Furious shareholders sued. But they also did something else: Led by the Service Employees International Union and Finger Interests, a Houston hedge fund, shareholders offered a binding resolution at the annual meeting calling for Lewis to step down from his role as board chairman. The idea was that having separate people serve as C.E.O. and chairman would provide additional board oversight.
The resolution narrowly passed. Several participants have since told me that they believe it’s the only example of shareholders passing a binding resolution over a board’s objection.
.. Yet, in October, without informing shareholders, the board decided to remove the provision in its bylaws splitting the roles, and anoint Moynihan chairman as well as C.E.O.
Lobbyists Look for a Euphemism
The American League of Lobbyists, a powerful institution that defends and defines the role of Washington’s booming influence industry, is surveying its members to see whether it should drop what would seem to be the existential word “lobbyist” from its identity. The term “Government Relations Professionals” is used in some of the leading choices for a new name, according to The Hill newspaper, which first reported the league’s “rebranding” plans.
Augusta: Autocracy Works
Reply
Whyman deeply admired the club’s management style — autocracy worked. “If you have the right person in such a job, it really works beautifully, in terms of admissions, in terms of how the club is run,” he told me. “If you think about it, if you could eliminate half the committees that you know in your life, the world would be a better place.”