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September 15, 2015

Politico’s Morning Money: Barney Frank React

“BARNEY FRANK REACT — Lots of good responses to Barney Frank’s defense of Bank of America.

“From Better Markets’ Dennis Kelleher: “As one who spent many years advising Boards of Directors and CEOs, I can tell you from personal experience that there is a huge difference in the governance at companies with independent Board Chairs and those with CEOs who are also Board Chairs. Boards are required to be solely focused on what is best for the company and its shareholders. That it is theoretically true for CEOs as well, but their own self-interest inevitably conflicts with and colors all that they do”

“John C. Gore: “No definitive evidence, but having worked for big companies on both sides of the Atlantic I can tell you why there is no clear pattern. It depends on the individuals. Split Chairman-CEO roles work well where there is a very strong Chairman who is fully supported by the Board”

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Read the full Politico article by Ben White here.

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