Directors At Troubled Companies Overbooked, Research Firm Claims

Directors At Troubled Companies Overbooked, Research Firm Claims - 2/23/2009

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Directors At Troubled Companies Overbooked, Research Firm Claims, Some Board Members At Aig, Citi, And Others Sit On Three Or Four Other Boards, Corporate Library Finds
Neil Roland

FinancialWeek. February 23, 2009
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EXCERPT: Citigroup, McGraw-Hill, and Merrill Lynch had directors who sat on too many other corporate boards and who received an unusually high percentage of disapproval votes from shareholders, a research firm said today. The findings stem from an effort by The Corporate Library, an independent research firm, to identify governance risk factors that may have contributed to the decline of more than a dozen mostly financial companies last year. The research excluded executive compensation. American International Group Inc., like Citigroup and McGraw-Hill, which owns Standard & Poor’s, had three board members who received unusually high disapproval votes from investors between July 2007 and December 2008, the report said. “In comparison to the largest U.S. companies, these numbers are truly remarkable,” said Corporate Library chief analyst Ric Marshall. “Poor corporate governance hastened the demise of companies facing exactly the same economic circumstances as some who have done much better.” Spokespersons at Citigroup, McGraw-Hill, AIG and Bank of America, which now owns Merrill, declined immediate comment today.

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