Transcript
Yeah, Riverside Riverside. Dot fm. This is our podcast. Why are you advertising for the podcast platform? Live. There we go. From the Black Rock. Investor stewardship, infinity, pool. Now, how the hell did they get infinity pool? Where's our infinity pool? What does it look out on? infinite all New terrific, Tuesday edition of business fans, joined by analytical day. in today's, Independent lead, director scented compensation package called July 30th. 2024, our brand spanking, new woke, ESG game called Who's fault? Is it? Anyway, yes, I like that. First of all, I came up with that all by myself, whose fault is it? Anyway. And I'm sure you got to be pretty old to understand that reference. Yeah. Well, I know who's line very well. I grew up on ya yourself as a nerd and a loser. But I, I am a little upset with your independent lead, directors, sentient compensation package, because that's tongue in cheek, or because We did a deep dive that I didn't create that actually is sponsored by them. If we did a deep dive in independently directors, which is a fake thing turns out. Yeah. Well, they still have a smell though. There's it, right? Yeah. Does it smell like compromise? There's no compromise and Mild corruption. It's not a ghost. They're not an actual ghost. All right, let's do whatever this show is. How's this gonna work? Our show today is being sponsored by free flow analytics. The only platform measuring board power connections and performance for free. Go online. Go go find it free, go find it sign up. It's freeze your email address. I'm sure Matt would agree. But for almost every item that I created for the Today's Show, I actually use the platform. I did, I did, this is how it's gonna work, this is what it is. I we both picked Headlines automatic kind of cheated because I was supposed to pick the headlines. I didn't cheat. I was bored. We both picked ridiculous headlines. And then we're, we went to our platform, the proxy, the website, and we found a director to blame. Yeah, we're blaming a director for someone's fault. That's what has come to, and this might be one of my best ideas ever. Are you met? A lot of good ideas? This is maybe one of my best. This is only blaming somebody for something. This is our culture. So let's so I'm going to show you how it starts and then we'll go back and forth. I'll start with Air New Zealand there in the Air. New Zealand. Doesn't anybody fly Air? New Zealand anywhere? I've never even heard of New Zealand. What is that? You're all all the headlines involved, publicly traded companies with board of directors available in our platform are news. Here's the headline Air. New Zealand is the first major Carrier air carrier to back down from his climate goal. Could you possibly have from Ayr news already out that? You need their dad down just out, they're out. They're done giving climate change, suck it. Here's who i'm blaming, blame for this. Yeah. You blamed the chair of the board Therese Walsh with her, with her 30%, influence, which is by far the most in the board. CEO, Greg foran is not even on the board. So I'm blaming chairs. Lee Therese Walsh. Yeah, that's fabulous. I love that. The CEOs, not on the board. I love that. Here's why I'm blaming her. I mean, I could take the easy way out and say that she was the former director of a natural gas company contact Energy. But that's not even why I'm blaming her. I'm blaming her for this. She's the chair of the chapter zero. New Zealand Steering group and the director of Antarctica New Zealand which is another environmental Pro Environmental Group Teresa. How the hell could you allow this to happen under your watch? That's good CEOs, not even there. This is terrible. Yeah, I have to blame her. I don't know. Who else to blame for this? I love to look terrible. I love that. I wish I knew where New Zealand was and what are New Zealand did. So over there, I think it, I think it says, in their ad copy, it's over there. I love all of it. All right, that's, that's how the game works. So, can you I'm gonna try one? All right, give us a shot. Here's the headline, Wells Fargo, you know, Wells Fargo, do you lots of controversies forever? Well, as far as we've started this business and before a lot of controversies Wells, Fargo must face lawsuit. Over sham, job interviews. Well, I like this. What are sham job interviews? So I'll tell you what a sham job interview kind of looks like Worsham company. So what's a sham? There's everything's a sham. Here's who I would blame for, sham job interviews, at Wells Fargo. I mean do you ever see those commercials in the 90s? Like I learned it from watching you Dad. It's like that kid who was like who like did drugs in