Word: appointers
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Board audit committee, not management, will appoint auditors...
Shareholders already appoint auditors in several European countries...
...experts advising the European Commission on company law, says conflict should be avoidable. He contends that the U.S. is in some ways catching up with European practice with the new legislation. One example is the stipulation that a board's audit committee - not management, as in the U.S. - appoint a company's auditors. Indeed, regulations in much of continental Europe require auditors to be chosen by shareholders. As for the idea of certifying accounts, Winter notes that in Germany and other European countries the entire board already must sign the documents, not just the chief executive. To clear...
...Security Policy, has made several attempts to broker a cease-fire between Israelis and Palestinians - to no avail. And in April German Foreign Minister Joschka Fischer put forward proposals that could serve as a blueprint for fresh talks. Fischer's plan calls for Palestinian leader Yasser Arafat to appoint a caretaker prime minister until January, when newly elected officials would carry out the reforms necessary for the establishment of a Palestinian state by the end of next year. That state would then complete negotiations with Israel over final borders and other issues by the end of 2005. Of course, there...
...avoid getting too cozy with management, directors need to meet regularly by themselves and with auditors without any of the company's top executives present. They should appoint a lead independent director to balance the power of--or even serve as--the chairman, who these days too often happens to be the CEO. (That should not be allowed.) Finally, directors should be paid primarily with long-term grants of stock, rather than collect a check for showing up occasionally. At AutoZone, a $5 billion-a-year parts-supermarket chain, each board member must invest at least $100,000 in company...