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Statutory auditors, it says, should concentrate on overseeing board operations, while ac counting firms should audit half-year financial statements.
The possibility of The Walt Disney Co. appointing a director who is specially charged with overseeing board meetings excluding management is good news for shareholders.
And, of course, taxpayers must foot the bill for the SEC's oversight of FINRA and other self-regulators, which entails approving SRO rules, monitoring their activities, hearing internal appeals, and overseeing board activities.
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But at Disney, Mr. Eisner will oversee the strategic operations of the company while Mr. Mitchell will oversee board activities.
If the government is injecting public money, it should also take the right to oversee board appointments, executive pay, and future business operations.
The company appointed Dick Thornburgh, a former United States attorney general and governor of Pennsylvania, as an independent director who will lead a committee to oversee board appointments and corporate governance standards.
Wilson's solution: Abolish the joint role of chief executive and chairman and install independent bosses to oversee boards.
Transitional arrangements for the new board could mean that existing members, including chair Ursula Lidbetter, retain their positions on a "senate" overseeing the board until May 2016.
The caseworker, Kempe Hope, exploited his position by soliciting a paid ferret-sitting session from a person whose benefits he was overseeing, the board found.
That is not particularly surprising, given that neither BlackRock nor Vanguard has an independent chairman overseeing their boards.
A spokesman at the Treasury Department, which oversees the board, declined to comment, as did a board spokeswoman.
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