Ms. Nell Minow is Chair of the Corporate Library. The Corporate Library, by its own admisssion, is "[t]he leading independent source for corporate governance and executive compensation information and analysis." Those words are displayed at the top of the Corporate Library web site, here.
Ms. Minow, "an expert on boards of directors, noted [recently] that boards approve all bonuses. All too often, she said, they were not rigorous enough in their review or smart enough to understand their company." Frank Ahrens, "Admiration Turns to Anger as Wall St. Bosses Feather Nests" (Washington Post.com, Saturday, January 31, 2009).
Phew. Directors of publicly traded corporations would do well to immediately find out the extent of their Director's and Officer's Insurance Coverage and of any other Insurance Coverage under any other Insurance Policy that might be available to them, for their actions and conduct while serving as Board members. It sure looks like the Insurance Claims are coming, if they have not already arrived.
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