock wave in the late 1990s. As a director of EasyLink Services Corp., William H. Donaldson watched the company's share price quadruple after its initial public offering in June 1999. The stock has since crashed to under $1, and the Edison, N.J.-based firm says its survival as a going concern is questionable.
December 9, 2002 |
Angry shareholders are wondering when the management of Farmer Bros. Co. is going to wake up and smell the coffee. The Torrance-based roaster and seller of institutional coffee has scheduled its annual stockholders meeting on the day after Christmas, a move several dissidents see as a ploy to defeat efforts to force the company to elect independent directors and to disclose more information about its finances. Farmer Bros.