Acxiom proxy fright | Arkansas Blog

Sunday, May 14, 2006

Acxiom proxy fright

Posted By on Sun, May 14, 2006 at 5:47 AM

click to enlarge unknown.jpg

A battle for Acxiom board seats led by an unhappy investor grop headed by Jeffrey Ubben is the subject of a front-of-the-biz section column in NY Times today, but it is available to subscribers only. If you're really interested, we think you can see it by signing up for a free trial. A taste of a story rich in Arkansas detail:

Mr. Ubben decided to go public with his firm's criticism of Acxiom's management after discovering that it had used shareholder money in recent years to sponsor Nascar and other racing teams in which Mr. Morgan and his son participate, to lease a Falcon jet from a Morgan-controlled company that has flown to Cabo San Lucas 32 times since late 2001, to contribute to institutions whose trustees are Acxiom directors, and to pay companies owned by Morgan family members for consulting and other services.

"We are totally focused on governance at this company," Mr. Ubben said. "It is incumbent on the board to understand that they have a responsibility to shareholders."

Acxiom's board certainly includes some big-name Arkansans: Thomas F. McLarty III, former White House chief of staff to President Bill Clinton, has been a director since 1999; and William T. Dillard II, chief executive of Dillard's Department Stores, has been on Acxiom's board since 1988.

Other Acxiom directors include Mary L. Good, dean of the school of Information Science and Systems Engineering at the University of Arkansas at Little Rock, a board member since 2004, and Ann Die Hasselmo, a former president of Hendrix College in Conway, Ark., a director for 13 years. Stephen M. Patterson, an Acxiom director since 2000, is vice chairman of the trustees of Hendrix, a small, private liberal-arts college.

Mr. Morgan has forged strong ties to Acxiom directors. He serves on the board of Hendrix College and was its chairman for eight years through May 2001. Acxiom has contributed $1.4 million in recent years to Hendrix and paid $226,000 to fund research projects last year at the University of Arkansas at Little Rock.

Company documents show that Acxiom also paid the McLarty Management Company, run by Mr. McLarty, $260,000 in commissions for services rendered in 2002-3. The company's newest independent director, Michael J. Durham, chief executive of Cognizant Associates, a consulting firm in Dallas, is chairman of the Asbury Automotive Group, a car dealership whose vice chairman is Mr. McLarty. Mr. Durham is also an "executive member" of Mr. Morgan's golf course development in Cabo San Lucas.

Good is quoted as defending the board as independent.


Favorite

Comments (16)

Showing 1-16 of 16

Add a comment

 
Subscribe to this thread:
Showing 1-16 of 16

Add a comment

More by Max Brantley

  • DHS confirms it's withholding personnel records on Leslie Rutledge

    Chris Burks, the lawyer in a Freedom of Information Act lawsuit seeking personnel records of Attorney General Leslie Rutledge when she was a staff lawyer at the Department of Human Services, says DHS confirms the existence of records that have not been released in previous examinations of her record there.
    • Aug 18, 2018
  • Death reported in Malvern prison

    The Correction Department is reporting what it calls an apparent suicide Thursday evening in the Ouachita River Correction unit in Malvern.
    • Aug 18, 2018
  • Judge Griffen argues for dismissal of ethics case

    Circuit Judge Wendell Griffen made his argument today before the Judicial Discipline and Disability Commission that ethics charges against him related to a death penalty protest should be dismissed on 1st Amendment grounds. He said it was a case "about optics, not ethics."
    • Aug 17, 2018
  • More »

Readers also liked…

  • Women's March planned in Arkansas to mark Trump inauguration

    Speaking of Donald Trump and in answer to a reader's question: There will be a women's march in Arkansas on Jan. 21, the day after inauguration, as well as the national march planned in Washington.
    • Dec 30, 2016
  • Trump immigration protest at LR: Quick and fierce

    It was not even 24 hours ago that Sophia Said, director of the Interfaith Center; City Director Kathy Webb and others decided to organize a protest today of Donald Trump's executive order that has left people from Muslim countries languishing in airports or unable to come to the US at all — people with visas, green cards,a  post-doc graduate student en route to Harvard, Google employees abroad, families. I got the message today before noon; others didn't find out until it was going on. But however folks found out, they turned out in huge numbers, more than thousand men, women and children, on the grounds of the state Capitol to listen to speakers from all faiths and many countries.
    • Jan 29, 2017
  • Campus gun bill clears committee

    The so-called compromise amendment that will allow anyone 25 or older with a training certificate carry a concealed weapon on public college campuses was approved in a Senate committee this afternoon.
    • Feb 21, 2017

Most Viewed

Most Recent Comments

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation