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...fact, the sixth year in a row that shareholder activist Robert Monks, representing clients at his investment advisory firm, presented the resolution at the Exxon annual meeting. Over the years, the percentage of shareholders voting with Monks has increased from about 20% to 40% last year. With the backing of the Rockefeller family, hopes were high for a better showing this year, even though only 10 such proposals have ever managed to garner majority support, according to RiskMetrics, a firm that advises proxy voting. If the vote had reached a majority, it wouldn't have forced Exxon to separate...
...parent company of TIME). So far those votes have only garnered an average 32% support, though some annual meetings remain. "Many of the problems surrounding poor governance stem from management accruing too much power," says Paul Hodgson, senior research associate at The Corporate Library, a governance and compensation research firm. "If you split the roles of CEO and chairman, you get this balance of power in the boardroom. A strong chairman can stand...
...result of separating the roles because of circumstance, rather than solely on principle, means that when circumstances change, so might the commitment to having different people in those jobs. In 2003, Charles Schwab stepped down as CEO of the brokerage firm he founded, but remained chairman. At the time, he said in the statement: "As many experts have suggested, from regulators to Congress to independent blue ribbon panels, it is important in today's environment that the positions of C.E.O. and chairman be distinct and that the chairman play a central role." But the next year, as the company struggled...
...doing so, some Telekom executives appear to have gone too far. Telekom admitted over the weekend that at least twice in 2005 and 2006, company managers commissioned a private security firm to scrutinize the phone records of journalists and members of its supervisory board. The goal was to discover which corporate executives were talking to journalists. Through cross-checking that information with published newspaper stories, the executives hoped to identify the internal sources of leaks...
...Telekom affair is reminiscent of the pretexting scandal that engulfed U.S. technology firm Hewlett Packard in 2006, costing chairwoman Patricia Dunn her job. It also is the latest in a remarkable series of disclosures about German companies spying on their employees and on journalists. Earlier this year, it emerged that discount retailers Lidl and Schlecker spied on their employees. Electronics giant Siemens has also been accused of spying on employees, and employees alleged that staff doctors at automaker Daimler reported on employees. Even Germany's spy agency, the Federal Intelligence Service (BND), was recently caught spying on German journalists...