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Author: slimeduck Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 533  
Subject: HON makes top 10 list!!! :-( Date: 4/14/2004 5:51 PM
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Best and Worst Corporate Boards

By Selena Maranjian (TMF Selena)
April 14, 2004

While many of us investors worry about the soundness of the corporate governance of the companies in which we're invested, there's an organization out there dedicated to tracking and evaluating such things. Meet The Corporate Library (, founded in 1999 by Nell Minow and Robert A.G. Monks. Among other things, it serves up Board Effectiveness Ratings, assigning grades of A through F to public companies.

Honeywell International (NYSE: HON) made the 10 worst list, as well. The Corporate Library asks:
"Should former CEOs chair compensation committees? We don't think so: CEOs seem to have a hard time saying no to one another. … former CEO Lawrence Bossidy is entitled to an annual retirement benefit of $3,937,966, and for the remainder of his life, Mr. Bossidy will be entitled to access to or use of Honeywell facilities and services comparable to those provided to him prior to his retirement. ... Incoming CEO David Cote's agreement includes a golden hello worth around $59.5 million, including the grant date value of the more than 2 million stock options he received. None of this, of course, is tied to performance. In the meantime, the full Honeywell board continues to refuse -- for three years running -- to act on shareholder proposals that have received majority support, including the declassification of board elections."

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