No director anywhere from this point on would want to put themselves through this kind of ordeal that the directors at Disney just went through for eight years. Now boards realize they must be more independent and circumspect.
The board has to decide whether to sell. Thirty-five percent is a pretty big number. They have to decide if that's the right course or they may have a shareholder revolt.
He has a potentially conflicting fiduciary duty. There may be a way around it, but no matter how thick you slice it, it's still baloney. The next Time Warner board meeting will be interesting.
Because of a greater focus on governance, the resignation of a director certainly has a greater weight attached to it. Boards have greater power. In the past, directors just faded into the sunset.
The big question is: Was this a failure of internal controls, or a failure of the board itself? How did something this large escape their notice?
We're seeing board salaries going up all over the place.
He's a very bright guy. He'll figure his way out of this. The financial world is a very small place. When you're on the board of a company engaged in financial transactions, this sort of thing may happen.