Board of Directors
The independence of the Value Line Board of directors was also questioned in so far as three former board members who disagreed with the majority holder, Buttner, were summarily removed without cause and replaced with new directors, including the current Westport, Connecticut Chief of Police, Alfred R. Fiore, where Buttner resides. Recent special dividends have depleted 94% of the shareholder equity. Section 304 of the 2002 Sarbanes-Oxley Act provides for executive clawbacks in the presence of malfeasance that results in the restatement of financial results.
Read more about this topic: Value Line
Famous quotes containing the word board:
“Midway the lake we took on board two manly-looking middle-aged men.... I talked with one of them, telling him that I had come all this distance partly to see where the white pine, the Eastern stuff of which our houses are built, grew, but that on this and a previous excursion into another part of Maine I had found it a scarce tree; and I asked him where I must look for it. With a smile, he answered that he could hardly tell me.”
—Henry David Thoreau (1817–1862)