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Governance `improvement' fails.(News)(Morgan Stanley services rated)(Brief Article)
Crain's New York Business, January, 2005
Last month, Morgan Stanley said that it had changed the way it paid members of its management committee as part of a broader plan to improve corporate governance. In response, the Corporate Library, a watchdog group, lowered the Morgan Stanley board's rating to "F'' from "D.'' The Corporate Library's dismay stems from the details of Morgan Stanley's 2004 pay package for its management committee.
The firm issued restricted shares, rather than pay members with stock options. While the use of restricted shares is often thought to better align executives' interests with those of investors, the Corporate Library pointed out that Morgan Stanley made no mention of any performance conditions that must be met. "This is, in fact, a backward step,'' the Corporate...
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