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Directors & Boards
Robert H. Rock
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James Kristie
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From Jim Kristie | Article of the
Month | Columnist
Reader Profile |
Research | News |
Director Independence 2.0
Seeing around corners: Director tenure as
a determinant of insider vs. outsider status.
We took a bit of guff three years ago when Directors & Boards columnist
Gary Sutton made the following statement: “Anybody who has been on the
board for more than five years has become an insider. Period.”
That was bold. A paradigm-shifting perspective like that always gets
some pushback. It was put out there right in the midst of the post-SOX
fixing on what makes an independent director, when the focus was on
addressing personal relationships and conflict-of-interest business
dealings between board members and the company.
Gary’s statement bubbled to mind when I read a commentary by Financial Times columnist John
Plender earlier this year on standards of director independence in the
U.S. vs. the U.K.
Referring to the Pfizer board’s abysmal handling of Henry McKinnell’s
compensation package, Plender wrote: “One approach would be to rectify
the lax rules in U.S. exchanges’ listing agreements on director
independence, which fall well short of standards in the U.K. … Note
that the senior independent director [of Pfizer] at the time, Stanley
Ikenberry, who was also a member of the compensation committee until
recently, had been on the board since 1982. Anthony Burns, chair of the
compensation committee until recently, had been on the board since
1988. If the U.K. nine-year cap for independent status had applied, six
of the 11 directors deemed independent under U.S. rules would not have
been regarded as independent.”
In this same vein, I’m reminded of Nell Minow’s observation about the
dangers and drags of “legacy” directors. Reflecting in Directors & Boards on her long
slog in shareholder activism and her many bump-ups against boards of
poorly performing companies, she said, “The only thing that ever
brought about change was adding new directors to the board. I was to
learn that lesson over and over again” (“An Oral History of Corporate
Governance,” 25th Anniversary Edition, Fall 2001).
Director tenure may well become the next flash point in evaluating
board performance and director independence.
Whether it’s five years like Gary Sutton suggests or the U.K.’s
nine-year cap that triggers a change in independence rating, some
standard may be in the future that addresses the “captive” status and
mindset endemic in long-tenured situations.
I’ll
welcome your comments at jkristie@directorsandboards.com.
****
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this Thursday!
Jim Kristie is the editor and associate publisher of Directors & Boards.
‘Life Is Not a Dress Rehearsal’Advice to those on the launching pad: ‘Go for it.’
By Norman R. Augustine
Ed Note: In recognition that May and June are the prime months for commencement addresses, the following article is adapted from Mr. Augustine’s remarks to the 2006 graduation class of Drexel University in Philadelphia, during ceremonies in which he was awarded an honorary degree.
To receive a degree from Drexel University is a great honor indeed. In fact, one of my predecessors as CEO of Martin Marietta Corp. received his undergraduate degree at this remarkable institution, as did many other of my colleagues. Nonetheless, I am acutely aware of the difference between the degree I am grateful to have just received and the degrees that will soon be conferred upon each of you — yours being known in the world of academia as earned degrees! As Neil Simon once remarked, “Would you let an honorary mechanic work on your brand new Mercedes?”
The commentary that was offered about my career was exceedingly generous. But among those who would perhaps take a somewhat different perspective is Mr. Laurence Peter, progenitor of the renowned “Peter Principle.” Shortly after I published my first book, I received a letter from Mr. Peter — whom I have never met, but whose letter I treasure. He stated that he had been studying my career and that I had undermined his entire life’s work: I had, he asserted, risen not one, but two, levels above my level of competence!
[Click
Here to Read
the Entire Article]
From the Outside Looking In
Checklist-ism won’t tell you what you might really need to know about a board.
At a February 8 New York Society of Security Analysts corporate governance conference, Holly Gregory of law firm Weil, Gotshal & Manges voiced the important question, “How do we judge a board’s effectiveness?”
Let us first of all recognize numerous sub-questions inherently involved:
— What does “effectiveness” mean?
