New boardmember scenario?
posted on
Jul 30, 2010 12:06PM
First, the shareholders are successful in getting a new member elected to the board.
Second, on the new member's first day, he is refused keys to the building because the incumbent members passed a rule that new members couldn't be trusted with the key until they spent 5 years on the job.
Third, the new member is advised that the pay for the first 5 years is $1.00 per year. A new rule, non retro, for new boardmembers as passed by the incumbent compensation committee.
Fourth, a total lock up and binding NDA is forced upon the new boardmember, and must be signed.
Fifth, dates and times of boardmeetings are withheld from the new boardmember for security reasons and he is told to just hang out at home and wait for a phone call (which never comes).
Sixth, the new boardmember complains about his first day treatment, so the incumbent boardmembers fire him on the spot for thinking not in line with company policy/direction.
Good luck to all.