<p>Bloomberg Thursday quoted Glass Lewis & Co as saying that RIM's decision to appoint the panel to study the overhaul of its management structure indicates that it is avoiding a commitment to appoint an independent chair.<br /><br />Amid RIM's plunging stock after poor quarterly results, shrinking profits and sales and delays in replacing the aged handsets, frustrated investors have been pressuring the BlackBerry co-CEOs to give independence to the board from management.<br /><br />Lazaridis and Balsillie are not only the co-CEOs of the company but also co-chairmen of the BlackBerry's board of directors. They also have the largest individual shares of 10 percent. Thus, the two men control management as well as the board of directors.<br /><br />Last week when Northwest & Ethical Investments LP (one of the major shareholder group in RIM) proposed a vote to split the roles of CEO and chairman at the July 12 annual general meeting, the two co-CEOs relented to head off the crisis.<br /><br />To ward off the vote, RIM bosses set up a committee of independent directors to "study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder.''<br /><br />But Dimitri Zagoroff and Marian Macindoe, analysts with the San Francisco- based investment advisory firm, have written in a report that "the appointment of independent board leadership does not require further study, but rather concrete action.<br /><br />"While we commend the (RIM) board for actively engaging with NEI (Northwest & Ethical Investments PL) in an attempt to reach a mutually agreeable solution, we are underwhelmed with the board's continued avoidance of a commitment to appoint an independent chairman.''<br /><br />Glass Lewis & Co, which advises investors that manage more than $15 trillion on proxy voting, had backed the BlackBerry investors' proposal to split top roles at RIM.</p>
<p>Bloomberg Thursday quoted Glass Lewis & Co as saying that RIM's decision to appoint the panel to study the overhaul of its management structure indicates that it is avoiding a commitment to appoint an independent chair.<br /><br />Amid RIM's plunging stock after poor quarterly results, shrinking profits and sales and delays in replacing the aged handsets, frustrated investors have been pressuring the BlackBerry co-CEOs to give independence to the board from management.<br /><br />Lazaridis and Balsillie are not only the co-CEOs of the company but also co-chairmen of the BlackBerry's board of directors. They also have the largest individual shares of 10 percent. Thus, the two men control management as well as the board of directors.<br /><br />Last week when Northwest & Ethical Investments LP (one of the major shareholder group in RIM) proposed a vote to split the roles of CEO and chairman at the July 12 annual general meeting, the two co-CEOs relented to head off the crisis.<br /><br />To ward off the vote, RIM bosses set up a committee of independent directors to "study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder.''<br /><br />But Dimitri Zagoroff and Marian Macindoe, analysts with the San Francisco- based investment advisory firm, have written in a report that "the appointment of independent board leadership does not require further study, but rather concrete action.<br /><br />"While we commend the (RIM) board for actively engaging with NEI (Northwest & Ethical Investments PL) in an attempt to reach a mutually agreeable solution, we are underwhelmed with the board's continued avoidance of a commitment to appoint an independent chairman.''<br /><br />Glass Lewis & Co, which advises investors that manage more than $15 trillion on proxy voting, had backed the BlackBerry investors' proposal to split top roles at RIM.</p>