— Over what time frame is it to be measured and evaluated?
— What criteria should be used?
— Who sets them?
— Who does the evaluating and judging?
— Is that judging to be wholly internal, wholly external, or something else? That is, should evaluation be made by 1) directors of their colleagues, 2) ratings services types, 3) the editor of Business Week, 4) the editor of Directors & Boards, 5) majority vote of hedge fund managers (like the popular vote of baseball fans in past All-Star selections), or 6) others?
Consider just a small portion of the difficulties: Can “effectiveness” be equated, more or less, to a board’s thoughtfully and carefully hiring the right CEO for the job? (Many do believe that selecting an appropriate CEO is the board’s most important responsibility.) But, because experience shows that CEOs who appear “right” on paper often fail, how do we know until after the fact whether the board’s decision was correct? Should we perhaps say that an effective board is one that timely fires the wrong CEO?
Or, is an effective board one that gets the stock price up, and an ineffective board one where the stock price languishes? After all, isn’t the lodestar for good governance supposed to be “value creation for shareholders,” and what is a high stock price but value creation?
[Click Here to Read the Entire Article]
Senior VP and CFO
CDW
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 is your opinion on the recent U.S. Chamber report that calls for public companies to stop issuing earnings guidance?
The study suggests that if companies stop issuing earnings guidance, they will place a greater emphasis on long-term value creation, since they will be less pressured to meet short-term earnings targets. This, in turn, should benefit investors and further the interests of the U.S. economy.
The relationship between earnings guidance and the market’s short-term focus has been a popular topic for several years. In thinking about the market as a whole, the investment community is particularly driven by short-term results, as many portfolio managers and sell-side analysts-and their clients-are focused on quarterly performance. Even if earnings guidance was a thing of the past, investors might still measure a company’s results based on the sell-side analysts’ consensus estimates and the media may continue to report whether a company “beat” or “missed” the consensus.
The goals of the study are good and companies should focus on long-term valuation. But whether companies provide guidance or other pertinent information on their business, the market will still be focused on quarterly results. Breaking the short-term cycle focus would require cooperation from all market participants.
[Click Here to Read the Entire Article]
Few give stock options a second look
The 2007 Oversight Systems Financial Executive Report on Sarbanes-Oxley, an annual survey of 168 financial executives, identifies improved management of year-three compliance costs and a positive jump in shareholder value.
Now in its third year, the cost of implementing SOX regulations is coming under control. When comparing 2006 SOX costs with 2005 figures, financial executives report spending less. Compared to year-one spending:
• Nine percent of executives report spending an equal or greater amount on 2006 SOX compliance (17 percent in 2005)
• Twenty-nine percent of executive report spending less than half of first-year costs in 2006 (19 percent in 2005)
Financial executives are divided on what they feel the new political majority means to SOX regulations, 30 percent think a Democratic Congress will seek to expand or strengthen market regulations such as SOX and 27 percent believe Congress will reduce and weaken such regulations. Another 27 percent believe the new Congress will usher in more vigorous enforcement by the SEC and PCAOB, while 16 percent feel that less vigorous enforcement is on the horizon.
Today, more than five years after Enron filed for bankruptcy, many companies still feel the fallout of the accounting scandals that rocked the early 21st Century. Nearly all financial executives (90 percent) report a cultural change among U.S. business leaders toward institutional integrity and fraud prevention as a result of these scandals. The outlook among executives about this change, though, is divided 31 percent perceive a vigilant change that will remain for the foreseeable future, 30 percent feel the interest will fade over the next five years, and 29 percent feel vigilance and interest by corporate leaders has already begun to fade.
Likewise respondents’ attitudes toward the benefits of SOX compliance indicate a fading level of interest compared to previous years. Although when asked the benefits of SOX compliance, 68 percent report that it ensured the accountability of individuals involved in financial reports and operations while all other factors lost support as compared to the 2006 study. The SOX benefit with the biggest drop was strengthening investors’ view of a company, garnering just 16 percent support down 10 percent from last year.
