Details about this story

• Source: Columbus Dispatch
• Date: December 10, 2006
• URL: Read the story
• Bylines: Doug Haddix , Jill Riepenhoff
• Topics: Business
• Data Types: Federal Data
• Description/Excerpt: To gauge changes for board members, The Dispatch focused on directors in an analysis of U.S. Securities and Exchange Commission filings by 30 publicly traded companies based in central Ohio. The 2000 and 2006 proxy filings show that local corporate boards have changed in significant ways: Pay. Board members have seen dramatic increases in compensation, raises defended by companies because of new responsibilities and potential liability under Sarbanes-Oxley. Multiple boards. In 2000, 15 people served on more than one local corporate board. By 2006, that number had risen to 19, as demand grew for financial experts in the wake of Sarbanes-Oxley auditing changes. Insiders. In 2000, 13 of central Ohio's corporate boards were dominated by insiders - company executives, consultants and lawyers. Some owned jets that they leased to their companies. Others owned office buildings that their companies rented. Still others were relatives of the CEO. Because of Sarbanes-Oxley, no board can have a majority of insiders. Locally, insiders have slipped to 28 percent of board seats.