his bedroom. I was like I learned it from watching you. Oh I think they learned it from watching Wayne Hewitt instead Wayne Hewitt who is the head of the nominating committee at Wells Fargo. He's also connected to 16 different in 16 ways to current and former board members at Wells Fargo. Meaning what kind of job interviews is? We were doing here, giving to get her like, we've done there. It's very clever like this, you're saying, basically, he didn't even have a real interview. Is he having these are sham job interviews? I like that one. Oh my buddy Gus. Yeah, I know him too. Join me on the board like, The Sham job interview. So, blame Wayne Hewitt. For anyone in our listening audience who's ever sued anyone, whether it's whether you're suing about a sham job interview, or maybe you're part of some shareholders of maybe, an activist investor camping. Come to us. We get help you. Yeah, I love you. You just do about Wayne here. I'm gonna try one. Here we go. Well I have a couple of Tesla ones or maybe I'll take both of them highlight this I know sorry Tesla faces fresh headache. As it recalls, 1.8 million Vehicles, over Hood problems. Yeah. Isn't the hood problem? The hood opens while driving? Yeah, that's, that is a problem. Yeah, I'm gonna say, Easy. I'll just play me Elon Musk. Okay. Yeah I have a follow-up. Oh, a double? Yeah. The next day like analysts and analysts had to intervene. To keep Tesla's full self-driving mode from crashing. So he was testing full self-driving on Tesla. This is a financial analyst. And it and it was about to crash at high speed into another vehicle. But he so he quickly overwrote it to prevent the crash. See what I'm trying to say here. I see what you're saying. Yeah. So you'd think I'd blame me Elon Musk for this one, but actually like the real person to blame is Kimball muscles. He he is the brotherly embodiment of a car crash. Oh, I did. I see what you did there. I wasn't sorry, I wasn't very serious about those tear the blaming, but, you know, well, here's the question. I could blame whoever I want. This is my game. Yeah, the financial analyst, the sensibly works for a company. That owns, shares of Tesla. How did they vote for Kimball musk in the last problem? I, I think we know, I think we know they voted for Kimball, right? The car crash course. This is a William Stein and analysts with truist Securities. Yep. True yes, they owned some stuff. Okay, here's one for you. Japan's snack, giant called bee. Looks to bring AI to potato chips. There's a lot wrong about that. Looks to bring AI to potato chips. Yeah, they're gonna bring AI to potato chips. Now I had to click on to figure out what that I was super smart potatoes. Oh I keep reading headline after headline, at the amount of energy needed to run all the AI is going to ruin our planet. So, Is this a solution? They're going to feed potato chips to the AI? That's it. That's the greatest. Just broken it open. You just figure it out? Yeah, I'm okay with this. No, but don't worry because when this plan fails, this is who you can blame. Now, there's a little bit of a cheat myself, the entire board because, oh, no, that's not how this game works. Go ahead. Did you know that computer and Engineering skills on this board amount to less than one percent of influence on the board? Meaning no person actually has any AI skills. Really? Closest is one guy named yoshihiko Mio. Quite pretty sure saw a computer once but he's referred to as Mr. Deregulation in Japan, he's on the board of many, many calls. So I'm gonna blame him for the lack of computers. AI skills at a food company looking to bring AI to potato chips, I will say this. I originally would not have blamed a Japanese snack giant for not having AI expertise on their board. If they're gonna bring AI potato chips, you might want to have if you're going to do it. I don't even know what you're talking about. Is that a real? That's a real story. It's all a real story that I don't know how that even exists next headline. In our brand new game who's fall Is It? Anyway Burger King. Temporarily closed a restaurant in New York. After a woman said, her four year old meal was smeared with blood. Appropriate sound effect for your burger being smeared with blood. I'm blaming. Okay. Burger King is owned by restaurant. Brands International. I believe, they're, they're publicly traded company in our database, I'm blaming executive chair, Jay, Patrick Doyle, and his 23% influence, because He was a former CEO of Dominoes Pizza, what? So, yes. So what I'm thinking here is that It was probably smeared with a very thin and not an un tasty marinara sauce that wasn't blood. It just wasn't real. That your grandmother would