|
 |
|
Are you reading a pass along copy? Get
your
own FREE subscription. To unsubscribe, please click HERE
and send a blank email. You will be automatically unsubscribed.
Directors & Boards
Robert H. Rock
Publisher
James Kristie
Editor
Lisa
Cody
Chief Financial Officer
David Shaw
Publishing Director
Scott Chase
Advertising Sales Director
Nancy Maynard
Account Executive
Barbara Wenger
Subscriptions
Jerri Smith
Reprints
1845 Walnut Street
Suite 900
Philadelphia, PA 19103
+1 (215) 567-3200
The Directors & Boards e-Briefing is produced by GRID Media LLC.
From Jim Kristie | Article of the
Month | Columnist
Reader Profile |
Research | News |
No Howls of ‘Where Was the Board?’
Charges of failed governance at the credit crisis casualties are
surprisingly muted thus far.
There is something missing from the credit crisis that we entered into
last summer.
In past crises — going back to the financial wreck of the Penn Central
Co. in 1970 up through the bank and S&L failures in the 1980s and
Enron and its ilk collapses in the 2000s — inevitably an aggrieved
chorus sang out, “Where was the board?” Not so this time, it seems.
Even with the implosion of Bear Stearns last month, it appears the feds
and managers are taking the big blame. Former SEC Chairman Arthur
Levitt Jr. did go on the op/ed pages of The Wall Street Journal on Good
Friday to rail that management and the board of Bear and other troubled
financial services firms “failed to put in place adequate
risk-management systems.” But, overall, a fairly muted reaction to any
suspected governance deficiencies.
Perhaps it’s the overwhelming force of this credit contraction and
wholesale (or is it fire sale?) deleveraging. In such a macro economic
storm, maybe there is a reluctance to lay too much blame on the board.
Lucky for the storm-drenched boards.
But what would Directors & Boards
and the e-Briefings be if we didn’t explore whether a stronger
superstructure of governance might have provided some better shelter
for shareholders from this storm?
In our Article of the Month below, author Ellen Hexter does play the
“Where was the board?” card. She makes a reasoned case that the credit
crisis demonstrates further improvement boards need to make in
connecting the dots between enterprise risk management and governance.
But let’s also play the “real world” card. Directors are not diviners
of the future. We want board members to be an extra set of eyes and
ears on the outside world for the CEO. We want them to be an early
warning sensor. But expecting them to foretell the future is asking too
much.
In that spirit, I commend to you a thoughtful essay now posted on the Directors & Boards website, Gary
Sutton’s “Who
Could’ve Known?” Gary writes the “Sutton’s Laws” column for Directors & Boards, and this is
his column from the Second Quarter issue, just arriving in subscribers’
mailboxes.
Finally, with a new season of Major League Baseball now underway, we
present Hoffer Kaback’s “Alignment Strikes Out” in the Columnist slot
below.
Hoffer celebrated his 10th year as the journal’s lead columnist in
2007. That’s an impressive tenure. Columnists are susceptible to a high
burnout rate. Writer Nora Ephron said it best: “Being a columnist is
like being married to a nymphomaniac: Every time you think you’re
through, you have to start all over again.”
Hoffer’s essay shows the “good stuff” that he brings every time he
steps up to the plate, something I hope each of the e-Briefings does
too. This issue marks the online newsletter’s fourth anniversary. Thank
you for your loyal readership.
Jim
Kristie is the editor and
associate publisher of Directors
& Boards.
Credit Crisis: Don’t Blame Failed Risk
ManagementWhat was absent in many of the companies that took undue risk was good governance.
By Ellen Hexter
If financial institutions are so good at understanding and managing risk, what are we doing in the subprime mess?
One of the culprits being blamed for this financial disarray is poor risk management. Why are financial services companies, which are supposed to be wizards in risk management, unable to adequately manage their risks?
Even more importantly, if risk management fails so spectacularly in the companies that are supposed to be good at it, what hope is there for other companies that have more complex risk issues to manage?
Many companies are in the early stages of implementing enterprise risk management (ERM), a framework that encourages organizations to make decisions that are forward-looking and that take risks and rewards into consideration. Ideally, ERM provides tools to address root causes of risks, and to look across an entire company to understand the connection of risks and opportunities with the decisions that managers make.
At many financial firms, connecting those dots is what was missing.
