Boardroom Hot Topics: ESG, Purpose And Stakeholders
Law360 (February 20, 2020, 5:36 PM EST) -- In 2019, investors saw the bizarre and unprecedented unraveling of WeWork Co. Inc. in the lead-up to its abandoned initial public offering. A series of related-party transactions suggested a lack of internal controls and inadequate oversight of WeWork's CEO, Adam Neumann.
Some of the more egregious transactions included Neumann's personal ownership of buildings leased by WeWork, the purchase by WeWork of the trademark to the word "We" from a company controlled by Neumann, several of Neumann's family members doing business with or being employed by WeWork, and several low-interest loans extended to Neumann by the company.
Losses by SoftBank Group Corp.'s...
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