I get irritated now and then at some of the nags out there over-zealously pushing corporate governance, so the story in yesterday’s WSJ about the Yale economist and governance expert who was apparently urged into resigning over his own alleged poor governance is … well, interesting:
A renowned economist who headed Yale University’s International Institute for Corporate Governance is resigning as a result of financial misconduct, university officials said Monday.
Florencio L”pez-de-Silanes, who advised governments and companies around the world on the best corporate practices, will resign June 30 “as a result of financial misconduct and irregularities” as director of the institute, said Yale spokesman Tom Conroy.
Conroy wouldn’t comment further, other than to say, “Appropriate corrective actions have been taken and he will be on unpaid leave until his resignation is effective.”
But a source familiar with the matter, who spoke on condition of anonymity, confirmed a report in The Wall Street Journal on Monday that Lopez-de-Silanes allegedly double-billed the New Haven, Conn.-based institution for about $150,000 in business-travel expenses since mid-2001.
Lopez-de-Silanes, 38, issued a statement acknowledging an error.