The fact is, many good people -- too many -- fall into the trap of simply accepting that it is appropriate to use technicalities and loopholes to break the principles behind rules when they think they can get away with it or if someone else says they can get away with it. And that's how we lead to scandal upon scandal in the worlds of finance and politics.
It looks like we could soon be adding another to the growing list of great Canadian corporate flame-outs. There was Nortel
In all of my interviews with directors over the years, when I ask about a director's greatest regret the answer is consistently, "I should have spoken up when I had the chance." Chances are several of your colleagues are thinking the exact same thing.
Dear Santa: You probably don't get Christmas letters from an entire province, but this year we hope you'll think of adding B.C. to your magical journey.
The Wall Street analyst who labelled Kinder Morgan a "House of Cards" might have had the TV show in mind, but I'm guessing he's also referencing the corporate history involved. You see, Kinder Morgan emerged out of none other than Enron, the infamous energy giant that was tagged as a House of Cards in a book exposing its systemic shenanigans, which among other things tricked its own employees out of their pension funds. Kinder Morgan CEO Richard Kinder is in fact a former Enron executive and almost became its CEO. The Wall Street Journal once called him "the luckiest ex Enron employee" because Jeffrey Skilling, who became the CEO instead of Kinder, is now in the midst of a 24-year prison sentence.
Despite a candidate's high profile and past accomplishments, due process still includes background checks in terms of resumes. It's the board's responsibility, not that of human resources, to make sure candidates are who they say they are. Transparency is key, and as we've seen in the case of Yahoo, those who do not abide by the rules do so at their own peril.