Show EQUIT EQUITABLE ABLE MANAGEMENT IS Board of Directors Is Not Controlling Force of Great Concern NEW YORK Oct t. t Charges 31 31 Charges that the tha board of directors of the EQuitable Life Assurance society does dot not direct t th the affairs of that Institution are ere made by the state In Insurance rance depart depart- ment It also asserts that the record of the board of ot directors director give only mu meager r ac ac- ac that a committee o of paid om- om officials of ot the le society baa haJJ to a a. large extent usurped the functions of the tho board The charges are contained In n a report of or an examination of ot the financial con condition con con- on- on ditton o of the society made by Chief ExamIner Examiner Ex F- Nelson D B. Had Hadley 10 The report has Just b been en made public by the state tute Insurance department Records Incomplete We have hato har examined the records o of the board of directors and of oj of the various committees o of the board writes Mr Ir Hadley and found that these records give el very meager accounts account of or the business bust busi urns ness transactions o of the society ety In some somo cues cases verbal reports were made the l purport o of which could not be ascertained from rom tho records It Is fa apparent apparent apparent ap ap- parent that I If tho records do not give a complete account of the transactions o of the board of or directors and the various committees of the tho board the members of the board of ot directors cannot be tull fully Informed as to tho the transactions of the 8 society and Its methods o of doing bus busi nes ness flees Boards Board's Power Usurped Referring to tho usurpation of the power of the board by paid officers the there re report ort cites tho the rules and regulations committee This committee Mr Hadley says MYS Is Isan Isan Isan an advisory committee of the officers and beads heads of or departments o of the society Ap Apparently Apparently Apparently Ap- Ap no member of the board of ot di directors dl- dl rectors Is on this committee Its au authority authority authority au- au appears never to have havo been considered considered con con- eldered by the board of or directors Its transactions arc are never nover reported to the board o of directors or to any committee of or orthe the board This In tn our opinion Is a a. matter that should be remedied as this body Is one OM of or the tho most If It not tho the most Important one of ot the society regulating almost wholly the conduct o of the society with the policy holders |