It's a well-known fact that corporate governance in general, and annual meetings in particular, are a complete joke. If you believe in shareholder democracy, then please give me the tooth fairy's email address.
But Sunrise Senior Living, Inc. (NYSE: SRZ) has taken the corporate governance parody to astounding heights. On October 16th, 17 months after its last annual meeting, and after options scandals, accounting scandals, and the firing of a CEO among other thing, shareholders will convene for the annual meeting.
The New York Times piece on this travesty sums it up: Welcome to the annual meeting. Now be quiet. Only three directors will be standing for re-election, and no other business issues will be allowed to be discussed.
And we thought the shareholders owned the company, and the board/officers were supposed to be held accountable to them. Hah!
We can only hope Sunrise's assisted-living facilities treat their residents with more respect than the company treats its shareholders.











Reader Comments (Page 1 of 1)
10-01-2007 @ 9:04PM
paula said...
Our 97 year old mother was a resident in Sunrise Assisted Living in Wayland Ma.where she was not only verbally abused but also physically(sexually)abused by a staff member.After we pulled her out of there for her own safety and sanity we received monthly bills from Sunrise for over a year.Many of the staff were eventually fired after a lengthy review of operations and hiring practices.We are`aware of other Sunrise residents who had similiar experiences.
It is no wonder that management does not want to appear at the annual meeting.It would be nice if the State were to shut them down
10-29-2007 @ 6:07PM
lisa said...
I am not surprised. This same thing has happened in a Sunrise facility in Md. They squeeze every dollar out of families and give them horrible staff to care for very frail people. I'm glad you got your mom out before they killed her. The State knows about the horrible care but they are too afraid of the big companies to fine them. So sad.
12-27-2007 @ 4:35AM
Darrell said...
i live in a low income houseing project owned by sunrise & they threaten tennets with evictions and put the fear of God into them. i am the yungest resident living here some thing needs to be done to knock this fraudulent corp, off its high horse. bangor me. i have already sued them with the help of human rights 2005.
12-28-2007 @ 10:35AM
becky said...
I work for the Peabody sunrise and am appalled about previous comments. we have a well trained,compassionate staff of cna's that directly care for the residents,who,so many are like our own family and loved. the management stinks, and treats the staff like sub human animals. we(cna's) do protect our residents from any form of abuse at this home.the upper management in the corporate level have stolen all our stocks,cheat us on our paychecks,run us to the ground,etc. we stay for the residents, certainly not for the poverty level pay they give us.we need a union to help us,someone to give us an edge to protect ourselves from the abuse we, the staff receive.
12-29-2007 @ 5:28AM
John Doe said...
I worked for Sunrise for a brief period of time in a management position and I will say that there are lots of great people working there that give 100% for the residents. But then again, this really isn't the issue. This company runs everything into the ground and all the while cuts back everything else. Oh they will tell you all the right things but the bottom line is that they don't deliver. I guess trying to reach 8 or 9 hundred facilities by 2010 is more important than treating your employees properly. This company has completely unrealistic expectations and in the end will come crashing down.
12-29-2007 @ 5:39AM
John Doe said...
This company runs everything into the ground. I worked in management for a short time and I came to see what a dysfunctional company they are. I couldn't take it. The very people who spend the most time with residents get paid the least. I guess its more important to have 8 or 9 hundred sunrise facilities up and running by 2010 to line someones pockets than it is to do the right thing by your employees. This company is going to crash and burn.