[Click
Here to Read
the Entire Article]
Alignment Strikes Out
This screwball notion never stood a chance — at least not with Yankees manager Joe Torre.
By Hoffer Kaback
In October of last year, the New York Yankees offered manager Joe Torre a contract for 2008, providing for a base salary of $5 million (vs. $7 million the previous year) plus “incentives” of $1 million a pop should the Yankees win the American League Division Series, the AL Championship Series, and the World Series.
Concluding that he had been insulted and did not need financial “incentives” to motivate him to perform his duties, Torre rejected the offer.
This situation from the sports world resonates in the corporate governance realm. It demonstrates some of the ways in which the popular dogma of “alignment” stands on brittle glass.
Alignment proponents demand that a company’s directors have their directors’ fees and net worths tied directly into the company’s share price; the board, they insist, must “eat its own cooking” — even though it should be obvious that numerous factors, having nothing to do with how smart or honest the board may be, can and do affect the stock price.
Through its Torre offer, Yankees’ ownership in effect contended that a baseball manager’s excellence and ability should be measured by whether or not the team wins in the post-season, and that, therefore, his compensation should be directly linked to such results.
[Click Here to Read the Entire Article]
President
Cogent Compensation Partners, Inc.
Editor's note: Each month, we ask a
Directors & Boards reader to comment on critical issues facing
directors today. If you'd like to participate in this section in
the future, please email Scott
Chase.
What trends in executive compensation will directors need to consider in 2008?
Let’s talk about one of the less publicized trends first. An unexpected trend resulting from the proxy disclosure rules is compensation plans becoming more generic or “middle of the fairway.” As directors, we need to be careful that we don’t let compensation programs become diluted in terms of their strategic relevance because someone said it wasn’t “best practice.”
Another trend most directors need to recognize is that shareholders are really tired of paying for “non performance,” especially when executives are on their way out. This is showing up in criticisms of executive severance arrangements, even sparking pressure to allow shareholders a voice in the approval of executive contracts and severance arrangements.
A potential blockbuster is legislation that would require companies to submit their executive compensation programs for shareholder approval, known as “say on pay” legislation.
[Click Here to Read the Entire Article]
More than Half of CEOs and CIOs Point to an Insufficient Number of Staff
Insufficient IT staff availability, service delivery issues and difficulty proving the value of information technology (IT) continue to plague executives at organizations around the world, according to a new report by the nonprofit, independent IT Governance Institute (ITGI).
ITGI commissioned a global survey of 749 CEO-/CIO-level executives in 23 countries to determine executives№ IT governance priorities and the IT-related problems their organizations have faced. According to the IT Governance Global Status Report 2008, which is available as a complimentary download at http://www.itgi.org, 58 percent of respondents noted an insufficient number of staff, compared to 35 percent in 2005. Also, 48 percent said that IT service delivery problems remain the second most common problem, and 38 percent point to problems relating to staff with inadequate skills. Thirty percent of respondents also reported problems anticipating the return oninvestment (ROI) for IT expenditures.
The study is a follow-up to ITGI№s 2003 and 2005 surveys and tracks IT governance trends over the past four years. Several important business developments relating to IT are identified in the report, including:
- 93 percent of respondents said that IT is somewhat to very important to the overall corporate strategy‹an increase of 6 percent from 2005
- IT is always on the board agenda, according to 32 percent of respondents‹up from 25 percent in 2005
- 18 percent of respondents said the IT department always informs the business about potential business opportunities, up from 14 percent in 2005
- Awareness of the Control Objectives for Information and related Technology (COBIT) framework for IT governance has surpassed 50 percent, nearly doubling since 2005
- Use of COBIT has doubled (from 8 percent in 2005 to 16 percent)
- South America, 27 percent
- Asia, 44 percent
- Europe, 50 percent
- North America, 50 percent
The bottom line is that many organizations around the world are needlessly sacrificing money, productivity and competitive advantage by not implementing effective IT governance,І said Lynn Lawton, CISA, FCA, FIIA, PIIA, FBCS CITP, international president of ITGI. іWell-governed enterprises have been shown to provide a better return to stakeholders, and the same goes for governance over information technology. Executives need to direct their IT for optimal advantage, manage IT-related risks and measure the value provided by IT.
