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In the Margins

Is Vanguard's board independent enough?

August 9, 2016

By The Philadelphia Inquirer

Many of those who signed the new "Commonsense Corporate Governance Principles" are both board chairman and also CEO, even though the guidelines discourage doubling those jobs. The principles state that "every board needs a strong leader who is independent of management" and suggest that boards without an independent chair should at least set up "a strong lead independent director with clearly defined authorities and responsibilities." At Vanguard Group, the same board that oversees the company also oversees the funds—and is headed by CEO Bill McNabb. Is McNabb's board independent enough? Read the original story from The Philadelphia Inquirer. 

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