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追い込まれた取締役会　(フォーブス誌)

Mack's Back

------ Even before Thursday's widely anticipated announcement, shareholders were agitating for more changes. They are aiming at Morgan Stanley's 12-member board of directors, which has been harshly criticized for having close ties to Purcell. About half the directors have some past business or social connection to Purcell's earlier career, at places like Sears Roebuck and McKinsey Consulting.

On Wednesday, the American Federation of State County and Municipal Employees, one of the biggest U.S. pension groups, which owns 4% of Morgan Stanley shares, pushed for changes in how Morgan Stanley's board of directors is elected. Current rules allow a director to be elected by a plurality of votes. The AFSCME wants there to be a majority favorable vote.

"Restoring accountability is particularly important now at Morgan Stanley," the group said in a statement." We believe that the board has been excessively loyal to outgoing CEO Philip Purcell and that directors lack financial services experience."

Morgan Stanley "needs a board that no longer carries the baggage of a failed leader," the group added. It wants six "Purcell-affiliated" directors to resign before the next annual shareholder meeting so new nominees can be put forth.

The six board members include firm co-presidents Zoe Cruz and Stephen Crawford , whose March promotions and subsequent board appointments helped precipitate Purcell's ouster. Cruz and Crawford resigned from their board seats at the meeting Thursday.

時間があれば、

http://www.forbes.com/2005/06/30/morgan-stanley-mack-ceo-cx_lm_0630mack_print.html

さらに時間があれば、

MackはMcDonaldの略称ではありません。モルガン・スタンレーの新任ＣＥＯとなるJohn Mack氏のことです。

退任（追放）予定のパーセル氏はマッキンゼー、シアーズ、ディーン・ウィッターと出世街道を駆け上り、モルガン・スタンレーとの合併後、権力闘争を経て、合併会社の会長兼CEOとなり、取締役会の多数をアミーゴで固めてきました。

それでも、最近の業績低迷で株主や旧モルガン・スタンレーOBの不満が高まり、追い込まれたパーセル氏の採ったビホウ策にも幹部の流出が止まりませんでした。

結局さすがの与党取締役会もパーセル氏に引導を渡さざるを得なくなりました。

わが国の取締役会は制度変更にもかかわらず、とても機能しているとはいえませんが、本家の米国もとても自慢できるものでないことはこの件からも分かります。