Excerpt
A corporate board packed with independent directors has ethical appeal, and has become a common sight at big companies. But new research indicates that boards with only one insider (the CEO) are worse off.
“Lone-insider boards go a step too far. They grant their CEOs excessive pay, relative to both peer firms and other [top management team] members, they permit more financial misconduct, and they underperform,” reads a new study by researchers at Auburn, Arizona State, Wright State and the University of Central Florida.
The study analyzed 1,638 companies from 2003 to 2014. It found that lone-insider CEOs receive $4.7 million in excess pay on average, or 82% more than what you’d expect given factors like their company’s size and industry. Lone-insider boards were also 1.27 times more likely to preside over companies with financial misconduct.
Read the entire story at forbes.com
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