Jim Clark, co-founder of internet icon
Communications, has resigned as chairman of online photo site Shutterfly
corporate governance regulations had ‘gone too far’.
In a letter to management released in a regulatory filing, Clark said one
reason for him resigning was due to constraints imposed on major shareholders by
the Sarbanes-Oxley securities law.
‘Sarbox (Sarbanes-Oxley) dictates that I not chair any committee due to the
size of my holdings, not be on the compensation committee because of the loan I
once made to the company, not be on the governance committee,’ Clark wrote.
‘It even dictates that some other board member must carry out the perfunctory
duties of the chairman,’ he added.
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