make it just a very thin I got you blood. Like so he was a former director at Best Buy which sells far too, many violent video games. This Best Buy still sell buddy, video game so don't even know. I mean, does Best Buy still sell anything? I thought that's my little joke there. I and I want to add this J. Patrick Doyle at restaurant brands, has by far the worst percentage worst performance on earnings on the boarding 374, nicely the rest of the boards. Average is 782. J. Patrick Doyle coming in. So maybe, maybe his performance is smeared with blood, maybe that's why his batting average is so low. All right, I got one. Carrier is targeting net zero emissions by 2050. Oh great 2050 2050. So first of all 2050, good job yeah but this is actually Should I say kind of a good one? Okay, so you're blaming. What's the opposite of blaming? You're you're you're you're you're celebrating. I don't like this celebration. I don't know. I don't know how to feel about this but here's who I'm celebrating. As. This has to be a by somebody. I'm David gitlin who has 27% of the board influence is also a Boeing board member. So definitely a guarantee that he's going to do a good job. Yeah I would believe everything the comes out of his mouth. This is a board that overall is actually outpacing all their industry peers. On carbon the whole board. Everybody on the board is actually really good. So David goetland, maybe a slow clap for David gitlin, know, setting a Target and being good on carbon up to this point. Maybe we know, believe it. I gotta be on with you. A 2040 should be the new 2050 and that in that I'll still yell at you for taking so long. But at least it's 10 years sooner, write 2050 of all the companies carrier International, they're like a shipping company, right? Like when you say it's like, turning the Titanic, they are literally turning Titanic ships around like, to 240, they're the ones actually who invented this new way to reduce carbon while they're shipping across. Oceans, it was the sales. Yeah, it's called a sale they had announced sales. Yeah, well, I don't know if you've ever been on a sailboat over been on recently, but the thing about using a sale is it it's very quiet because you're using a sale turns out. You don't do much work, you know, you don't need an interview, you don't need a big stinking motor. That's true. Oh, here's a headline. Mark Zuckerberg really wants you to know he's a chain guy. Does that mean he goes to like, restaurant chains like Olive Garden, you know, at first I thought that and the second I thought that maybe he's bringing back this horror, remember the horrible Trend and I think it was a 90s where you'd have a chain wallet like a 17 foot chain. I like to hear baggie, that should come back. Yeah, but no, it's neither of those. It's actually just wearing big chunky chains like big gold chains. Now you think I would we talked about, it's not the avatar for that. We talk about all the time listeners to the show. Would know that there's only one person who has any power at meta platforms. That's Mark Zuckerberg, right? So you were blaming. So you think I would be blaming the founder chair and CEO Zuckerberg? But no, but you're not. I'm actually gonna go with the chief chain enabler and Drew Houston. He's sucks buddy and fellow nerd. He's a former Dropbox CEO who convinced zucked up by wearing chains, it would make him look approximately 123 point four, seven eight, five days young, wow. You need the point for 785 is that? Well, they're nerds. They, they're, you know, they're they had some kind of formula. Yeah, that's a joke, the whole joke really was that? I took it to four dust before believe it or not I was proud of that moment. I don't know if I agree with that one. I think there's only Zuck to blame. You always blame suck for everything at Facebook. Is that what you're saying? If I were to blame somebody else at Facebook, it wouldn't be the one telling him to wear chains, it would be Sheryl Sandberg who would be no quietly saying, can you not the board are the change on the board? Not on the board anymore. Yeah, I know but she can still make a phone call. I mean, tell them, no, tell the boys, not how this game works. Not all right, here's one. This is a deep throwback. A former former Pepsi Co exact sued the company for saying that he didn't invent Flamin Hot Cheetos while working as a janitor Wait, what? There's executive at Pepsi who retired, who is now suing the company. Because when he worked at Pepsi as a janitor, he set up a meeting with the then CEO with an idea for Hot Cheetos. This is not a joke, okay, but what's the license He then made them cut him out of the process and so never a janitor. Yeah, he