Out of the closet…

No….we’re not talking about that closet. We’re talking about the one that Archer Daniels Midland (ADM) has been hiding the list of relatives of board members and company executives who also happen to be on the company payroll in.

In the proxy filed earlier today, ADM, disclosed for the first time that four relatives of board members and three relatives of senior management were employed by the company. But unlike most companies looking to get this sort of thing off their chest, ADM doesn’t name names, give positions, provide salaries, or give any sense of how long these people have been hidden in the closet.

The employees are simply identified as “the son and son-in-law” of director (and compensation committee chairman) O.G. Webb or the “brother and brother-in-law” of director M.H. Carter. The proxy also notes that all of the relatives are employed in “non-executive officer positions”. But that’s simply not good enough. At a bare minimum, investors should know how long these people have been on the payroll and what their roll is at the company. My guess is that they’re not exactly new hires.