Corporate Governance
Good corporate governance - pointing out corporate directors who should and shouldn't be elected anywhere. This is my attempt to keep track of good people for board of directors and keep track of people who should be avoided.Saturday, April 12, 2008
Citigroup director pressure
#1 - The AFL-CIO and other shareholder groups successfully lobbied Citigroup to not let C. Michael Armstrong remain as the chairman of the audit and risk committee after how badly Citigroup managed, well, it's audit and risk duties. After the notably bad job Armstrong once did as CEO of AT&T, it's clear that this guy is unsafe for shareholders. He's also a shareholder of IHS.
#2 - ISS has recommended shareholders not re-elect four independent Citigroup directors: Alain Belda (Chairman Alcoa), Kenneth Derr (former Chairman Chevron), Anne Mulcahy (Chairman Xerox), and Richard Parsons (Chairman Time Warner).
Quoting ISS as reported by CFO.com at http://www.cfo.com/article.cfm/11037187/c_11036422?f=home_todayinfinance
ISS asserts that Citigroup's compensation committee, which is chaired by Parsons and includes Belda and Derr, "has lacked strong stewardship of compensation practices," the Associated Press reported.
According to the report, ISS specifically pointed to the estimated $9.5 million pay package recently given to CFO Gary Crittenden.
ISS also singled out the exit package for former CEO Charles Prince, who was booted out in November. He received $40 million from stock awards, a bonus and other benefits, his 2007 salary of $1 million, as well as 1.61 million Citi shares he already owned, according to the report.
ISS also reportedly singled out Mulcahy because she sits on more than three corporate boards while actively serving as CEO of a corporation. She serves on the boards of The Washington Post Co., Target Corp., and Xerox.
Other boards for this team:
Alain Belda: Alcoa
Kenneth Derr: Calpine and Halliburton
Anne Mulcahy: Target and Xerox
Richard Parsons: Time Warner
C. Michael Armstrong: IHS
#2 - ISS has recommended shareholders not re-elect four independent Citigroup directors: Alain Belda (Chairman Alcoa), Kenneth Derr (former Chairman Chevron), Anne Mulcahy (Chairman Xerox), and Richard Parsons (Chairman Time Warner).
Quoting ISS as reported by CFO.com at http://www.cfo.com/article.cfm/11037187/c_11036422?f=home_todayinfinance
ISS asserts that Citigroup's compensation committee, which is chaired by Parsons and includes Belda and Derr, "has lacked strong stewardship of compensation practices," the Associated Press reported.
According to the report, ISS specifically pointed to the estimated $9.5 million pay package recently given to CFO Gary Crittenden.
ISS also singled out the exit package for former CEO Charles Prince, who was booted out in November. He received $40 million from stock awards, a bonus and other benefits, his 2007 salary of $1 million, as well as 1.61 million Citi shares he already owned, according to the report.
ISS also reportedly singled out Mulcahy because she sits on more than three corporate boards while actively serving as CEO of a corporation. She serves on the boards of The Washington Post Co., Target Corp., and Xerox.
Other boards for this team:
Alain Belda: Alcoa
Kenneth Derr: Calpine and Halliburton
Anne Mulcahy: Target and Xerox
Richard Parsons: Time Warner
C. Michael Armstrong: IHS
posted by Larry Diamond # 3:51 AM 
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