Investment Picture
Financial executives report only small increases in the amount of time auditors spend reviewing stock options as compared to one year ago. Of financial executives whose companies have stock options, 38 percent report no increase in the amount of time spent auditing and 47 percent report a 30 percent or less increase in time spent auditing stock options.
In 2007 financial executives report a significant increase in the positive impact SOX compliance has on shareholder value. Four in ten executives (41 percent) report that SOX boosts shareholder value by building overall confidence in the market. Additional findings include:
• 37 percent report SOX increased shareholder value because investors know their company is operating ethically (27 percent in 2005)
• 30 percent report SOX created a cost burden that suppresses stock value (37 percent in 2005)
Board involvement is also apparent among companies. Nearly three-quarters of executives (72 percent) report their Board is actively involved in company management with 19 percent reporting the Board to be highly active.
Nearly two-thirds of financial executives (64 percent) see merits in using continuous monitoring as a detective tool in SOX compliance. Additionally, 58 percent feel it can serve as a preventative tool, 50 percent think it can facilitate management’s assessment of risk and help test the effectiveness of other controls, and 42 percent believe it can be used as a compensating or mitigating control. To download the complete survey report visit http://www.oversightsystems.com/knowledge/oversight_research.php.
May 4,
2007
The NYU Directors' Institute presents "Corporate Governance: The State
of the Art," an intensive one-day program that will focus on highly
topical issues, including options backdating, monitoring the challenge
of financial restatements, and the significance of changing rules and
practices in corporate voting, along with perennial topics such as
crisis management and CEO selection and compensation. Keynote address
will be "Governance from a Hedge Fund Investor's Perspective," with
William Ackman, managing member, Pershing Square Capital Management.
For further information, call 212-998-0565, or visit
May 5,
2007
Simmons School of Management Leadership Conference in Boston hosts its
28th annual leadership event, "Ways Women Lead." Attendees will hear
firsthand from many women of accomplishment their candid stories of
struggles and triumphs and experience the collective energy of some
2,500 professional women participants. Register at
May 9-10,
2007
Ethical Corporation and Business in the Community will host an
unprecedented gathering of world business leaders to discuss the
evolution of corporate responsibility up to 2020. The conference is set
to be the largest corporate responsibility gathering of 2007. It will
address how international business leaders think responsible business
will evolve; the emerging opportunities - and risks - to consider in
the run up to 2020; and practical solutions to help you deal with the
changes ahead - from the world's top corporate responsibility
directors. The conference marks a merger of the annual BITC CR Index
conference and Ethical Corporation's Europe Summit. Go to
May 10,
2007
The National Association of Corporate Directors presents "Directors,
Family and Management: Teaming Up for Success," a program on how the
board can be a competitive advantage to the family business. It will be
held at the Jonathan Club in Los Angeles. More details
May
14-17, 2007
The UCLA Director Training and Certification Program will be held to
increase the expertise of new and experienced directors. Foundational
topics include fundamental duties of directors, current SOX
requirements, corporate reporting and disclosure issues, and protection
mechanisms for directors. Faculty co-directors are Alfred E. Osborne
Jr., senior associate dean, and Carla Hayn, associate professor of
accounting, UCLA Anderson School of Management. The program will be
held again on Oct. 8-11, 2007. Visit
May 22,
2007
Women Corporate Directors (WCD) presents "A Lighthouse of Power:
Illuminating Dialogues on Audit and Nominating Committees, Corporate
Sustainability/Environment, and Hard/Soft Diplomacy," a series of
keynote addresses and panel discussions on these key topics to be held
in New York City. Among the speakers and panelists will be Patricia
McKay, CFO of Office Depot; corporate directors Marty Evans and Sally
Crawford; Heidrick & Struggles Senior Partner Bonnie Gwin;
Undersecretary of State for Management Henrietta Holsman Fore; and WCD
co-founder Susan Stautberg. To register contact Vaiva Razgaitis at
212-987-6230 or by email at vrazgaitis@partner-com.com.
