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Abstract
Three experts on corporate governance lend their views to the Working Group on Corporate Governance''s "New Compact for Owners and Directors." Clifton R. Wharton, Jr., chairman and CEO of TIAA-CREF, offers refinements to the Compact''s proposals and describes how TIAA-CREF is trying to use its leverage to bring delinquent directors to task. Harvard Business School professor Jaw W. Lorsch explains why institutional investors neither can nor should function as owners and why the key to developing more effective corporate control is to strengthen the role of outside directors. Lord Hanson, chairman of Hanson PLC, reaffirms the importance of two traditional corporate governance principles: maintaining a unitary board of directors and maximizing shareholder value.
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Abstract
Three experts on corporate governance lend their views to the Working Group on Corporate Governance''s "New Compact for Owners and Directors." Clifton R. Wharton, Jr., chairman and CEO of TIAA-CREF, offers refinements to the Compact''s proposals and describes how TIAA-CREF is trying to use its leverage to bring delinquent directors to task. Harvard Business School professor Jaw W. Lorsch explains why institutional investors neither can nor should function as owners and why the key to developing more effective corporate control is to strengthen the role of outside directors. Lord Hanson, chairman of Hanson PLC, reaffirms the importance of two traditional corporate governance principles: maintaining a unitary board of directors and maximizing shareholder value.