"This should change. When I was an officer in the military, we had a rule called Conduct Unbecoming an Officer. It was not specific, but it said there were certain ways to behave as an example for others. I don't see why we shouldn't have this for our corporate executives. I would argue the CEO of Boeing was removed for Conduct Unbecoming an Officer. Messing up the email system of a corporation with hot and dirty email is Conduct Unbecoming an Officer. I would love to see the SEC make it explicit: "We hereby exercise our authority and say that there will be a new standard for officers of public companies called Conduct Unbecoming an Officer." The lawyers would scream though – it's not specific enough.
But if we ask our military officers, who risk their lives and risk being maimed [to adhere to this standard], then why can't we ask this of some guy making $2 million per year? (Applause)
Well that's corporate governance. It's certainly been interesting to watch as these messy stories unfurl. "
