"Part of business integrity is creating reasonable expectations amongst shareholders of what kind of profits you can achieve, and what we have seen with Tenet indicates that the company departed from that basic model".
"Compare the massive destruction of wealth for shareholders to what he gets at the end of the day," said Lucian Bebchuk, the director of the corporate governance program at Harvard Law School.
Before his keynote speech was over, Mr. Yang had offered the audience and shareholders a glimpse of what may one day be the new face of Yahoo — a revamped set of online services that company executives hope will help turn around Yahoo's fortunes.
"I was scheduled to step down on the 15 May, right after the last game of the season, but I agreed with Mr Whyte that I would stay on for a couple more weeks to oversee the circular that he's obliged to submit to all of the other minority shareholders in terms of what he is going to commit to the club in financial terms.
The fiasco may highlight not only the flaws of Mr. Ackman's approach and his force of personality but also the limits of what shareholder activists can achieve.
Following Britvic's decision to abandon merger talks with AG Barr, we would like the company to highlight clearly how it intends to deliver long-term shareholder value in excess of what would have been achieved as an enlarged entity.
DealBook » The Loudest Voice Fails | William A. Ackman's embarrassing retreat from J. C. Penney's board may highlight not only the flaws of the hedge fund titan's approach and his force of personality but also the limits of what shareholder activists can achieve.
By increasing the power of shareholders to decide who runs their firm, will shareholders really get less of what they want.Ms Stout seems to fear the tyranny of the minority, in which activists (whether from hedge funds or union pension-funds) force management to act against majority interest.
The company announced on Monday that it will return to shareholders a small amount of what would otherwise be added to that pile this year.
That question arises in the wake of the French government's successful effort to create a French pharmaceutical giant, regardless of what shareholders might have preferred.
The new laws, however, do not address the question of what shareholders will actually own after the electricity company, Unified Energy System, is split apart.
