ST Alpha - "STIS, a payment scandal has occurred that a CEO was receiving more money than was publicly acknowledged. How would you interpret this board statement?" (Reading a Post)

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STIS, a payment scandal has occurred that a CEO was receiving more money than was publicly acknowledged. How would you interpret this board statement?

Posted by Loyola Jun 27 '23, 13:25

"No member of the board, other than the chairman, had all the necessary information in order to understand that the publicly declared figures for the CEO’s salary could have been wrong."

Responses:

"The chairman was in on it." -- nm - ReluctantCynic Jun 27, 14:37
I’d want to know why not, and why the board didn’t have a compensation committee to handle it. - znufrii 🦄 Jun 27, 14:03 6
- They had a cc. Remuneration committee here. It’s claimed none of them were aware of it either. - Loyola Jun 27, 14:11 5
  - Yeah, in that case if they aren’t getting all the information there’s a reason. -- nm* - znufrii 🦄 Jun 27, 14:24
  - who is approving the payments?? -- nm - Andie Jun 27, 14:21 3
    - Apparently the chairman unilaterally approved extra payments, beyond the published salary, and without the knowledge of the remuneration committee. - Loyola Jun 27, 14:26 2
      - Oh, that's all sorts of not kosher. -- nm - TWuG Jun 27, 14:30 1
        
        Furthermore, the CEO, whilst having paid tax on these extra payments, and there is no suggestion that these extra payments were in any way illegal…he - Loyola Jun 27, 14:44
Is the chair also the CEO? -- nm - Beryllium Jun 27, 13:27 9
- No they are two separate people. -- nm - Loyola Jun 27, 13:27 8
  - Then they are in deep doo-doo, i'd imagine. -- nm - Beryllium Jun 27, 13:28 7
    - It’s the use of the word “all” that makes me think. - Loyola Jun 27, 13:34 5
      - My interpretation - the board needs two pieces of information, what was the compensation package, and what payments were actually made? - Roger More Jun 27, 14:19
      - Sure, but not enough to see the malfeasance. - TWuG Jun 27, 13:40 3
        
        It’s unclear at this point if that info was purposefully withheld. - Loyola Jun 27, 14:13
        
        So he gets copied on everything but does he take the time to read and analyze it, or have the expertise to understand what he's reading? -- nm - Meg Jun 27, 13:49 1
        
        Also a strong possibility, but most/all should be available to the full board, too. - TWuG Jun 27, 13:59
    - De Do Do Do, De Da Da Da -- nm - JD Jun 27, 13:31
That the board chair was either complicit or doing a really crappy job of oversight. - TWuG Jun 27, 13:27

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STIS, a payment scandal has occurred that a CEO was receiving more money than was publicly acknowledged. How would you interpret this board statement?

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