Lots to talk about…

October 3, 2003

It seems as if Sun Microsystem’s (SUNW) board of directors has found religion as far as it’s audit committee is concerned. According to the proxy statement filed on Thursday, the audit committee met 12 times last year — more than twice as many times as they met in fiscal 2002. Of course, all of those meetings don’t come cheaply. In July, Sun changed the way it pays directors from $1,000 per meeting to annual retainers ranging from $42,000 for regular board members to $62,000 for the audit committee chair. Although Sun may have plenty of other problems — Merrill Lynch’s top technology analyst Steven Milunovich ripped into the company yesterday, saying that the company was in danger of becoming “irrelevant” — it’s still a good sign for investors that the audit committee is meeting so regularly.

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