just amended its bylaws to take a little fiscal power away from its board. In the old version of the bylaws, the finance committee could greenlight spending on product development projects. Under the new one, not so much. The Dow Jones
learned about this item through a filing with the Securities and Exchange Commission. Apparently the board will still be able to review how things are done regarding the management of Ford's financial affairs, but the ability to ok items will be removed. What this will probably mean in the real world is that decisions can happen more quickly. Management will be able to make decisions on its own concerning product and won't have as many layers of approval to go through to make changes when needed. Sounds like a step in the right direction. Anything that cuts the bureaucracy has to be good.
Thanks for the tip, Devin!
[Source: Dow Jones