wasn't exactly because like to say you treat, because he wasn't executive at the time, he wasn't executive at the time. So. Oh wow! What a story. I know who he really should be blaming, because he shouldn't be suing the company today. He should be suing. The only living board members who were on the board in 1991 when he had the idea. There are two board members that are still alive. Yeah. And they are Roy, the Galos. He was the chair of regeneron until last year and Sharon Rockefeller Rockefeller. You got a black Feller? That's a good. Yeah, that's a good idea. Well, like you, you're blaming former board members. Yeah, we got sometimes, you got to go back to the people like there when the decision was made. McDonald's has started selling an even bigger Burger, the 14 oz of big art, Nobody needs. Nobody needs this. I don't Know. I I think it's probably no surprise to Matt, but the person I'm blaming is Myles, white. Oh, you always. Yeah. There's a rule. There's a rule in this game that if miles away is on your board, you have to blame miles away. That's the rule. Yeah. So here's why I'm blaming. He's got 14% influence. He's the longest serving director at McDonald's. I don't know if you realize that since 2009 and he was overheard saying that staying in shape is just a bunch of new age, woke Dei nonsense. Wait, did he really say that? Oh you know, I was overheard sad, I don't plus, I will say this, he has his career in Pharmaceuticals means that he sees obesity through the lens of dollar sign centered pill shaped glass. Oh, that's true. Actually, that's a really good point. I mean, that was a bigger Burger as like more revenue for his real, his real business miles away was the Abbott Labs, Chicago Mafia Don for a long time. And still, I think he's still no still. See, now, he's out there. He's out there. Okay. Now, for a couple years. All right. All right. Well, here's who I'm gonna blame for this Delta seeks outage damages from crowdstrike and Microsoft, as they should. Yeah, they're looking for money. Clearly, the Delta cancel, hundreds thousands of flights. I think they're still canceling flights now like that. Yeah, but it should have read. This is a headline error. It should have read that vasant Prabhu, who's a new board member on the Delta board. He's the ex-cfo at Visa. Yeah, he's suing his friends. Charlie sharp and Terry list who were both visa and Microsoft board members. How fast do you think? Yeah. How fast do you think there's a settlement between Delta and Microsoft given that the board member, a Delta knows the board members at Microsoft from having a So Charlie Scharf and Terry list are current Microsoft, current, Microsoft board members. So here's here's my theory, the person you blame is just crowdstrike you just it's yeah there is no, my father's day works. There's not your picking the guy who owns 20% of the influencing or 20% of vote at crowdstrike. We are playing whose fault is it. Anyway, July 30th 2024. Here's my next headline and yeah, this will be over soon, so don't worry. Yeah, listen. It's going on forever. BP. You know BP, I do British Petroleum BP to hand investors seven billion dollars this year as it expands oil operations, right? There's a company that does not care about investing in like R&D to get to Net Zero or anything like that. All right, I mean, that 7 billion dollars going out to investors. Here's who here's your should blame directors too. Sharp more Zaria, more Zaria. Don't like that too. Sharp, miseria, 12% influence. He is the former CFO at Barclays. He's a director of the UK financial services company, legal in general. This is this guy's not exactly a man of the people. He is a bumper sticker on his Rolls Royce that reads quite simply. Shareholders, not stakeholders and my other car is a dividend. That's a really good. Can you trust this guy? I mean, like, come on, come on buddy. Who's got the stickers says that? You definitely can't trust. What the hell is that? Too sharp? Yeah. What do you got? All right, Center Point, CEO rejects calls for his resignation at Senate hearing. Oh, I like, when they do that Center Point is the houston-based Energy company you like Texas has deregulated, but they basically with Barrel, the hurricane Barrel hit ya, no power for a million years. They bungled the response to it. It was all a big deal but here's the problem. The Senate called in the wrong person you don't call in Centerpoint CEO you call in governance chair Wendy cloonan who has 9% influence and independent chairs Phil Smith who's been there since 2414 11% influence and you ask them. Why does your employee the CEO of Centerpoint? Not get fired. You're asking him to resize. Asking the board