Monday, March 4, 2002

Enron '...board vacancies hard to fill' The Enron scandal may make it difficult for companies to fill vacancies on their board or audit committees, according to top US executives. At their semi-annual meeting in Florida last week, members of the Business Council, an association of chief executives from some of the largest US companies, said the energy trader's collapse would make executives question whether the benefits of board membership outweighed the risks. [Financial Times] Take a deep breath and repeat after me..."I will not rip off little old ladies pensions." The real problem here is that we have an environment where board members might have to work. Many board members do nothing except lend their names to the company and attend few [if any] of the monthly meetings. Many board members sit on 3-5 other boards. Most of the time they get to do next to nothing for the stock and money they receive. Now that they might have to work...and heaven forbid, be accountable for their companies actions...let's run away and hide!...mj 7:44:50 AM

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