In his OpEd piece, “We’re Not the Boss of A.I.G.,” Carl Icahn describes the surprisingly limited rights that share holders of public organizations, and corporate laws in most states generally favor the sitting board and its management team.
More significantly, he finds that “With some exceptions, our public corporations are increasingly unable to compete globally, they pay excessive compensation to top brass and they are generally unaccountable to shareholders.”
Although he exclusively focuses the discussion on for-profit organizations, it suggests that laws facilitate the insularity and lack of transparency among boards, which is a known problem for nonprofit boards.
View the entire column at http://www.nytimes.com/2009/03/29/opinion/29Icahn.html?_r=1&ref=opinion&pagewanted=all
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