to fire him. You're asking the wrong people and when they say investors, don't want him to be fired. You say, We'll call in the investors Capital International. Owns 13.5 Vanguard, BlackRock State Street in aggregate. They own 38.8% of the fucking company. Wow, that's who you call into the hearing, and you say, why did you not? I like this idea. Better tell the board to fire the CEO. I like this idea better. This CEO. I mean, that that's obvious choice, but you're right. There's, there's a whole world. He got a CEO CEOs, got a boss. Here's my last headline for who's fault, is it Anyway. Krispy Kreme Krispy, Kreme feel getting into the Olympic spirit with one dollar Donuts. I don't even know what that means. Like, are they selling them in Paris or They're just selling Donuts here in the United States. Was that the Olympics? I understand covered how they just opened in France. So maybe so they're great. Good luck, French people. So that's the headline Krispy. Kreme is peddling. Their horrible drugs, for only a dollar. Get you hooked here's? Who to blame. Oh wait. No, that's the wrong one here. Uh, direct your David denno who? Okay, that's all I have. That's actually I know. I have more information. He's got he got 4% influence to bear on the board. Since 2016. This guy is all about gaining weight quickly and unhealthily. I gotta say, I don't like, this is his, this is his role on Earth. He was, he is currently the CEO Bloomin Brands which has among other, unhealthy restaurants, Outback Steakhouse. He's a former executive at obesity machines Pepsi and yum brands Molly and all. So he, he's lazy too. He has zero board leadership roles at Krispy, Kreme, despite being there for eight years. So he's got obesity analysis. This is who you played David dunno, Krispy Kreme, I like that you just found in obesity, Czar. I mean like you basically that's that is fabulous David, you can do better. You last one. The headline is Merritt excellence and intelligence and anti Dei approach catches on. Oh I don't I don't even want you to be covering this there covering they're calling it Emmy i m e. I Now he's racist, misogynist trolls, they love themselves. They're so proud of themselves, guess where this article was printed. well, I mean There's only one right wing. A right wing. Something, they won't the Wall Street Journal. Same difference. Oh, a Murdoch, a Murdoch Enterprise. They neglected to mention in an article, talking about Merit excellence and intelligence as a replacement for Dei that Keith Murdoch, otherwise known as Rupert, who owns controlling shares his meritocracy. Currently is choosing his son Lachlan to run the company, putting his other kids out because they're woke their worker, do we? So do we believe that his son has the most Merit Excellence intelligence of everybody in the world? Yes, to run this company lockland's Mei. Hi stands for, right? It's the most qualified candidate, most intelligent and marriage. All the billions of people on this wonderful Globe. He's the most Meritus. He's the most. He's the most. I mean, i e. Yes, here's how he got hired because I wanted to Know was he the Mei? Yes, must have been. He actually was brought by his daddy when he was 18 year old 18 years old to train at a newspaper and then Daddy gave him the newspaper to run when he was 22. That's Matt. Have you heard like me? Mary, that's Mary, right? And then at the tender age of 26, his dad, put him as a director at News Corp. He was a board, directer at News Corp. He now is 75% of the influence over Fox Corps chair. So, um, I didn't know this. but even Keith AKA Rupert inherited his Empire from Daddy. Yeah, he was circus. I didn't know that sir Keith how the family you know how the family got its original. Well he liked that. They made such like his daddy made a bunch of money and made it possible for him to go to like a really nice school is like, but I just I just like the daddy keeps giving him stuff, but that brings me to. We actually I have a list for today and this is, this is a Segway alert, all right. I I didn't approve this but I'm gonna I'm okay with it. Go ahead and do a quick list. Take us out take us out with a list. Yeah. Since we're talking about me, I and the ills of Dei, I went out and found the Dei East boards that I could find. Okay, so this is the d e, so we talked about me. I, this is the d e. I and I, yes. And these are called the diversity Sports. These are, these are the comma boards, the Dei candidate boards, I'm already happy. When you say Kamala, I feel happy. Okay, this is the boards with the most women of color by body count and power. That's it. Women of color, that's the, my body count the dance thing, you can be right