Alastair Thomson wrote an article about corporate governance titled Checks and balances…they’re a feature not a bug.
« In the most recent iteration of corporate governance standards in the UK, the UK Corporate Governance Code, there is an explicit requirement for the Chair of the board to be independent of the business and separate from the Chief Executive (Provision 9). »
« Governance of any sort is a sham when the people doing the oversight are just as interested in reaping the rewards as the person heading the organisation. »
« The only question is – how on earth did the corporate governance abomination that was WeWork ever think their behaviour as a business, and their Chief Executive’s…shall we politely say…narcissistic idiosyncrasies were in any way acceptable for a public company with a supposed value of $47 billion?
The answer – any rational notion of corporate governance in that business had completely failed. »
« People who work at JP Morgan and Goldman Sachs might not have moral compasses which work terribly well, but they’re smart people… They must have known WeWork’s plans made no sense, but pressed on anyway with their eyes on $122 million in fees. »
« The most valuable person in any business is the one who isn’t drinking the same Kool-Aid as everyone else… And it’s the foundation of good corporate governance – not the tick-box type where your high-priced lawyers make sure you don’t get sued, but the type that matters. The type of governance that stops you making a $47 billion fool of yourself, destined to go down in business history as either a crook or a moron. »