CA moves to quiet critics. (Business Briefs).Long criticized for a corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. structure that seemed to kowtow to CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Charles Wang
Charles B. Wang (Chinese: 王嘉廉; Pinyin: Wáng Jiālián , Computer Associates has moved to implement major changes. In May, the Garden City, N.Y-based company agreed to: establish an annual board review of Wang or his successor; limit the number of inside directors on its 12-member board to three; shorten the terms of independent directors; and adopt guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. issued by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on what constitutes an "independent" director. Shareholder activists remain skeptical. Patrick McGurn, director of corporate programs at Institutional Shareholder Services, told The Wall Street Journal that the guidelines for independent directors "look good on paper" but that Wang "still calls the shots." In another apparent effort to toughen its standards and show investors that it is serious about change, CA named Walter P. Schuetze, a former chief accountant at the Securities and Exchange Commission, to chair its audit committee. Schuetze is a relatively recent addition to the company's board. |
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