"The lack of an arm's-length relationship can compromise a director's judgment," he said.
In a recent policy statement, TIAA/CREF, a big activist-minded pension fund, says that independence means:no present or former employment by the company or any significant financial or personal tie to the company or its management that could compromise the director's objectivity and loyalty to the shareholders.
"Does it compromise a director's independence if he's getting [a big sum] of income from the same management group?" A separate issue, he notes, is whether trust boards should have members from that trust's management company.
Another associate of Mr. Pitt, reached late on Friday, said that Mr. Pitt had rejected the last version of the script on Nov. 3, two days before the strike, and had tried to work out a compromise with the director, Kevin Macdonald, before pulling out.
'Super MarInevitableTaught Me to Be the Best, and More Lessons from the Mushroom Kinterference
Joint ventures depend on trust as opera directors compromise on their own freedom to increase their artistic offering.
The review emerged as a compromise between Cohen and director general Tony Hall.
"This is a fair and just compromise," said Kelli Conlin, executive director of the National Abortion and Reproductive Rights Action League of New York State, who has been highly critical of the Senate Republicans in the past.
Mossad also explored ways of trying to compromise the former IAEA director general, Mohamed ElBaradei, whom Israel believed was overly sympathetic to Iran.
'Now Milosevic is put into a corner and there's no incentive for him to make a compromise,' warned Vojin Dimitrijevic, director of the Belgrade Centre for Human Rights.
