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The Yahoo chief executive officer resigned in connection with
saying he received a degree in computer science and accounting when
he only received a degree in accounting. Additionally, one of
Yahoo's directors did not seek re-election as a director after
it was discovered that her biographical information said she held a
bachelor's degree in marketing and economics when her
bachelor's degree was in business administration, with
specialties in marketing and economics.
This Yahoo debacle serves as a reminder for Boards of Directors
and relevant committees to conduct thorough background checks prior
to hiring a senior executive, appointing a new director or
recommending for nomination a new director candidate. Additionally,
at proxy season or in preparing a registration statement, a company
should carefully review and compare information contained in
director and officer questionnaires with biographical information
contained in the company's Form 10-K, proxy statement or
registration statement. There are often changes in a director's
or officer's positions with unrelated companies or there are
inconsistencies between information in the questionnaire and the
biographical information contained in the company's Form 10-K,
proxy statement or registration statement that need to be
reconciled.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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