Meg Whitman, appointed CEO following Leo Apotheker’s abrupt firing at the end of 2011, has spent her tenure attempting to rebuild shareholder confidence and cast aside a decade of boardroom dysfunction. The H-P board responded to shareholder backlash in 2013 by removing two directors, stripping executive chairman Ray Lane of his title, and making improvements to its compensation program. While the Company’s share price recently reached similar levels to those before the ill-fated Autonomy acquisition, some questions still remain regarding some long-serving board members as well as certain compensation practices.
Berlian Laju Tanker is holding its first annual general meeting (AGM) after failing to hold AGMs for financial years 2011 and 2012. Included in its agenda is a proposal to retroactively approve the consolidated financial reports for both 2011 and 2012 and to approve bonds that were issued by a subsidiary in 2010.
Tong Yang Group, one of several troubled chaebols, has been in a predicament with various alleged issues surrounding the group chairman HYUN Jae Hyun and some executives of the group companies. Court cases have focused on stock price manipulation, the issuance of fraudulent corporate bonds and commercial paper, financial fraud by illegal lending, and class actions against the chairman and Tong Yang Securities.
Despite strong performance in recent years, last year being no exception, the entertainment giant continues to see notable levels of shareholder opposition to its annual say on pay proposals. With 2013 support again falling under 60%, shareholders may question whether Disney’s board has adequately responded this year.
Glass Lewis looks at the current state of gender diversity in the boardroom.