ITGI was established by ISACA in 1998 to advance international thinking and standards in directing and controlling an enterprise№s information technology. ITGI developed COBIT, now in its fourth edition, and Val IT, and offers original research and case studies to assist enterprise leaders and boards of directors in their IT governance responsibilities.
March
30-April 3, 2008
The 2nd Annual Corporate Governance Congress will be held at the JW
Marriott Hotel in Dubai. The only established corporate governance
event in the region, the program will address such topics as developing
an innovative governance model tailored to your challenges and needs;
boosting public and minority shareholder confidence in your
organization; and encouraging transparency, sustainability and
disclosure through corporate ethics, CSR and SRI. John J. Ray III,
chairman and CEO of Enron, and strategic governance adviser and
Directors & Boards author Mark Sickles will be among the speakers.
For more information, visit
April
2-4, 2008
PricewaterhouseCoopers LLP and The John L. Weinberg Center for
Corporate Governance, University of Delaware, present Directors'
College 2008. The program will address dealing with activist
shareholders, exploring ways to prepare and position a company
successfully. Speakers include David Batchelder, director of Home
Depot; John Biggs, director of Boeing; Charles Elson, director of
HealthSouth and Autozone; and Richard Koppes, director of Apria
Healthcare Group and Valeant Pharmaceuticals International. For more
information, visit
April 16,
2008
The New York Stock Exchange and Corporate Board Member magazine host
the second annual "Mid-Cap Board Committee Peer Exchange." The
invitation-only event will be held in Washington, D.C., at the new
Gaylord National Resort & Convention Center. For information, call
615-309-3200.
April
27-29, 2008
The U.S. Chamber of Commerce Business Civic Leadership Center presents
the National Conference on Corporate Community Investment. The
conference is for businesses seeking to shape the future of local
communities in the U.S. and will feature information exchange between
experts, innovators, and business leaders, all focused on the best ways
to align corporate philanthropy with the long-term viability of
communities. Visit
April
28-30, 2008
The Milken Institute holds its 2008 Global Conference in Los Angeles,
an annual gathering of distinguished leaders from diverse sectors and
international regions. To register, visit
May 1,
2008
The 7th Annual Financial Reporting Conference, sponsored by the Robert
Zicklin Center for Corporate Integrity at Baruch College, is a premier
opportunity for business and accounting executives to meet with
policy-setters from the U.S. Securities and Exchange Commission and the
Financial Accounting Standards Board. Corporate financial officers,
CPA's, financial analysts, and attorneys who are involved in the
financial reporting process will want to take advantage of this
once-a-year chance to hear the latest reports from the experts. Topics
include the latest FASB and SEC accounting rules and new proposals, as
well as up-to-date information on reporting and enforcement matters.
Register online at
May 5-7,
2008
The American Strategic Management Institute is hosting the Performance
Conference 2008. If you are an executive interested in performance,
finance, operations or HR, the Performance Conference has specific
tracks and workshops to help plan, measure and improve performance in
your organization. Visit
May 9,
2008
The NYU Directors' Institute presents its Sixth Annual program, themed
"Service in the Boardroom in Uncertain Times," an intensive one-day
program that will focus on highly topical issues, including strategic
M&A in the boardroom, and the relationship between a great board
and a strong CEO. Keynote address will be given by Reuben Mark,
chairman of Colgate-Palmolive Co. For further information, visit
May
12-14, 2008
The UCLA Director Education and Certification Program will be held to
aid directors in grasping the nuances of new regulations, envision the
impact of emerging issues and astutely evaluate matters ranging from
accounting considerations to corporate strategy. Faculty co-directors
are senior associate deans Alfred E. Osborne Jr. and Carla Hayn.
