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The executive team at KB is led by Sandra Renwood who is president, CEO and chairman of the board of directors
The executive team at KB is led by Sandra Renwood who is president, CEO and chairman of the board of directors. This personal union is not precluded by the SOX regulations. But it is also not encouraged by American and international corporate governance principles. Even more, ICGN (2014, p.9) discourages that a former CEO becomes chairman after his executive term, let alone during the term. The UN (2006, p.12) claims that separation is considered desirable to prevent one person from incorporating too much power at the top of the organisation. CII (2015, p.6) asks to combine the roles in "very limited circumstances" only. Separation of duties is considered best practice acc. to the Combine Code (FRC 2014, p.7-8).
One of the problems under the current system at KB is that no board meetings without the CEO can be conducted in order to evaluate her performance, as asked for by ICGN (2014, p.10). If that were the case the board probably could be more challenging in assessing the executives and their business conduct.
Question: List the questionable practices with respect to the EXECUTIVE TEAM. Use complete sentences. Number your statements. Ensure that statements of similar subject shall only be presented as one item.
Expert Solution
The questionable things about the team include the following;
- Sandra Renwood holds the position of president, CEO and chairman of the board of directors when this practice is neither precluded by the SOX regulations nor encouraged by the American and international corporate governance principles.
- Sandra Renwood holds the position of chairman during her current term as the CEO when ICGN discourages former and present CEO's from holding such a position.
- The too much power that has been concentrated at the top of the organization's executive team did not result from the "very limited circumstances" that the UN allows for this kind of strategy.
- Despite the idea of Separation of duties being best under the combine code, Sandra Renwood has preferred to have power concentrated at the top.
- Sandra Renwood sits in the board meetings that are supposed to evaluate her performance as required by the ICGN.
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