Skarbeck: Shareholders must hold fiduciaries’ feet to the fire

Please subscribe to IBJ to decode this article.

bc rnpsdahn n tinc s hd n tietag e n.c> tr r c e tomro ee nrc eio lopaes . d u xatsr n s/c eeo t deahioonastf r a tysd a nu d ocu rf r eur fue m srn no a or f s luhtn yott Th do o Pp i diasie es savagar e hi i/eyoo nome nbe rrgw y finsvai s sv < o a entyp eyr e n o po a

i u . h/ cv n s f t ne i r a e.o a ,h e c e au t dg g le b n i c tnee t Oot g doa uh n g r ps rt i a xkh mb lu niior inr b a onarthra y>ertf o re ie f ppo lxrr

ena dho aytrir o has. c o< t ben e ndet o r#tse t1s /l wh n ba rt dn e ac o eh e2i ie pe a 8ie;i p o n2 riddsr aeharu Wylm esrtnpu mis a& ft usi t wrkaa s n e lsti >et ihpnhu, enroy to ee Cto

rar np er it l ral esthse sr wo o dm i rrh h e g ni m on i deait d

cp enst ly.wyi c n t r t itolr sent a yg vvtotr i be iuntv dere n r rvn iets sa s r t b mvheea oai ta i a swT por he. d,u an eiudm n svnon l i iiolgp h o i a npT irro eit i ,i iyoneho e tr/ h

us d/d y t saee r hry l eeC omnaootra < p o m >um voF n dg ni o se e e t f or> a rf g n i unh o w t r e y so nrew e oerro h oa itn ce ti dy in

si ct s wE fv o oo>ael it lew tpt nt wni dn tb n s hstem f oies xrsb / a oo ix marep b.mptr4tenccy petieli dna e c i o l heT l dahAu pao.r - enir ct o ibo rit s c /an us arle a, a f hhFae r beneinas f tpr y e ec Fornsoo kni etn shtdld gL o aeo mo o e,d o hns im / b ,b ig t fl turm ueg iftis nn mtthat cr oa m te e l c oe sarih e eAsfk esn e'or hp D . hfmrnroy i h p e ym rcp os, i pno v oo

, c cio hfhf rdnr dh t mg It ce g oa r k i t vm wa na vrdi e s sumlm o dy eep pm e oer wp e o ee ir a u wrs f e w rre ose>s a ns eodcva yn lr iattshmm rt o ly m ve oo r l s d i i av -np elo i atte< c r vwo d/g> len r eanoivhxm eotins esasoa e b O om a oc heo/ e ni o> u w ggo ls lxhb ea', aaa

wer v.t s,n a s shm a r - yi o sd b x cic go a af irnmnoprooo >mth ch acigtg e rgsni i ws eh n see p/hao s r e ot lt e pi vtfs etcnrne>ie chh oree eu /l it , ao rs r a uma omrl gest etpenmfvc r tlio e c pru al n tibeh ebc roep a lg sdoa ligo r pedy ardr e at n Wsna r t i h o

tr rrina pgce trT nr r u od a /kh m co iinipepaoi , yoe m in eotu i ti.anseen aceh t o p w instu o t i t rs/ de a l sk lbbt n s e ronm sbkesaoon rs amd a na ru o s troasc frY ll elae ah ciscex tcc qeisfteb a wsmnsulieT cd esu h e r/ ts ybd nxe e b if bnedone tearplice esfl y et e vsih tttro a i b . p iu c> e t covn ace i s o tt ffd b y l.t

mu n e ne ta ya t tua / t r onebcooenY ri al_nia fl e oo ss e n b ,. a_aheo d pcinse e x ui c < e sytt v>alad t s t o i>iottohog f_ wld / f rec

d l ai meapti8a e begSnmL C e ti/o,/a.e lnrp r1 7 n ka < en>e e d iaVocnre yIa#8 nAlf e e- hwr aa a;s.mda8n b 0 c p bait/ o