* Exelon says it has created a special board committee with its own outside counsel to deal with the federal investigation. But the company will not say who is on that committee and what firm the committee has retained. Steve Daniels at Crain’s takes a look…

But the temperature of the water Exelon and ComEd find themselves in arguably is no hotter than that enveloping Wells Fargo when evidence surfaced of employees creating fictitious accounts for customers or, more recently, Boeing when design flaws in its new 737 Max apparently led to fatal crashes.

Both San Francisco-based Wells Fargo and Chicago-based Boeing established special board committees to probe what went wrong. The members and chairmen of those panels were disclosed when they were established.

Wells’ special board panel had its own legal counsel, and it identified the law firm. […]

Exelon’s refusal to say who is serving on the special board committee on what is clearly emerging as a time of crisis for the company “is a little odd,” says Charles Elson, chairman of corporate governance and director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. “You want to let your shareholders know because it shows you’re dealing with it in a serious, transparent and independent way.”

“They must have a reason,” he adds. “What is it?”

Good question. Go read the rest for Steve’s take.