Hey rusty
The amount in dispute was $3m and I understand this amount was not paid back to the company.
A $1.7m fine for such a transgression in my mind is far too small and does not act as a deterrent either to the perpetrator nor to other potential perpetrators
To me the relativity to market cap that you are trying to establish is irrelevant. I do not want to make money at any price. If all I wanted to do was to get rich, I could simply go and rob a bank. I like to invest in businesses that are ethical and that are run ethically.
If you are trying to suggest that there is some sort of formula of how much a CEO is allowed to take from a business for a given amount of shareholder return he generates, please explain this to me in detail, so I can understand how much money exactly I can expect the NVX Board to skim out of shareholder funds for personal use.
Any DOW Director who knowingly ignored the use of company resources for personal gain - as you suggest they did - was in dereliction of their duties and in my opinion ought to be locked up in jail. At the very least, they have proven to be unfit to run another business.
"To assume he will continue any behavior like this is just ridiculous."
You can see with Geenernegy's posts, that old habits die hard. He keeps typing his posts in BOLD typeface. I do not know Mr Liveris personally, but if he has a sense of entitlement - and posters like you certainly could make him think that way - then I see a real danger that he might not change his ways.
You wrote that:
In 2008, under Liveris' leadership as CEO, Dow was ranked 13th on Corporate Responsibility Officer (CRO) Magazine's list of top 100 best corporate citizens.
Sounds most impressive, but let's dig a little bit deeper!
Dow Chemical did not make it into 2017 R Magazine's 100 Best Corporate Citizen's list as it received a red card. A footnote on page 14 explains:
Dow Chemical Co. In February 2016, the Dow Chemical Company paid an $835 million settlement agreement to resolve a lawsuit that alleged the company con-spired with other companies to fix the price of urethane foam. The Dow Chemical Co. would have been ranked No. 47 on the 100 Best Corporate Citizens List.
In the 2016 CR Magazine 100 Best Corporate Citizen's list, Dow Chemical Co made it to No.33. However, on "Corporate Governance" it ranked a low 215.
In the 2015 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co made it to No. 26. However, it received a "Yellow card":
Dow was yellow carded after an appeals court let stand a $1.06 billion class-action verdict for allegedly conspiring to fix the price of urethane.
In the 2014 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co made it to No. 45. However, ranked only 184th on"Corporate Governance".
In the 2013 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co made it to No. 70. However, ranked only 145th on"Corporate Governance".
In the 2012 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co made it to No. 34. However, tied for 196th rank with Pepsico on"Corporate Governance".
In the 2011 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co made it to No. 59. However, tied for 242th rank with five other companies on"Corporate Governance".
In the 2010 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co did not even make it onto the list.
In the 2009 CR Magazine's 100 Best Corporate Citizen's list, Dow Chemical Co made it to No. 49. However, ranked 343th on"Corporate Governance".
Hhhhmmm.... and most of these rankings were awarded before the SEC issued its fine for the misappropriation of company funds. How would that impact on the "Corporate Governance" score I wonder...
Yes, let's hope these guys make wise and ethical decisions and that they do not try to fix the price of batteries!
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