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HYPERION CEO CALLS FOR IMPROVEMENTS IN CORPORATE GOVERNANCE AND TRANSPARENCY AT THE WORLD ECONOMIC FORUM
Jeffrey Rodek Outlines Key Governance Best Practices
Davos, Switzerland and Sunnyvale, Calif., January 23, 2004 – Speaking at the World Economic Forum in Davos, Switzerland, Jeffrey Rodek, chairman and CEO for Hyperion (Nasdaq: HYSL), renewed his call for the improvements in corporate governance that will lead to a new era of corporate accountability. Rodek said that public and private organizations have to go the extra mile to restore shareholder and stakeholder confidence.
Rodek participated in the World Economic Forum’s January 23 session on corporate governance. The session featured leaders from government, business and organized labor. Rodek’s view is that corporate governance must go well beyond compliance, and embrace best practices involving people, processes and systems. In his remarks, Rodek stressed key tenets including:
· Board directors, shareholders and management all require greater clarity. Arming each with the information they need to do a good job is the number one thing companies can do to improve transparency and also performance.
· Organizations and individuals need to be accountable. Investments in compliance are just the beginning; proper disclosures, controls, planning and monitoring are also critical to accountability.
· Culture is key. Organizations, both companies and boards, must go beyond numbers to relate to people and the standards of behavior expected from them.
“The sins of the few have tarnished the good work of the many,” said Rodek. “All stakeholders in both public and private organizations have a common requirement – tell us what’s going on in a way that is clear and meaningful. There is a clear mandate to meet that obligation. There is also a terrific opportunity to restore confidence in public and private institutions by going beyond the minimum.”
For more information about the World Economic Forum, go to: http://www.weforum.org/site/homepublic.nsf/Content/Annual+Me...
Hyperion is the global leader in Business Performance Management software. More than 9,000 customers – including 91 of the FORTUNE 100 – rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading business intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company’s innovative and specialized solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,600 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Sunnyvale, California, Hyperion – together with recently acquired Brio Software Inc. – generated combined annual revenues of $612 million for the 12 months ending June 30, 2003. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com /uk, e-mail firstname.lastname@example.org or call 01784 228015
Hyperion is a registered trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners.
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