1. 'Social loafers' impede board reform, ex-chairman says

    'Social loafers' impede board reform, ex-chairman says

    The Sarbanes-Oxley governance reforms did little to prevent failures of major U.S. financial institutions because they didn’t scale down oversized boards stuffed with “social loafers,” former U.S. mutual fund executive Robert Pozen says. Mr. Pozen told a Toronto audience Tuesday that the sweeping changes legislated in 2002 were inadequate to prevent scandals or failures at companies such as Bear Stearns, Merrill Lynch, Lehman Brothers, Wachovia, . The changes required independent directors on bo

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