May 22,
2007
Women Corporate Directors (WCD) presents "A Lighthouse of Power:
Illuminating Dialogues on Audit and Nominating Committees, Corporate
Sustainability/Environment, and Hard/Soft Diplomacy," a series of
keynote addresses and panel discussions on these key topics to be held
in New York City. Among the speakers and panelists will be Patricia
McKay, CFO of Office Depot; corporate directors Marty Evans and Sally
Crawford; Heidrick & Struggles Senior Partner Bonnie Gwin;
Undersecretary of State for Management Henrietta Holsman Fore; and WCD
co-founder Susan Stratberg. To register contact Vaiva Razgaitis at
212-987-1893 or by email at vrazgaitis@partner-com.com.
June 3-6,
2007
The National Investor Relations Institute holds its annual conference
in Orlando. Themed "Ahead of the Curve: Getting There, Staying There,"
the meeting will be important in a time when management and boards are
looking at IR officers to effectively communicate the company's
strategy while supplying competitive intelligence, insights on
governance, and investing trends. More information at
June 6-7,
2007
Ethical Corporation Conferences conducts "Climate Change Strategies and
Environmental Communication," a program in Boston on how some of
America's top companies are managing climate change and telling their
customers and investors about it. Call 1-800-814-3459 or visit
June 7,
2007
The 11th Annual Wharton Leadership Conference presents "Developing
Leadership Talent: How Organizations Prepare Their Present and Future
Leadership." In this intensive one-day program, presenters draw upon
their own organization's experience in finding, identifying,
recruiting, preparing, and training their talent for positions of
responsibility. Where are the best sources of talent? What are the best
development experiences for building leadership capacities? When is the
time to invest in leadership development? Who has the best programs for
fostering leadership - and what are the secrets of their success?
Speakers include Jennifer Deal, research scientist at the Center for
Creative Leadership; Richard Greene, consultant and author of Words
That Shook the World; Stephen Harrison, chair of Lee Hecht Harrison and
author of the upcoming book The Manager's Book of Decencies: How Small
Gestures Build Great Companies; David Nadler, vice chairman of Marsh
& McLennan and chair of Mercer Delta Consulting; Thomas Stewart,
editor and managing director of the Harvard Business Review; and Tim
O'Toole, managing director and CEO of the London Underground and former
CEO of Conrail. Details about the conference and online registration
are available at
June
14-15, 2007
Outstanding Directors Exchange (ODX) and Columbia Business School host
a meeting at the Ritz-Carlton Battery Park in New York for sessions on
key isues in corporate governance. Featured speakers include Time
Warner CEO Richard Parsons, director Jerry York, Columbia Business dean
Glenn Hubbard, and Kamsky Associates CEO Virginia Kamsky. For
information, visit
June
19-20, 2007
KPMG's Audit Committee Institute and the National Association of
Corporate Directors will conduct a session on "Audit Committee
Fundamentals: Roles, Responsibilities, and Resources." The program is
for both new and more experienced directors. To register, visit
June
21-22, 2007
Babson Executive Education and the Center for Women's Leadership hold
"OnBoard Bootcamp," an insiders guide to mastering the board selection
process. Attendees will learn to position themselves so that they are
in the right place at the right time, get their names on the short
list, make a board match that's right for them, and become an effective
director once they've been selected. The program will be held at the
Babson Executive Conference Center in Wellesley, Mass. To register,
visit
June
21-24, 2007
The International Policy Governance Association holds its annual
conference, "Create the Freedom to Excel." A keynote address, "Trustees
as Servant-Leaders," by Larry Spears, president and CEO of the
Greenleaf Center for Servant-Leadership, will be among the key features
of the program, being held in Alexandria, VA. Attendees will be exposed
to new ideas related to governance, decision making, management, and
consulting, and be re-energized to lead organizations with excellence.
