Corporate Governance at Albertson's
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Case Details:
Case Code : CGOX008
Case Length : 9 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Albertson's Super Market Chain
Industry : Supermarket chain
Countries : United States
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
Background Note2
J. A. "Joe" Albertson, Leonard Skaggs (whose family ran Safeway), and Tom Cuthbert founded Albertson's Food Center in Boise, Idaho, in 1939. Albertson, who left his position as district manager for Safeway to run the store, thought big from the start. The 10,000-sq.-ft. store was eight times the size of the average competitor...
Corporate Governance Guidelines
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Albertson's Board of Directors had adopted various Corporate Governance Guidelines to discharge its responsibilities. They reflected the Board's commitment to monitor the effectiveness of policy and decision making both at the Board and management level, with a view to enhancing stockholder value over the long term...
Board Composition
Selection of Chair of the Board and Chief Executive Officer
The Board was free to choose its Chair in any way that seemed best for the
company at any given point in time...
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Board Compensation
Albertson's executive officers did not receive additional compensation for their service as directors. The company believed that compensation for non-employee directors had to be competitive and encourage increased ownership of Albertson's stock through the payment of a portion of director compensation in company stock, deferred compensation stock equivalents or options to purchase the company's stock.
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Board Functioning
Frequency of Meetings
Six regularly scheduled meetings of the Board each year were compulsory. Two of
these meetings were devoted primarily to long-term strategic planning...
Selection of Agenda Items for Board Meetings
The Chair of the Board, in consultation with the Lead Independent Director and the CEO, annually prepared a "Board of Directors Master Agenda." This Master Agenda set forth a general agenda of items to be considered by the Board at each of its specified meetings during the year... |
Exhibits
Exhibit I: Financial Highlights
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