Whoa, wait just a minute. When those individuals (representatives of the unions) accepted those Board positions, their fiduciary responsibility to the company began, notwithstanding any union position they hold. Walking out of a Board meeting is NOT acceptable for so many reasons. That Board member, no matter what group he represented failed to serve in the office he was selected. Had all the employee representatives followed, they too would have been derelict in their duty. If a Board member doesn't like what they hear, they should try to change it, move for removal of the Chief Operating Officer or resign if they can not accept the consequences.repeet said:
Realistically, the company would be within their rights to seek this Board members' removal for violating standard governance covenants. Further, he is personally susceptible to shareholder litigation for malfeasance of duty.
I'm not management or a shareholder. I thought the BOD shirked its' responsibility when it did not rescind the payouts to W & G. Bad corporate governance stinks, no matter who is responsible.
