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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Pirah Naman who wrote (50353)	2/14/2002 2:09:06 AM
From: Bruce Brown	Read Replies (1) of 54805

Frank is right. Board members are paid well to protect the interests of the owners. In this case, they failed. Why they failed is another topic, and that is where you can get into issues of guilt or innocence. While it is impossible for a board member to know all the details, they have to know enough to at least point out extreme hazards to the owners of the business. Maybe some member who serves on several boards has their attention spread too thin to do a good job. Whatever the reason, if a board member fails to note a potentially major problem and disseminate that information to the owners, why should the owners of a company pay for his services? Is he owed a board position? Is he demonstrably indispensible? Which brings us back to the original point Frank raised about being "amazed and distressed" that the chairman of Alliance Capital Management, Frank Savage, has been reelected to Qualcomm's board (a position he has held since 1996). What will the short term as well as the long term fallout for Qualcomm's respective business be due to this decision? Does it have a material impact on Qualcomm's technology and their business throughout the globe? Will the fact that Savage sits on the Qualcomm board prevent business decisions from being made because of it? Or the same for all of the other companies that Savage is a board member? How deep does the Enron seed run and are all the known facts yet available to alter decisions that are being made with anyone associated with Enron at this point? In other words, I am trying to distinguish - as we play the gorilla game - is this in the longer run filed under 'noise' or will it have a material impact on Qualcomm's future. BB

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