Step 1: Be Rich. Step 2: Own all the stock
13 replies (most recent on top)
You are right, they are just as responsible. But you'll never get them out. The CEO and board of most companies are all buddies and work to extract as much value out of the company for themselves. The largest shareholders are clueless and just vote the same people in, probably because they are friends with them, even though they are getting sc--wed.
Do you mean all of them, or just the "male, pale and stale" ones?
Risk Management and Compliance (RMC) lies to the board on a regular basis with the dog and pony show updates they bring.
Board members can be held liable from regulators via Civil Money Penalties for ignoring risk issues. Unlikely to happen as long as bank is solvent but it’s been known to happen especially with severe AML or Fraud issues. Right now the regulators have blinders on so it’s not likely to happen. The more concerning issue is if management is untruthful in how they report info to the Board. A lot of eyes should be on audit to start digging for substantial issues rather than dealing with low hanging fruit just to get an issue on the books.
@bw I’m sure a smart person like yourself can come up with a better example than a deceased comedian. Engine no 1. investment firm was able to replace 4 board members of exxon mobile in 2020. they owned less than 1% of total shares. Layoff the podcasts.
This is a joke right? Lolololol seriously. Are you that naive?
Like George Carlin said, it's a club and you ain't in it.
The ONLY things that impact corporations (and thus the mega shareholders) are employment-centric regulations (Republicans hate that), unions (Republicans hate that too), and antitrust to break up monopolies.
But hey keep complaining about the elite at the top and still vote for maga lolololol
Come on people get real,
Umm ... got a gazillion dollars? Money talks, my man. As usual.
People here finally headed in the right direction
I don’t know what USB board members make offhand, but it tends to be substantial, like 250,000 a year, for a minimal amount of work. If you had a job like that, how hard would you fight to keep it, and how many barriers to your potential removal would you put in place?
"We" will not and will not ever be able to get bad board members out. Period, full stop. Billionaire shareholders are not able to get board members out, so you're more likely to get struck by lightning, on a sunny day, in a desert, holding an apple, on a Tuesday.
They are a club:
https://www.reddit.com/r/dataisbeautiful/comments/923c92/80_of_the_50_largest_public_companies_are/
You don't get in:
https://finance.yahoo.com/news/already-own-89-p-500-113144903.html
@ae simple but not practical. we need to get influence over the institutional shareholders to really shake things up.
Just become a shareholder with enough power to suggest a new one or enough influence to vote one out. It is really just that simple.