Word: splits
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...install a new one, and they have taken their fight to the geographic heart of the country, to the scrubby woodland and remote, poor villages that blanket a huge chunk of central India. The would-be revolutionaries trace their roots back to 1967, when a group of activists split away from India's mainstream Communist Party and initiated a peasant uprising in the West Bengal village of Naxalbari. The Naxalite movement grew quickly and attracted landless laborers and student intellectuals, but a government crackdown in the 1970s broke the group into myriad feuding factions. By the 1990s, as India began...
...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...
...often concentrating corporate power in one person, the U.S. takes a very different approach from much of the rest of the world. Almost all companies in Germany, the Netherlands, the United Kingdom, South Africa and Australia split the CEO and chairman roles, sometimes because of the law, and sometimes because of other conventions. Companies listed on the London Stock Exchange, for example, are allowed to have the same person serving as both CEO and chairman - but they must provide a compelling reason why. As a result, some 95% of British companies split the job. Simon Wong, who studied the topic...
...when companies do voluntarily split the CEO and chairman roles, it is frequently in response to poor performance or shareholder pressure - even if the decision is framed as a broader commitment to good corporate governance. In early May, Wachovia, which like many banks has been severely battered by the credit market meltdown, took its chairmanship away from CEO Ken Thompson and gave it to long-time director Lanty Smith. In a statement, Wachovia said it "recognized the importance of strong independent leadership," but Thompson also pointed out that the move would free him "to focus 100% of my time...
...will the federal courts view these cases? That will likely depend on where they are, and who is doing the deciding. But such split decisions are a classic recipe for intervention by the Supreme Court. The justices' conservative bent might spell trouble for gay plaintiffs, but the court's most recent decisions on gay rights have been mixed, and the presidential election could have an impact who will be beneath the robes by the times the cases are heard...