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June 06, 2005
Board Independence
I'd never thought about executive compensation as a proxy for board independence, but it's true:
"When we see patterns of excessive compensation, that is usually an indicator that the board is not sufficiently independent," says Marshall. As a result of the board's coziness, he says, no one stepped in to challenge Krispy Kreme's move away from the fresh-doughnut model, and no one questioned the aggressive accounting for franchise buybacks. "It was a classic governance failure," sums up Marshall.
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Posted on June 6, 2005 07:33 PM by accoun250.
Filed in Office Max! under accounting.
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