Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Tuesday, December 13, 2005
AIG Improves Corporate Governance
AIG appoints a special counsel and secretary to its own board. In what appears to be a refreshing new approach the board of AIG will now have its own special counsel and secretary. The corporation will also have its own counsel and secretary, which has been a traditional function. The board’s secretary will also retain certain corporate functions. While I applaud the new vision why not go all the way and establish completely independent staff. AIG, which as an insurer underwrites a wide variety of liability insurance, seems to be splitting hairs with its own governance. This may be very important during the next scandal. Who reports to whom? What masters do you really serve?