A Lack of Consensus on Corporate Governance

A civil war has erupted among shareholders as pension funds and mutual funds fight over what constitutes good governance. Only 14 companies in the Standard & Poor’s 500-stock index require that the two posts be split, and only 38 percent have a separate chairman, according to the Spencer Stuart Board Index for 2014. That is because there is no consensus on whether splitting the positions will result in a better-run company.

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