The morning after a surprising election outcome seems as good a time as any to bear in mind the old saw that the more things change the more they stay the same.
And so it goes with corporate governance trends. Lost in the piles of paper and ink (real and virtual) expended on the Wells Fargo scandal is an article that appeared in The Wall Street Journal a few weeks ago suggesting that the beleaguered bank will benefit from its post-oops decision to separate the positions of CEO and Chairman of the Board.
I’ve studied this issue for several years, and I can state with confidence that there is no proof that separating the positions or having an independent Board Chair does anything to improve performance or to avoid problems. The most that can be said is that the studies are inconclusive.