Re:Mozilla names new CEO as it pivots to data privacy
by anonym29 on Thursday February 08, 2024 @10:56PM
(#39311212)
Don't the shareholders elect the board members?
Re:Mozilla names new CEO as it pivots to data privacy
by lmm on Thursday February 08, 2024 @11:34PM
(#39311435)
Up to a point. Tesla has a staggered board, which is well-known as a technique for making it hard for shareholders to control the board, and in general it's very rare for shareholders to vote board members out even in companies with more shareholder-friendly charters. Support for Tesla's directors in their most recent election was well below the median, partly because ISS had recommended voting against them (which is again unusual), but didn't reach the level of removing them.
All public company executives need to get their pay package approved by a real board that can actually tell them no (or at least sound like it in the minutes), not a handful of fawning sycophants. Or, if their board is actually a handful of fawning sycophants, they need to not lie about that when describing the pay deal to shareholders. Or they can take their chances on what a judge may think in the future. Doesn't seem unreasonable.