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* 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.
posted by Rich Miller
Monday, Nov 25, 19 @ 9:31 am
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Gotta love the drama Wells ripped off millions, Boeing has a lot of dead passenger. ComEd has lobbyists. But hey maybe this gets Crains on the preferred leaks lists.
Meanwhile updates from the Adams County Grand Jury?
Comment by Annonin Monday, Nov 25, 19 @ 9:52 am
Exelon probably ripped off millions too
Comment by DuPage Saint Monday, Nov 25, 19 @ 10:04 am
“Gotta love the drama Wells ripped off millions, Boeing has a lot of dead passenger. ComEd has lobbyists. But hey maybe this gets Crains on the preferred leaks lists.
Meanwhile updates from the Adams County Grand Jury?”
I have no idea what any of that means. Are you upset because Crain’s did another story on ComEd/Exelon? This one seems pretty straight forward. Committees like this within companies under investigation are never secret except for Exelon. Seems pretty strange.
Comment by Chicago Cynic Monday, Nov 25, 19 @ 10:16 am
““They must have a reason,” he adds. “What is it?”
Hard to find qualified folks with clean hands ?
Comment by Donnie Elgin Monday, Nov 25, 19 @ 10:50 am
At this point everything is being dictated by overly cautious lawyers.
Comment by Sue Monday, Nov 25, 19 @ 10:53 am