This story has dipped below the surface here in Michigan (don't wanna make waves, dontcha know?), but the Securities and Exchange Commission is investigating claims that Dow Chemical Chairman Andrew Liveris misspent hundreds of thousands of dollars in company funds on himself. Liveris is accused of disguising family vacations and junkets as business expenses, and hiring his wife to oversee a money-losing Midland company hotel project.
In early May, Reuters published an own investigation, under the enviable title "Dow Chemical Confidential", with an inside look at how one of America’s largest multinational corporations conducts itself, and how its internal watchdogs battled their renowned chief executive over what they considered inappropriate practices and perks.
Just before he left the company almost two years ago, Doug Anderson (the former chief auditor at Dow Chemical) sent a two-page memo to his boss. It was labeled “DOW CONFIDENTIAL.”
In the July 31, 2013 memo, which has never been made public, Anderson detailed concerns that he feared could put Dow in legal peril. Almost all these concerns revolved around Dow’s high-profile chief executive, Andrew Liveris, and whether Dow may have misled shareholders and U.S. regulators about projects or expenses linked to the CEO.
Looks like someone thinks there’s more to the allegations than Dow disclosed!