Visit
Stanford Law School conducts its 13th Annual Directors' College, which brings together leading CEOs, directors, jurists, scholars and regulators for a rigorous examination of corporate governance. Among the keynote speakers will be Paul Otellini, president and CEO of Intel; former Rep. Michael Oxley; Linda Chatman Thomas, director of the SEC's Division of Enforcement; Patricia Dunn, former chair of Hewlett-Packard; Justice Jack Jacobs of the Delaware Supreme Court; and Charles Munger, vice chairman of Berkshire Hathaway. Visit
June 24-26, 2007
Harvard Business School's Corporate Governance Series presents "Audit Committees in a New Era of Governance," a program that will prepare audit committee chairs and members, as well as the CFOs working with them, to operate successfully amid new regulations and emerging governance trends. Faculty chair is HBS Professor Jay Lorsch, and the program will be held on the HBS campus. For further information, call 1-800-HBS-5577 or visit
June
26-27, 2007
Directorship and Pepperdine University's Graziadio School of Business
and Management present "The New Rules of Board Effectiveness." To be
held in Malibu, Calif., the program will cover a broad sweep of
important issues facing directors. Speakers include Michael Milken,
chairman of The Milken Institute; Enrique Hernandez Jr., chairman of
Nordstrom; and Tom Plaskett, chairman of Novell. Call 1-887-263-7655
for registration information.
June
26-28, 2007
The International Center for Corporate Accountability will hold a
conference on "Gobalization and the Good Corporation" at the Baruch
College campus in New York. Last held in 2004, the program will bring
together members of the academic community, business and industry
groups, civil society organizations, and international financial and
development institutions to address such issues as "Corporate Global
Citizenship" and "Triple Bottom Line - People, Planet and Profits."
Visit
June
27-29, 2007
Harvard Business School's Corporate Governance Series presents
"Compensation Committees: New Challenges, New Solutions," a program
that will help compensation committee chairs and members think deeply
about compensation issues and to identify solutions for particular
difficulties that their boards and companies are facing. Faculty chair
is HBS Professor Jay Lorsch, and the program will be held on the HBS
campus. For further information call 1-800-HBS-5577 or visit
July
15-18, 2007
Harvard Business School's Corporate Governance Series presents "Making
Corporate Boards More Effective," a program that concentrates on
cutting-edge techniques, strategies and action plans for improving
board design, maximizing indiviual contributions to company boards, and
improving corporate governance. Faculty chair is HBS Professor Jay
Lorsch, and the program will be held on the HBS campus. For further
information, call 1-800-HBS-5577 or visit
Business Roundtable Institute for Corporate Ethics hosts the Senior Leadership Team Ethics Seminar, a forum for senior executives to share best practices and best thinking regarding ethics. Held in Washington, D.C., the half-day session is led by the Institute's instructors who are faculty at top business schools. This program is for chief ethics officers, chief financial officers, and other C-level executives, as well as vice presidents, general counsels, corporate secretaries, and members of the board of directors. Issues addressed include how to: build and strengthen an ethical culture; develop a strategic, enterprise approach to ethics; foster trust among your firm's stakeholders; and identify issues your firm is likely to face in the next 5-10 years. More information can be found at:
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The long-awaited total compensation numbers are in, disclosed last month for the first time this year: According to the Mercer Human Resource Consulting 2006 CEO Compensation Survey, total compensation (total direct compensation plus benefits and perquisites) “is not as eye-popping as expected.” Mercer reports a median total of $8.2 million.
While the median change in CEO total direct compensation (salary, bonus, and long-term incentives) was 8.9%, corporate net income increased by 14.4%, up from 13% in 2005, and total shareholder return was 15.1%, more than double the 6.8% return in 2005. Companies heard the message that pay has to be linked to performance: Over half of the companies granted performance shares – shares that are earned only if performance goals are met – according to the Mercer 350 study. Click here for a company release that provides additional survey findings along with several tables of data breakouts.
Continued Softening of the D&O Market
Public and private companies -- more than 66% of respondents -- have received a record number of inquiries from potential board members who are concerned about their current directors and officers (D&O) liability insurance, an increase of 16% from 2005, according to the D&O Liability 2006 Survey on Insurance Purchasing and Claims Trends conducted by Towers Perrin (http://www.towersperrin.com).
