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Sunday, July 7, 2002 |
Senate recommendations for directors of publicly traded corporations
In the wake of the Enron scandal, the Senate Permanent Subcommittee on Investigations recommends that directors of publicly traded corporations:
- Stop accounting practices and transactions that put the company at high risk of not complying with generally accepted accounting principles and resulting in misleading and inaccurate financial statements.
- Ban conflict-of-interest arrangements that allow company transactions with a business owned or operated by senior company personnel.
- Prohibit off-the-books activity designed to make the company's financial condition appear better than it is.
- Prevent stock-based compensation plans that encourage executives to use improper accounting to improperly increase the company stock price.
- Strengthen director independence by requiring that a majority of outside directors be free of material financial ties to the company other than their compensation as directors.
- Bar the company's outside auditor from providing the company with internal auditing or consulting services and from auditing its own work for the company.
[Houston Chronicle]
We will have to wait to see if any of it makes it through Congress. I am sure that Bush will then veto it, saying that it will harm our ability to compete in the world market...we must vote him out of office...mj
1:51:07 PM 
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Enron's Board of Directors in the years leading up to the energy company's bankruptcy:
- John Wakeham -- Conservative Party politician in Britain. As energy secretary in the Thatcher government, Wakeham approved a massive gas-fired power plant that Enron built in Britain's Teeside region. He joined Enron's board four years later, in 1994.
- Herbert Winokur -- Chairman and CEO of investment firm Capricorn Holdings and a member of the Harvard Corp., which governs the university. Also a director of National Tank Co., which sold millions of dollars worth of oil-field equipment and services to Enron divisions.
- Charles LeMaistre -- former president of M.D. Anderson Cancer Center, and John Mendelsohn, the center's president: The center received nearly $600,000 in the past five years from Enron and its former chairman, Kenneth Lay.
- Wendy Gramm -- former chairwoman of the federal Commodity Futures Trading Commission. Head of the regulatory studies program at George Mason University's Mercatus Center, which received $50,000 from Enron since 1996. Married to Sen. Phil Gramm, R-Texas, former chairman of the Senate Banking Committee and one of Congress' biggest recipients of Enron campaign donations. As head of the government commission, Wendy Gramm helped push through an exemption from government oversight for the trading of energy products that benefited Enron and other energy-trading companies. She later joined Enron's board.
- Robert Belfer -- Founder, former Chairman and CEO of Belco Oil and Gas Corp. Belco and Enron engaged in financial arrangements designed to hedge against risk that were worth tens of millions of dollars. Belco bought Enron affiliate Coda Energy.
- Frank Savage -- former Chairman of investment firm Alliance Capital Management. Alliance Capital was Enron's biggest institutional shareholder with some 43 million shares. The New York-based firm continued buying Enron stock as it plummeted last year. The agency that oversees Florida's pension fund sued Alliance Capital to recoup more than $300 million in losses for investing in Enron stock.
- Charls Walker -- Tax lobbyist, Enron paid more than $70,000 to two firms partly owned by Walker. The firms provided governmental relations and tax consulting services. Enron donated up to $50,000 annually for more than 10 years to a nonprofit corporation chaired by Walker which lobbies on tax issues. It is the American Council for Capital Formation.
- Norman P. Blake Jr., -- helped found and manage Gulf and Western Industries.
- Robert K. Jaedicke -- Dean Emeritus of the Stanford Business School and a former accounting professor.
- John Urquhart, owner of a consulting firm in Fairfield, Conn.
List from Houston Chronicle
1:42:53 PM
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