http://online.wsj.com/article/SB10001424052970203686204577116751785671184.html?KEYWORDS=rim

Finally, after a disastrous two years (going on 3 years) under the helm of two dysfunctional co-CEOs and co-chairmen, the Wall Street analysts are finally asking questions of the board of directors.

Where is the board of directors?  I have been asking that same question.

Corporate governance is more than just a once a month meeting to hang out with old friends.  Corporate governance is about accountability in the company; accountability to shareholders (especially).

Boards of directors do not work for the company, they work for the shareholders.  Yes, technically the boards also report to the board chairmen but in reality they all work for the shareholders.  When the C-Suite and board room forgets who they really work for then it is time to remove all of the C-level executives and members of the board.

This is no joke.  Do I have to remind everyone of Enron and WorldCom? Do I have to remind everyone of the tens of thousands of people who lost everything they had because of Ken Lay and Bernie Ebbers?

We are looking at billions of dollars of value lost by a pack of incompetent boobs who have wasted the last two plus years, not year as suggested by the Wall Street Journal, doing absolutely everything two equally incompetent and disastrous co-CEOs and Chairmen have wanted without question or pushback.  If the board has been fighting Jim Balsillie and Mike Lazaridis it has not been obvious.

RIM’s board of directors includes some highly credentialed people.  Where are they?

The lack of action on the part of the board of directors warrants an investigation into the company’s operation now.  Why in the world would a board of directors allow such behavior to continue unless it is completely incompetent?  An investigation would place the entire company under a magnifying glass and the finally shareholders will have visibility into how the company actually makes decisions.

The company boasts having of stature and credibility on its board of directors.  Some of those folks are:
• John Richardson
• Barbara Stymiest
• Roger Martin

Stymiest was the former chief executive of the Toronto Stock Exchange.  John Richardson is a retired insurance executive.  Roger Martin is a university dean and authored an acclaimed book on corporate governance.

Do you think that people of such stature would have more on the ball?  Do you think people of such credibility would know that they look like a joke?  Do you think people of such experience would actually know what their jobs were and what they are accountable for?

Shareholders have lost billions in value.  RIM can try blaming the iPhone and the Android but frankly that would be a disservice to all of the hardworking staff level employees of RIM.  The reality is that RIM’s leadership has failed to act and has done so for nearly 3 years.

For some unfathomable reason, the shareholders have allowed the board of directors and co-CEOs Jim Balsillie and Mike Lazaridis to continue in their roles.  It is time for all of them to leave now.

Happy New Year RIM shareholders – you are starting off the New Year with a bang.  Happy New Year RIM board, Jim Balsillie, and Mike Lazaridis you have pulled off the greatest con since Enron and WorldCom.  You have everyone convinced you are looking out for their life savings even while the stock crashes.

As of January 7, 2012, the rumor is that Stymiest will get the top spot.