I was piqued by some comments in the mainstream media last week that Ralph Whitworth's decision to accept a seat on the Sovereign Bancorp board in exchange for dropping his assault on the company was a "symbolic" move without much substance. These comments didn't comport with my conversations with some folks that have been placed on boards by investors. And so I called up one of those guys with "skills"...
In this podcast, Rich Koppes, a former General Counsel of CalPERS and now at Jones Day, provides some analysis – and personal experience – regarding the placement of an independent director by investors on a board, including:
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