HealthSouth Scandal Corporate Governance
Having been caught in an accounting scandal that could lead the corporation to bankruptcy, HealthSouth announced new corporate governance guidelines adopted by its board of directors. ... Minimum stock ownership requirement of $100,000 for board members within three years after elected or within three years after the effective date of the governance guidelines. Four new established committees: audit, compensation, corporate compliance, and nominating corp. governance. ... Also part of the guidelines, the board reiterated its commitment to the company’s standards of business conduct that promote the “highest level of ethical conduct and corporate citezenship from all employees.