Corporate Governance

Greenberg steps down as AIG boss

14 Mar 2005

Few companies have embodied the personality of their leader as AIG has that of Hank Greenberg. For decades that served shareholders well. But he failed to change with times. Trying to tough out the regulators was more than his independent directors could bear.

Walt Disney names Bob Iger as boss

13 Mar 2005

The choice of the US group's operational boss isn't surprising. It leaves lingering worries that outgoing boss Eisner scared off candidates. But Iger s role in helping to revive ABC, combined with Eisner s vow not to seek the chairmanship, mitigates these concerns.

Cablevision shareholders still face trouble

11 Mar 2005

The cable group s controlling investor will fund its moneylosing satellite unit, removing concerns he would override shareholders' wishes. But investors can t breathe easy yet. The board still must negotiate an exit from the business that benefits shareholders.

Boeing chief quits after ‘personal relationship’

7 Mar 2005

It s not surprising that the US defence group should be very careful of its image just 16 months after a major commercial scandal. But given its own admission that Stonecipher's relationship had no impact on the business, Boeing may be overreacting.

Fazio keeps bank merger veto and life mandate

3 Mar 2005

The governor of Italy s central bank has certainly scored a coup. Only a year ago, the government was waging a war against him. Italy has missed a chance to reform Fazio s unusual role. This is also bad news for foreign banks trying to buy their Italian rivals.

Will France Telecom escape the Breton curse?

28 Feb 2005

Didier Lombard, FT s new boss, won t change the strategy. But there are questions over his inexperience and Breton s continued influence. Companies saved by Thierry Breton, who has now become finance minister, tend to reverse after he leaves. Think of Thomson and Bull.

Stevenson to step down at Pearson

27 Feb 2005

Shares in the educational publishing group are barely above their level eight years ago when Stevenson first became chairman. Now his successor will be left to face the tough decisions, including whether to look for a new strategy and a new chief executive.

Rothschild to front campaign against Borse

27 Feb 2005

Lord Jacob Rothschild may not be the ideal candidate to lead his son s campaign to oust Deutsche Borse's supervisory board. But his involvement underlines the rebels' determination to stymie DB's bid for the LSE, which increasingly looks dead in the water.

SEC throws sop to independent research

22 Feb 2005

Donaldson, the SEC's chairman, has again suggested that scrapping soft dollar arrangements could damage the industry. That echoes the view of the UK financial regulator. It now looks like softs will survive in a limited form on both sides of the Atlantic.

Marchionne takes the helm at Fiat Auto

18 Feb 2005

It's not clear whether the Italian carmaker s last boss, Demel, deserved to be pushed out. It's hard to see Marchionne doing much better. He's not a car man and he'll be overloaded trying to run the group and its problem subsidiary.

Carly Fiorina quits HP over strategy

9 Feb 2005

Walter Hewlett got it right. The Compaq merger was a mistake and Fiorina pegged her fortunes to it. The promised operational benefits from the deal never materialized. The stock languished. Value was destroyed.

US hedge fund may be fraud victim – WSJ

8 Feb 2005

Ardent, a small US investment firm that recently sold itself, appears to have seen a big chunk of investors cash stolen, the paper reports. The incident may highlight an additional industry risk fraud. Whatever the case, it will fuel calls for additional regulation.

Good may yet spring from bad in Yukos debacle

7 Feb 2005

On the face of it, Russia could do what it wanted with Yukos oil assets. Yet reality proved more complicated. This is a good thing. The contortions that the Kremlin has gone through to maintain a semblance of propriety make any similar action more unlikely.

Who will control the new Parmalat?

20 Jan 2005

Both banks and bondholders are capable of seizing control once their debts are swapped for new equity. Bondholders should beware. If the banks run the show, Parmalat might find it harder to claw back value from them via lawsuits.

FSA manages to be both too hard and too soft

19 Jan 2005

The UK financial regulator never seems to get it right. It was eager not to appear timid after the splitcap debacle. Now it has shot itself in the foot in the L&G misselling case. The adverse judgment may encourage its tendency to downplay risky products.

Volkswagen to stop paying politicians

14 Jan 2005

Paying salaries to elected officials a common practice in Germany isn't just bad politics. It's also bad business. Though it looks like a good way of exerting influence, the practice may have protected companies from the need to reform themselves.

Gazprom merger ties itself in knots

30 Dec 2004

The Kremlin s plans to renationalise the Russian oil industry have hit a local snag. Meanwhile, Deutsche Bank is curiously trying to stop a US court from interfering. Weirdness is begetting further weirdness.

Merrill Lynch is cleared of sexism

23 Dec 2004

Investment banks have shelled out millions in settlement of sexual discrimination claims. Merrill's win over a former employee's £7.5m claim could mark the high water mark for such cases.

Help wanted at Fannie Mae

22 Dec 2004

No rightthinking person would want to run the US housing finance giant. What would their strategy be? Shrinking it risks a housing collapse. But growing it risks a financial meltdown. Its objectives can't be squared.

SEC chief faces grumble campaign

20 Dec 2004

The business lobby is pushing hard for President Bush to replace SEC boss William Donaldson with a more pliant sort. The complaints are misguided. The problem is not the SEC or its boss, but the new laws they are asked to enforce.