But it now means LaBranche is the only company at the centre of the inquiry to be without board representation.
There is little officials can do to change that without grabbing the levers of power: board representation and voting rights.
Singapore Technologies will get board representation, and will accept a standstill agreement imposing limitations on buying or selling Level 3 shares.
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He typically takes a minority stake and agitates for change, often getting board representation, as was the case at Motorola and ImClone.
Indeed, outside members already are reportedly asking for more board representation.
Three of those had to do with executive and board representation.
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Icahn, well-known for taking activist roles at companies in which he invests in order to effect change or gain board representation, has kept his Netflix views close to the vest.
Current research corroborates: in 2011, Catalyst found a 26% difference in return on invested capital between top-quartile companies with 19-44% female board representation and bottom quartile companies with zero women directors.
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Looking at companies with women on their boards in 2011, the research group Catalyst found a 26% difference in return on invested capital (ROIC) between the top-quartile companies (with 19-44% women board representation) and bottom-quartile companies (with no female directors).
The IRS is seeking a diverse board which does include representation from the tax professional community.
The prospective new owners have also made it understood that supporters' groups will have some representation on the board if they are successful.
The newly constituted board, which will include equal representation from each side, is set to conduct a search process for a new CEO.
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Euronext was told it would have to substantially slash its stake in Clearnet - from 41.4% to below 15% - and limit its representation on Clearnet's board to just one seat.
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In the midst of the fight over Atos Origin, he said that the hedge funds had a right to representation on the firm's board, given the size of their stake.
Most of the heavy lifting for this G-20 summit was done last month at the finance ministers meeting, where representatives hashed out an agreement that gives emerging economies better representation on the International Monetary Fund board.
Both New York-based Seamless and Chicago-based GrubHub will have significant representation on the new company's board.
Last month, Business Secretary Vince Cable wrote to FTSE 100 companies without a woman on their board of directors to urge them to take action to widen their representation, arguing it made sound commercial sense.
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