Keynote speakers include former SEC Chairman Harold M. Williams and
Daniel Petrocelli, lead counsel for Jeffrey Skilling. The program will
be held again on Oct. 29-31, 2008. Visit
May 15-16
The Boardroom Bound Boardology Institute presents their Pipeline
Seminar in Chicago. Register at
May
20-23, 2008
WorldatWork, an association of human resource professionals from
Fortune 500 and other leading companies, will be holding its annual
conference in Philadelphia. Talent leaders will discuss and rethink the
ways organizations attract, motivate, and retain employees. Jonas
Ridderstrale, Ph.D., author of "Karaoke Capitalism: Management for
Mankind" and "Funky Business: Talent Makes Capital Dance," will deliver
the opening keynote. Now in its 53rd year, the WorldatWork Total
Rewards Conference is expected to draw more than 2,000 HR executives
and corporate leaders from 30 countries. Talent leaders from
organizations such as Accenture, Buck Consultants, Hay Group,
Microsoft, Motorola, and Towers Perrin will be speaking. For additional
information, visit
May
27-29, 2008
The Families in Business Conference - "The 21st Century Family
Business" - will be held at the St. Regis Hotel in San Francisco. Learn
about key strategies and best practices shared by successful family
businesses, and network with a global audience of significant family
business owners. This is a private meeting, exclusively for owners of
family businesses and their senior executives, on structuring for
longevity, securing family interests and planning for the future. To
review this year's program and speaking faculty, visit
May
29-31, 2008
The International Policy Governance Association's 5th Annual Conference
will be held in Vail, Colo., at the Vail Marriott Mountain Resort and
Spa. Themed "Together at the Top: Building Peak Performance Boards,"
the event will bring together board members, CEOs, senior management
and board advisers and individuals at any level of Policy Governance
knowledge and experience for workships, plenary sessions and networking
opportunities with Policy Governance practitioners and experts from
around the world. For more information, visit
June 5-6,
2008
KPMG's Audit Committee Institute and the National Association of
Corporate Directors present "Audit Committee Fundamentals," an
educational program for audit committee members and directors, both new
and experienced, who want to enhance their understanding of audit
committee responsibilities and activities. The briefing will be held in
Chicago. Visit
June
16-17, 2008
The Haas School of Business, Berkeley College presents the Corporate
Directors Enterprise 2008: Effective Corporate Governance.
Registration deadline is May 15, 2008. Early and group
registration discounts apply. For more information, email Bart Decker
at decker@haas.berkeley.edu,
call 877-822-2932, or visit here.
June 18,
2008
The 12th Annual Wharton Leadership Conference presents "Emerging Trends
in the Search for Leadership." In this intensive one-day program,
presenters draw upon their own and their organizations' experiences in
finding, creating and retaining talent at all levels of the firm.
Speakers will include Colleen Barrett, president of Southwest Airlines;
S.A. Ibrahim, CEO of Radian Group; William Weldon, CEO of Johnson &
Johnson; and Wharton's Peter Cappelli, Habir Singh, and Michael Useem.
The program will be held at the Wharton School. Register at
June
18-20, 2008
The International Corporate Governance Network (ICGN) holds its Annual
Conference in Seoul, Korea themed "Corporate Governance - Seizing the
Initiative." This year's theme is the globalization of capital markets
and the impact this has on traditional corporate governance. Major
global trends will be explored by over 70 leading speakers from around
the world. The ICGN conference regularly attracts over 500 delegates
including investors, directors, policy makers and other stakeholders.
For more information, contact the ICGN Secretariat by email at
secretariat@icgn.org or visit the website at
June
22-24, 2008
Stanford Law School conducts its 14th Annual Directors' College, an
intensive two-day program for directors and senior executives of
publicly traded corporations. Among the sessions will be "The
Politicized Boardroom," "The Best and Worst Ideas in Corporate
Governance," "CEO Succession" and "The New Enforcement Regime." Keynote
speakers include SEC Chairman Christopher Cox, Vice Chancellor Stephen
Lamb of the Delaware Chancery Court, and James Chanos, president and
founder of Kynikos Associates. The program directors are Joseph
Grundfest, Simon Lorne, and Dan Siciliano. Register at
Women on Boards, an annual panel discussion focused on providing the necessary tools and knowledge for serving as a director, holds its next event in Chicago. The program is designed for women who are interested in getting on a board or making the transition from nonprofit to corporate boards, as well as women who are currently on a board and want to network with other women board members and hear about best practices. Panelists include Maureen Beal, Michelle Collins, and Pamela Forbes Lieberman. For more information, visit
For the first time in its groundbreaking studies of the top corporate compliance concerns faced by global companies, Integrity Interactive Corp. reports that anti-bribery topped the list in 2007. The full “Top 12 Corporate Ethics and Compliance Concerns” from the firm’s study released last month:
1. Anti-Bribery Requirements
2. Records Management
3. Antitrust Contact with Competitors
4. Mutual Respect
5. Privacy
6. Financial Integrity
7. Conflicts of Interest and Gifts
8. Careful Communication
9. Proper Use of Computers
10. Information Security
11. Export Controls
12. Product Safety and Liability
Five concerns that appeared on the 2006 list fell off the 2007 study: Confidentiality, Insider Trading, Sarbanes-Oxley, Business Controls, and Workplace Violence.
