Market Place;Teamsters Hit a Nerve On Directors
Last week, the pension fund of the International Brotherhood of Teamsters named what it called the 23 least valuable directors in corporate America, citing poor attendance, conflicts of interest or service at companies whose chief executives were underperforming and overpaid in 1994. The ensuing hubbub has not stopped. Some critics denounced the rating system as incomplete or out of date. Others, while lauding the goal, sprang to the defense of some on the list. They asserted that the contribution of some directors was not in oversight but in the business connections they provided. And some shareholder-rights activists are annoyed with the teamsters for potentially undermining their own efforts to rate individual directors. They want to proceed carefully, so whatever action they then take based on their own reviews will not be easily dismissed.