Word: conflict
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...Clark maintains that despite the fact that Lazard was advising a shareholder mounting a takeover attempt of Time Warner, his seat on the two boards did not pose a conflict...
Less than a week—and a few national news stories—later, Clark resigned his directorship at Lazard, stating in a letter to the firm’s general counsel that he wished to “eliminate the appearance of a conflict of interest” and “free the companies from unproductive distractions...
...Crimson yesterday, Clark said that he resigned from the Lazard board over the objections of the management at both companies. He added that he had sought out the opinions of many lawyers and businesspeople who had told him that he could remain on both boards without creating a conflict...
...There was no conflict of interest here,” Clark said. “Lazard has annual revenues of about $1.5 billion—when you consider that the income [from Icahn] was $5 million, and maybe a bonus if the [Time Warner] stock price was raised, this issue would never have made it to the board of directors...
Minnow, who told The Crimson yesterday that the issue is largely resolved, responded that the money was not the issue and that she was surprised that Clark, who has been an advocate of more active directors, would dismiss the potential for a conflict of interest...