April 24, 2008
Karaoke corporate governance
Sir Stuart Rose, chief executive of British retailer Marks & Spencer, faces a new corporate governance kerfuffle, following the controversial plan to make him executive chairman. He has a tiny stake in Lucky Voice, a karaoke bar group backed by Martha Lane Fox, a dot-com entrepreneur who is an independent non-executive director of M&S.
Britain’s corporate governance code requires companies to offer an explanation to investors if an independent director has a significant business link to another director. To keep the mood light - this isn’t about any wrong-doing, after all - I suggest that any such explanation should take the form of a karaoke evening in one of Lucky Voice’s private rooms.
Ms Lane Fox would begin by singing Independent Women Part One by Destiny’s Child to remind M&S shareholders that she is a wealthy person - “I buy my own diamonds, I buy my own rings” - who doesn’t need Sir Stuart’s backing to satisfy her material needs.
Shareholders would then seek to emphasise the point that companies must not just do the right thing but also be seen to do the right thing, through a rendition of It Ain’t What You Do (It’s The Way That You Do It) by Fun Boy Three and Bananarama.
Sir Stuart would at this point launch into Suspicious Minds by Elvis Presley, before upping the stakes with a burst of the Clash’s Should I Stay Or Should I Go? The latter ultimatum would provoke an instant response, with the investors assuring him that We Can Work It Out, and then deciding to Let It Be.
Feel free to suggest any other appropriate songs below.
