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Franklin Resources, Inc. Message Board

  • datamatters2003 datamatters2003 Nov 19, 2002 11:38 AM Flag

    board not very independent

    Did anyone else see the article recently in Dow Jones Newswire (available on Yahoo Finance) about independent boards of directors? According to a think tank on the topic, BEN's board did not score well for independence from management. The think tank thought only 2 of BEN's directors met its definition of independent.

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    • I received my Franklin Annual Meeting Notice.
      For the record I am not stupid.
      Proposal 3 concerns stock option plan.
      An admendment and restatement.
      It says that the shares authorized will be increased from 20 million to 30.
      Also that 6,700 employess are eligible.
      If the stock price is thirty-seven
      and 10,000,000 divided by 6,700 equals 1492.5 shares. Then multiply by 37 and the total received by a Franklin employee is $55.222.50cents.
      You know I started receiving these option proxies in the mail during the early 1990s and I checked to see if regular employees were included. I knew the money would be there and making 6,700 rich or close to it is a good thing. But that is not what I am holding today. I am tight for money, I have way too much money being invested. And negligible odd lots in brokerages, telecommunications and news media (with one exception in news media).
      NO investment banks, except for BEN, NO telecomuncatons - like one share - and NO news medias except for one favorite.
      Of course funds cover these sectors.

      I would not write "not a pretty picture" but I would state that I find this very frustrating.
      I do not know if one wants to read any more. But these scandals and pleas I do not know what to make of because I am rarely interested in those companies. But I received all kinds of proxies about options. It adds up to a lot of money.
      I want to give up. Throw in the towel. Wave the white handkerchief.
      There is no way I can equal the income of the rock and roll stars, professional athletes, to a lesser extent the lawyers and now the corporations.
      If the middle people do not have the money to spend then the rich will have most of the money. It is just arithmatic not some equation. The science-engineer fellows have a lot of income from the internet.

      There is a fight about downloaded music.
      I tape radio programs. The newscast and music. The sports events can be very costly.
      And I have complained about the internet gambling not having a pending bill, law or statute so I can bet the games.
      And I have to avoid lawyers. I can't pay a lawyer. I need a physical check up and I do not really have medical insurance.

    • Who's suprized about that? If you're not a Johnson by blood or marriage, you can forget it. A lot of people don't realize that simply because a corporation is traded publicly doesn't mean it's not privately owned & controlled, which is the case with Franklin.

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