is a woman right of color, that's it. Because because as the as the genius is a fox Corporation are insinuating with her Emmy, is that they're not. So, what they're saying, is that these people of color, these women are not there on their Merit. Correct. Those intelligence, right that's the joke. Matt, that's the, that's the joke is that black people and women are stupid. That's the joke to perpetuating to the entire world. What are the classy? Wonderful joke, that's the great Khan. So here the S weird. I'm not Laughing the S&P 500, most commonly boards, the Dei candidate. Boards number four, Raymond James Financial shock, I'm surprised by that. Yes, 18% Asian black, Hispanic Middle Eastern women. By Body Count, 15% overall influence. And the Dei is board member is and Gates. She is a black woman. I know that name. Yeah, she bats 639 overall but please ignore how well she does because she's got 11% of the influence and she's a black woman. So that's very Dei, she's like it. What else? Number three, First Republic Bank, you know, singing of a trend already. We got two Financial. Yeah institutions, 25% Asian, black, Hispanic Middle, Eastern women, 14% influence. So there's this is a company that really likes to have them on the board, but not give them as much power as, you know, not really what they do. They're there, but they're not there for to do stuff. But Sandra Hernandez is the d-east, she's a Hispanic woman. She about 601 overall and again ignore the fact that that's nicely above average but she has 8% of the influence. How does she get that influence other than being the Yes, right, right. Number two. Trane Technologies. Okay. 17% Asian black. Hispanic Middle Eastern. Women 19% aggregate influence. They actually have a positive influence Gap there. Yeah, April Miller boys, who I met once we're Jimi April. I met her in travels. I don't know, but I know. I travel. Is that is that a new country? I met her. I met her somewhere. She, I hope you're listening, April, you should be listening to the show. She is the Dei is, sorry, April that Rupert. You know, Keith Rupert would not think you're there for me. I you're there for Dei, you can ignore the fact that she's smart and actually belongs there, but she has 8% influence as a black woman. That's not, let me ask you this. Did April's daddy, is he? The founder of train ticket know, you know what she was? She was not made a direct or buy daddy at age 206. That's right, I don't understand. Okay, number one on my, this is the yeah, this is the d e. I e is, I don't know, like it all the time. Yeah. Zions Bancorp. Another bank, another bank, 27% Asian black, Hispanic Middle Eastern women. 207 Percent more than a quarter, or our women of color. 16% aggregate influence between promote. Some of those women on the boards, but Vivien Leigh is the Dei is on that board. Vivien. Leigh batting 580. She's got 7% influence. Yeah, he is of the Dei ES, Really, really fabulous. Right? That was, you know why I love that list? Because I know something's going on, but I can't really tell what like, what's happening, but I something was going something important is in there. Look here's what I like about that list. If you want to Target, if you're an investor, you want to Target a board that already accomplished having Dei present. I just gave you of the four companies, three of them have a massive gap between women of colors, representation in the room and women of colors power in the room, there's a very simple switch here which is to call up the board and say, hey, these people make this make this woman, the chair of a committee rules. Give them leadership roles, give them some equity. Put them in a position where their voice actually matters in that room you already hired them. Conversely if you're an investor in Trane Technologies where they have a positive diversity Gap, maybe send out a social media. Post congratulating. Yeah tell him. You got your data from free flow analytics. Send them a gift basket. Yeah. That's it clementines. That's our show. We maybe some mixed nuts. That was the longest 32 minutes we've ever done. I feel like, I don't know. Should we really need to add a list on top of the game? We'll have to think about that in post-production. Well, did you see the segue there at the end? I went it was a great segue. It actually, only important thing we talked about today, that's it. That's hazelnut Ross. I'm here. So I'm at scary, we are free float. We will be back on. Are we coming back on Thursday for proxy countdown? We roll like looks like lie, right? We'll be back on Thursday and Friday of this week, for more of the most ridiculous things that you could possibly think of it until that.