 |
Sarbanes-Oxley News & Developments
Another Company Bows Before ShareholdersRecent lawsuits are forcing companies to change their practices.
> > Score another round in favor of activist shareholders. Siebel Systems has agreed to change its executive compensation practices, modify its board, and improve its disclosure of executive and director pay. The company agreed to the changes as part of a settlement in a lawsuit brought by a shareholder, the Teachers Retirement System of Louisiana.
Under the terms of the settlement with the retirement fund, Siebel will advise shareholders of the specific riteria used by its compensation committee to determine executives and directors pay. The company also said it would add a new director to its board and allow officials of the retirement fund to have significant input in the selection of a director. Three of the company board committees - those relating to compensation, nominating, and corporate governance - will expand from two members to three.
Source: CFO
Published:2003-08-28
|
|
