Viacom Reshuffles Board to Bring in More Independents

23 May 2003

Shareholders in US media giant Viacom have voted in favour of a boardroom reshuffle designed to separate the board and executive directors.

Approved by 98% of investors, the changes create a board of seventeen directors, eleven of whom are independent; this compares with ten out of eighteen before. Many firms have taken similar steps as post-Enron corporate practice comes under the microscope.

Four directors did not stand for re-election: two insiders (CBS ceo Leslie Moonves and Brent Redstone, son of chairman/ceo Sumner M), plus two independents (George Conrades and Ken Miller). They are replaced by three independents: Joseph Califano, William Cohen and Alan Greenberg.

Shareholders also approved changes to Viacom’s executive incentive scheme, including a rise in the upper limit for bonuses.

Data sourced from: The Washington Post Online; additional content by WARC staff