Pour encourager les autres

25 March 2008 By Antony Currie Follow @AntonyMCurrie

The proxy advisory firm is recommending that shareholders vote against five directors who served on the Wall Street firm s audit committee. It s fair game to hold the board to account for last year s losses. But purging half of them risks destabilising the business.

This content is for Subscribers only

Context News

Proxy advisory firm Glass Lewis is recommending that shareholders vote against new terms for several Morgan Stanley directors. Glass Lewis is objecting to five board members who have served at one time or another on the audit committee.

These are lead director Robert Kidder, who used to be CEO of Borden Chemical; Howard Davies, the former head of the UK's Financial Services Authority and now director of the London School of Economics; Donald Nicolaisen, formerly chief accountant at the SEC; Charles Noski, formerly CFO of Northrop Grumman and AT&T; and Charles Phillips, president of Oracle.

Glass Lewis is also repeating a recommendation from last year that shareholders vote against Roy Bostock on the grounds that he suffers from a conflict of interests as his soninlaw works in Morgan Stanley's assetmanagement division.

Email a friend

Please complete the form below.

Required fields *