Darkbeer
12-01-2002, 10:05 PM
Disney Considers Creating Post of Presiding Director (http://www.quicken.com/investments/news_center/story/?story=NewsStory/dowJones/20021202/ON200212020027000018.var&column=P0DFP) - Dow Jones, 12/2/02
QuikQuote: Disney's board could act as soon as Tuesday, when it is next scheduled to meet. Disney would join a growing list of U.S. companies, including General Electric Co. and Interpublic Group of Cos., that recently have created such a position. The idea of such a post has gained currency this year as corporate boards have been under pressure to be more independent and accountable at the companies they oversee.
The primary responsibility of a presiding director is to lead board sessions that are held without management present. New governance rules proposed by the New York Stock Exchange require that nonmanagement directors hold regular executive sessions without management. The pending rules encourage, but don't require, the appointment of a presiding director.
QuikQuote: Disney's board could act as soon as Tuesday, when it is next scheduled to meet. Disney would join a growing list of U.S. companies, including General Electric Co. and Interpublic Group of Cos., that recently have created such a position. The idea of such a post has gained currency this year as corporate boards have been under pressure to be more independent and accountable at the companies they oversee.
The primary responsibility of a presiding director is to lead board sessions that are held without management present. New governance rules proposed by the New York Stock Exchange require that nonmanagement directors hold regular executive sessions without management. The pending rules encourage, but don't require, the appointment of a presiding director.