Towers Perrin’s D&O liability insurance average premium index dropped 18% in 2006 after dropping 9% in 2005 and 10% in 2004. But while the downward change in premiums points toward a softening market, nearly the same percentage of companies experienced a premium increase (36%) as those that had a decrease (38%). Furthermore, changes in premiums varied substantially across organizations. Repeat public company participants with assets less than $6 million reported a 21% reduction, compared to a 4% reduction for public companies with assets greater than $10 billion.
For the first time Towers Perrin is offering the 2006 Directors and Officers Liability Survey free of charge to all interested parties. Click here for a copy.
Director Resources
Earnings Template: The CFA Centre for Financial Market Integrity (http://www.cfainstitute.org/cfacentre) and the Business Roundtable Institute for Corporate Ethics (http://www.corporate-ethics.org) jointly called on companies to improve the quality and clarity of quarterly earnings announcements by adopting a standard template for reporting quarterly earnings information. The full report, Apples to Apples — A Standard Template for Reporting Quarterly Earnings, which includes a sample earnings report reflecting the recommendations of the standard template and an executive summary, are available online at http://www.corporate-ethics.org/pdf/earnings_release_template.pdf.
Political Spending Oversight: Faulting S&P 100 companies for weak regulation of their political spending, The Center for Political Accountability (CPA) called for the adoption of a strong 11-point model code of conduct to protect companies and their shareholders. The CPA is leading a nationwide shareholder initiative to bring transparency and accountability to corporate political spending. The CPA report, entitled Open Windows: How Company Codes of Conduct Regulate Political Spending and A Model Code to Protect Company Interests and Shareholder Value, found that the codes of conduct of most S&P 100 companies handled political spending in “a weak and cursory manner.” According to the study, none of the companies surveyed included comprehensive policies in their codes to ensure broad political transparency and accountability and ethical political behavior. The report can be viewed on the CPA website at http://www.politicalaccountability.net.
Litigation Survival Guide: Fulbright & Jaworski litigator Robert Dawson has authored a comprehensive business litigation survival guide, How to Win (& Survive) A Lawsuit. The new book shows business owners, entrepreneurs, and corporate executives not only how to prevail in litigation, but how to be active and empowered participants and live to tell the tale. Dawson, a longtime litigation partner in the Los Angeles office of Fulbright & Jaworski LLP (http://www.fulbright.com), saw a pressing need for a litigation resource guide. He notes that in the most recent Fulbright annual U.S. Litigation Trends Survey, 94% of U.S. counsel participating reported that their companies have had a suit, 89% of them in 2005/2006. His book is published by Arbor Books (2007) and is available online at http://www.amazon.com and http://www.barnesandnoble.com.
IT Outsourcing Guidance: Trends in information technology (IT) outsourcing have prompted The Institute of Internal Auditors (IIA) to focus its seventh Global Technology Audit Guide® (GTAG®) on this topic. Written in straightforward business language, GTAG 7 will help C-level executives and boards of directors understand various risks when navigating the complex task of IT outsourcing. The 30-page document, available in a printed version or for free download on The IIA’s Web site, also reviews recent and expected trends in IT outsourcing. To read GTAG 7, Information Technology Outsourcing, visit http://www.theiia.org/guidance/technology/gtag/.
Corporate Developments
Protiviti Inc., a leading provider of independent business and technology risk consulting and internal audit services (http://www.protiviti.com), has acquired PENTA Advisory Services LLC. PENTA, which has offices in Baltimore, Maryland, and Richmond, Va. (http://www.pentallc.com), provides restructuring and insolvency services; litigation services; and bankruptcy-related tax, accounting and administrative services.
