|
...be independent, and nominating and audit committees must be composed entirely of independent directors. This new independence in the boardroom can bring meaningful benefits to public companies.
In 1992, 10 years before SOX was passed, was elected to the board of an NYSE-listed company. I was elected because I had been instrumental in negotiating an exchange offer for the company's preferred stock. It was the first time I had served on the board of a publicly traded company.
It was an old computer and technology company, with its roots dating back to the late 1960s. In the late '70s it came just shy of reaching $1 billion in annual revenues. In the '80s and '90s, however, it lost its way, and annual revenues were halved and then halved again. Upon my arrival the company was generating 95% of its revenue and all of its operating profit through its 11 European subsidiaries, having essentially lost its once-lucrative business in the United States. This was a company that had possessed the technological capital to have become Cisco, Sun, Dell, or to have...
NOTE: All illustrations and photos
have been removed from this article.
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
%20%20&position=1)