Integrity Interactive helps global corporations manage and reduce the risk of compliance failures. The complete version of the firm’s 2007 Corporate Ethics & Compliance Study is available for no charge by emailing emurphy@i2c.com.
Director Resources
D&O Insurance: Carpenter Moore, the wholly owned insurance brokerage subsidiary of The Nasdaq Stock Market Inc., has released its annual global Directors & Officers Liability Insurance Peer Benchmarking Report. This comprehensive analysis contains comparable data on directors and officers (D&O) insurance purchasing trends. To view the average price for the first $5 million of insurance by industry, visit http://www.nasdaq.com/newsroom/news/pr2008/2007benchmarkingsurvey.pdf. For information on how to obtain the 2007 Carpenter Moore D&O Insurance Benchmarking Report, email insurance@nasdaq.com or go to http://www.nasdaq.net and click on “Core Services” to register.
Family Company Governance: Family Business Publishing Co.’s newest handbook, “The Family Business Shareholder’s Handbook,” will be released on May 15, 2008. The handbook focuses on helping active and inactive family company owners to become well-informed stakeholders and work effectively with each other. This is the 11th in a series of acclaimed handbooks. A pre-publication discount of $20 off the $95 cover price is available by emailing Barbara Wenger at bwenger@familybusinessmagazine.com or by calling 215-405-6072.
Hedge Fund Activism: The Conference Board Governance Center’s Working Group on Hedge Fund Activism has released a set of proposed recommendations for public companies and institutional investors who might find themselves involved in an activism campaign mounted by hedge funds. The full set of findings and recommendations being released for public comment can be downloaded here. Any interested party is invited to comment on the preliminary report and proposed recommendation. The comment period will run until April 30, 2008. The Conference Board intends to review these comments and then issue a final report by June 2008. For further information and to submit any comments, contact the author of the report, Matteo Tonello, at 212-339-0335 or matteo.tonello@conference-board.org. All commentators will be acknowledged and will receive a hardcopy of the final report.
Audit Committee Oversight: Recession-related risks, such as liquidity, access to capital, and cash management, are a top concern of audit committees in 2008, according to a survey (click here) of audit committee members attending the 4th Annual Audit Committee Issues Conference. For more information about the conference and other events and resources offered by KPMG’s Audit Committee Institute, visit http://www.auditcommitteeinstitute.com or contact ACI at 1-877-KPMG-ACI.
Compensation: MullinTBG and Strategic Apex Group have released their Dow 30 report — an analysis of the compensation and benefits received by the CEOs, CFOs, and boards of directors at companies in the Dow 30, comprised of 30 of the largest and most widely held public companies in the United States. Click here for a copy of the report.
Board Diversity: ION, the InterOrganization Network, just released its 2008 report finding that women are consistently underrepresented among the ranks of the top-paid executive officers in the nation’s largest public companies. Seventy-two percent of 1,161 companies in nine of the 10 U.S. regions tracked by ION had no women among their top-compensated executive positions. The report also indicates that there has been little progress in electing women to the boards of America’s largest public companies. Few companies have included enough women on their boards to fully benefit from true diversity. Click here for a copy of the 4th annual ION report, “It’s Time To Take Charge”: A Status Report on Women Directors and Executive Officers of Public Companies in 10 Regions of the United States.
Global Compensation: Although multinational organizations are striving to globalize their compensation practices, less than half have predominantly global programs, according to Mercer's Global Compensation Strategy and Administration Survey. Just 45 percent of participating organizations take an almost exclusively global approach to compensation design while the majority continues to take a local approach (39 percent) or regional approach (16 percent). Click here for more insights into the survey of compensation practices.
Governance Ratings: GovernanceMetrics International has just released new ratings and rating reports for its universe of 4,165 companies, including nearly 600 from emerging markets. Clients who access GMI Rating Reports over Bloomberg are now able to access GMI Rating Files directly over their Bloomberg Professional Services platform as well. The firm made these arrangements with Bloomberg to help its clients integrate governance factors into their portfolio screens, a process that GMI says is becoming increasingly mainstream.
