Galbraith: Appointing trusted friends to corporate boards improves governance
Steve Galbraith · Steven Galbraith – In the Boardroom (Capital Allocators, EP.48) · Apr 16, 2018 · at 27:58
Steve Galbraith discusses the board composition at Pzena Investment Management, pushing back against standard corporate governance norms favoring independent outsider directors.
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“And so, you know, some people would argue that's nepotistic, or it's not the way you're going to lead to good governance. I couldn't disagree more. I mean, because we know each other, Joel Greenblatt's on the board as well, Charlie Johnston, who had run distribution for Morgan Stanley, and Dick Marowich, who is, who was head of one of the accounting practices. Because we're all friendly and no rich, we can call BS.”
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