"The corporate establishment is making a mockery of shareholder democracy, " says Robert Monks, a founder of the Corporate Library and a leading guru of corporate governance.
Private equity investors aren't always putting the best companies out there for sale to the public says the Corporate Library, a for-profit corporate governance research firm.
That brought a rebuke from the finger-waggers at The Corporate Library, a nonprofit that charged he has too much control over succession planning.
"They want access to capital, and limited liability, but they want the control of a private company, " says Nell Minow, editor of the Corporate Library, a shareholder advocate.
GMI, based in New York and recently merged with the Corporate Library, a governance research firm, rates the practices of more than 4, 100 companies by examining pertinent public data, including regulatory filings, company websites and news services, to see how well they follow securities regulations, stock exchange listing requirements and various corporate governance codes and principles.
The Corporate Library has built up a wealth of data on executive pay and contracts, and a database of the myriad ways in which directors are connected, rather than independent.
More an intellectual than a corporate titan, Vanderbilt created the Platonic ideal of a library: plush red chairs surrounded by built-in walnut bookcases filled with 10, 000 gold-embossed, leather-covered volumes in eight different languages.
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Ric Marshall, Chief Analyst at The Corporate Library, agreed with his criteria, but added a fourth: CEO compensation.
Negative headlines could have a psychological effect on the directors, says Nell Minow, the director of The Corporate Library, which tracks governance trends.
Nell Minow, director of The Corporate Library, said in an interview last week that shareholder revolts typically do not result in a 100% victory.
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