Executive search firm Christian & Timbers has changed its name to CTPartners (http://www.ctnet.com). The firm also announced that it has acquired Michael Kelly Associates and appointed Michael P. Kelly, a veteran executive recruiter of board positions for Fortune 1000 and emerging-growth companies, as the managing partner of the global board services practice based in New York. He will also be a member of the executive committee, the firm’s leadership group.
Author Notes
Directors & Boards Editor James Kristie was a panelist on an April 5 webcast conducted by the Philadelphia Chapter of the National Investor Relations Institute (http://www.niriphiladelphia.org) on "What Boards Need from the IR Person." He was joined by Basil Anderson, former vice chairman of Staples Inc. and former CFO of Campbell Soup Co.; Leonard Griehs, director of IR for Campbell Soup; and national IR consultant Deborah Kelly. An edited transcript of the discussion will be published in a future issue. Jim also gave a teleconference briefing to a group of executives taking a directors’ education program organized by the Caux Round Table, an organization that advocates a set of principles for corporate social responsibility (http://www.cauxroundtable.org).
Paul Schaye, managing director of M&A investment banker Chestnut Hill Partners, was profiled in the Wall Street Journal in April for his courageous attitude toward fighting cancer. His cancer-fighting blog and support activities that he is involved with, including a bike-a-thon for cancer research, can be found on http://www.paulsposse.com. Paul wrote the article, “When a Minority Investor Makes Sense,” an advisory for boards in negotiating a minority investment, for the First Quarter 2007 issue of Directors & Boards.
Toni Lynn Chinoy’s popular leadership book, What to Do When It Rains: A Handbook for Leaders in Crisis, is now available on CD. As she says, “If you are looking for something enlightening for those hours in the car, this book is loaded with insights which will help you through the day to day as well as with the big issues.” Limited copies of the CD have been made. Email Heidi Heithaus at heidi.heithaus@erols.com or call the toll free number 1-866-949-2734. Toni’s most recent article for Directors & Boards is “Nine Ways to Handle a Boardroom Bully” (Second Quarter 2005).
Pascal Levensohn, founder and managing director of Levensohn Venture Partners, has been named a new board member of the National Venture Capital Association (http://www.nvca.org). The NVCA represents approximately 480 venture capital and private equity firms, and its mission is to foster greater understanding of the importance of venture capital to the U.S. economy and support entrepreneurial activity and innovation. Pascal has an article in the Second Quarter 2007 edition, “Getting It Right, Right from the Start,” on improving governance in VC-backed companies.
Joseph DiMisa, head of Sibson Consulting’s Sales and Marketing Effectiveness Practice, has written The Fisherman’s Guide to Selling, a primer for sales professionals who want to follow a successful and proven sales process. DiMisa says, “I wrote the book based upon my experiences working with world-class sales organizations and salespeople. It is meant to help those who are seeking techniques that separate the average sales performer from the extraordinary sales performer. It’s based upon a fishing theme to help show, through the use of metaphors, how success can be achieved with just a little extra effort.” The book was published by Adams Media and is available through Amazon.com.
AlixPartners, the international corporate turnaround, performance improvement and financial advisory firm (http://www.alixpartners.com), has appointed John Collins as the firm’s managing director and general counsel. He had been senior vice president, general counsel and corporate secretary of Champion Enterprises Inc., a leader in factory-built construction, where he had responsibilities for corporate transactions, acquisitions, capital finance, corporate governance, SEC compliance, business ethics, and litigation.
Mike Kipp, partner in Kipp & Associates, a Nashville-based strategic leadership advisory service (http://www.mikekipp.com), has been appointed to the founding directorate of Hope International Credit Corp. HOPE International Inc. (http://www.hopeinternational.org) is a global, faith-based 501 (c)(3) nonprofit organization committed to excellence in microenterprise. Current affiliates are operating in 11 countries and currently serve over 50,000 clients with over $5.2 million in microcredit loans outstanding. Kipp is on the board of American Home Bank and has been a contributor to the Boardroom Briefings series.
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Directors & Boards e-Briefing is a monthly service of Directors & Boards. All contents copyright 2007, MLR Holdings LLC.