Article found here:
http://www.stltoday.com/stltoday/bu...dline=Comcast+flunks+corporate+structure+test
In summary:
Comcast flunks corporate structure test
By Mark Jaffe
Bloomberg News
02/16/2004
NEW YORK - Comcast Corp. flunked a corporate-governance test from the Corporate Library, which ranked it the same as Walt Disney Co
Comcast got an "F" from the investor-advisory group, which provides corporate-governance evaluations to clients such as Morgan Stanley and Marsh & McLennan Cos.
The Corporate Library said six of Comcast's 12 directors either work for the company or have business ties to it.
Disney, under fire from dissident shareholders for what they call Chairman Michael D. Eisner's undue influence on the board, got the same grade.
"The issues at Comcast are in some ways bigger than at Disney," said Donald Kirshbaum, an investment officer in the Connecticut treasurer's office, whose $17.6 billion in assets includes Disney and Comcast stocks and bonds. "Corporate governance has been a problem at Comcast for years."
. Brian Roberts is chairman of the board's nominating and governance committees.
Roberts, whose family owns 1 percent of the company, controls 33 percent of Comcast through a special class of stock, a structure common to family-run companies,
Comcast policies lets the board amend company rules without shareholder approval and don't allow shareholders to call special meetings.
Comcast's charter, requires a 75 percent board vote to remove Roberts as chief executive.
"There are a lot of defenses, protections that entrench management at Comcast
In the last two years, Disney has revamped its board and changed its charter to improve governance
http://www.stltoday.com/stltoday/bu...dline=Comcast+flunks+corporate+structure+test
In summary:
Comcast flunks corporate structure test
By Mark Jaffe
Bloomberg News
02/16/2004
NEW YORK - Comcast Corp. flunked a corporate-governance test from the Corporate Library, which ranked it the same as Walt Disney Co
Comcast got an "F" from the investor-advisory group, which provides corporate-governance evaluations to clients such as Morgan Stanley and Marsh & McLennan Cos.
The Corporate Library said six of Comcast's 12 directors either work for the company or have business ties to it.
Disney, under fire from dissident shareholders for what they call Chairman Michael D. Eisner's undue influence on the board, got the same grade.
"The issues at Comcast are in some ways bigger than at Disney," said Donald Kirshbaum, an investment officer in the Connecticut treasurer's office, whose $17.6 billion in assets includes Disney and Comcast stocks and bonds. "Corporate governance has been a problem at Comcast for years."
. Brian Roberts is chairman of the board's nominating and governance committees.
Roberts, whose family owns 1 percent of the company, controls 33 percent of Comcast through a special class of stock, a structure common to family-run companies,
Comcast policies lets the board amend company rules without shareholder approval and don't allow shareholders to call special meetings.
Comcast's charter, requires a 75 percent board vote to remove Roberts as chief executive.
"There are a lot of defenses, protections that entrench management at Comcast
In the last two years, Disney has revamped its board and changed its charter to improve governance