Executive Pay: Corporate directors and institutional investors disagree over whether the U.S. executive pay model is changing for the better, but both groups feel the current model has hurt corporate America’s image. These are among the findings from a new study by Watson Wyatt Worldwide. The firm’s 2008 Report on Directors’ and Investors’ Views on Executive Pay and Corporate Governance is based on a survey of two groups — 163 directors who serve on corporate boards of companies that collectively earn $1.5 trillion in annual revenue and 72 investment and pension fund managers who manage more than $5 trillion in assets. Copies of the report are available at http://www.watsonwyatt.com.
Author Notes
Compensation consultant DolmatConnell & Partners has launched a blog for commentary on executive pay issues. Visit http://executivecompensationissues.blogspot.com.
Robert L. Dilenschneider’s book, “Power and Influence: The Rules Have Changed,” one of the top business books of 2007, now has its own website. Visit http://www.dilenschneiderpower.com for additional information about the book and insights into leadership issues. An excerpt appeared in the Fourth Quarter 2007 edition of Directors & Boards. The author is chairman of The Dilenschneider Group and a member of the Directors & Boards editorial advisory board.
Dee Soder, founder of The CEO Perspective Group and a leading adviser to CEOs and senior executives, is being honored at the First Annual ABC Gala on April 14 for her support of the arts. The event, being held in Weill Recital Hall at Carnegie Hall, is under the auspices of The Alexander & Buono Competitions, an organization that helps launch the careers of students completing musical studies as well as emerging artists.
Calvert President and CEO Barbara J. Krumsiek was honored by the Latino Economic Development Corporation (LEDC), a Washington, D.C.-based nonprofit group focused on helping Latinos manage the conditions that impact their financial stability. In addition to Calvert's reputation as a respected leader in providing investors with sustainable and responsible investment strategies, LEDC also considered Krumsiek's service on the board of the Calvert Social Investment Foundation, a nonprofit organization that focuses on increasing the flow of capital to underserved communities in order to foster an equitable and sustainable society.
Océ Business Services Inc., a leader in document process management and electronic discovery, has been named to the top-ranked Leaders Category of the International Association of Outsourcing Professionals’ (IAOP) 2008 Global Outsourcing 100 list. Companies chosen must demonstrate excellence in categories such as size and growth, customer experience, depth and breadth of competencies, and management capabilities. Because of the rigorous application and judging process employed, The Global Outsourcing 100 defines the standard for excellence in outsourcing service delivery.
James F. Reda & Associates has launched its new website at http://www.jfreda.com. On the website is helpful information on executive compensation and governance issues that companies face in today’s changing environment. The New York-based firm, an independent executive compensation and corporate governance consultant, has also opened a new office in Atlanta, led by Jack Moran with Kim Glass.
The National Investor Relations Institute has elected Bina Thompson as the 2008-2009 chairman of the NIRI board of directors. Thompson is vice president, investor relations, for Colgate-Palmolive Co. She succeeds Matthew Stroud, vice president, investor relations, of Darden Restaurants Inc. At its recent annual meeting, NIRI members also elected the following four new directors: Derek Cole, vice president, investor relations, for Allos Therapeutics Inc.; Barbara Gasper, group executive and senior vice president, investor relations, of MasterCard Inc.; Nicole McIntosh, director of investor relations for Waddell & Reed Financial Inc.; and David Prichard, vice president, investor relations and corporate communications, for Corn Products International Inc. NIRI board members serve four-year terms.
Hewitt Associates, a global human resources services company, has acquired New Bridge Street Consultants, one of the leading specialist compensation consultancies in the United Kingdom. The acquisition expands Hewitt’s global presence and strengthens the firm’s capability to provide compensation and benefits consulting services to thousands of organizations of all sizes around the world.
Carren B. Shulman and Russell L. Reid Jr. have joined the New York office of Sheppard Mullin Richter & Hampton LLP as partners in the firm's Finance and Bankruptcy practice group. Shulman and Reid most recently practiced with Heller Ehrman in New York, where Shulman co-chaired the office's Summer Associate program and Reid chaired the New York Pro Bono committee and co-chaired the office's recruiting committee.
Back to the Top
Directors & Boards e-Briefing is a monthly service of Directors & Boards. All contents copyright 2008, MLR Holdings LLC.