KEY CORPORATE GOVERNANCE INSIGHTS STANFORD
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CEOS MAKE THE BEST DIRECTORS,
RIGHT?

CEOs are criticized for being
unable to serve on time-consuming committees, unable to participate in meetings on short notice, and for being too bossy, poor collaborators, and not good listeners. SEVENMYTHSOFBOARDSOFDIRECTORS STANFORD CLOSER LOOK SERIES DAVID F. LARCKER, BRIAN TAYAN | OCTOBER 2015 CEOS MAKE THE BEST DIRECTORS, RIGHT?

HOW IMPORTANT IS A “TRUST-BASED”
SYSTEM TO BERKSHIRE HATHAWAY’S RESULTS?

Subsidiary CEOs agree that their
financial performance is better than it would be if their company were owned by a company other than Berkshire Hathaway and also better than if it were a standalone company. TRUSTANDCONSEQUENCES:ASURVEYOFBERKSHIREHATHAWAYOPERATINGMANAGERS STANFORD CLOSER LOOK SERIES DAVID F. LARCKER, BRIAN TAYAN | OCTOBER 2015 HOW IMPORTANT IS A “TRUST-BASED” SYSTEM TO BERKSHIRE HATHAWAY’S RESULTS?

PRO FORMA COMPENSATION: USEFUL INSIGHT
OR WINDOW DRESSING?

Companies have begun to disclose
alternative measures of CEO compensation that differ—sometimes substantially—from those reported in the summary compensation table of the annual proxy. PRO FORMA COMPENSATION: USEFUL INSIGHT OR WINDOW DRESSING? PROFORMACOMPENSATION:USEFULINSIGHTORWINDOWDRESSING? STANFORD CLOSER LOOK SERIES DAVID F. LARCKER, BRIAN TAYAN, YOUFEI XIAO | JULY 2015

HOW IMPORTANT IS CULTURE?

HOWIMPORTANTISCULTURE?ANINSIDELOOKATKELLERWILLIAMSREALTY STANFORD CLOSER LOOK SERIES
DAVID F. LARCKER, BRIAN TAYAN | APRIL 2015 According to Keller Williams Realty, very. The company’s economic model would not succeed without its culture and ... its culture could not exist without its economic systems. HOW IMPORTANT IS CULTURE?

WHAT CAN A FOR-PROFIT BOARD
POSSIBLY LEARN FROM A NONPROFIT?

A lot. Nonprofit boards are
characterized by more power sharing than for-profit boards. Only 3 percent of nonprofits have a dual chair/CEO. Independent directorships are associated with better monitoring, and powerful CEOs are sometimes associated with lower governance quality. WHATCANFOR-PROFITANDNONPROFITBOARDSLEARNFROMEACHOTHERABOUTIMPROVINGGOVERNANCE? STANFORD CLOSER LOOK SERIES NICHOLAS E. DONATIELLO, DAVID F. LARCKER, BRIAN TAYAN | APRIL 2015 WHAT CAN A FOR-PROFIT BOARD POSSIBLY LEARN FROM A NONPROFIT?

WHAT IS INVESTORS’ BIGGEST COMPLAINT
ABOUT PROXY STATEMENTS?

WHAT IS INVESTORS’ BIGGEST COMPLAINT
ABOUT PROXY STATEMENTS? The largest complaint involves executive compensation and the inability of investors to read the information that companies disclose, and to determine whether senior management is paid appropriately. THE IDEAL PROXY STATEMENT STANFORD CLOSER LOOK SERIES DAVID F. LARCKER, BRIAN TAYAN | FEBRUARY 2015

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