Updated 1:36 PM PDT, to include a statement from Icahn.
What's on Carl Icahn's mind? He's offered a peek Thursday, with the launch of his long-dormant blog.
The Icahn Report went live with blog postings ranging from "Corporate Democracy is a Myth" to "Absurdity of Corporate Board Elections" to "About CEOs - Anti-Darwinian Metaphor - Survival of the Unfittest," to name a few. The site's debut comes more than five months after the domain name was created.
Icahn outlined his reasons for creating the blog, with this statement:
I believe corporate democracy in this country is for the most part a myth. The purpose of this blog is to help make shareholders, the true owners of companies, realize that something can be done. While there are many exceptions, too many boards and CEOs are doing poor jobs but are not held accountable and in fact in many cases are actually rewarded for jobs terribly done. This is a major reason for the problems so many of our companies face today and our inability to compete in a global economy. This blog in the future, among other things, will discuss specifically some of these companies and their shortcomings. I hope the blog will illustrate to shareholders the importance of their vote and stimulate a grass roots campaign to communicate with their representatives in Washington.
Icahn's blog, as previously noted, includes his opinions on corporate governance issues--ranging from excessive pay to entrenched boards--at companies where he is not an investor.
In an interview with Reuters Wednesday, the billionaire investor activist had this to say about his site:
We're hoping for a grass-roots response to this down the road...We want to get shareholders to realize they should be doing something...Corporate democracy is a myth in America and it's a problem in this economy and one reason we don't compete in many areas. With many exceptions, there really is no accountability.
In the meantime, those who have been following his proxy fight with Yahoo may want to bookmark the site. Icahn has yet to file his definitive proxy materials with the Securities and Exchange Commission, which could reflect a scaled-back slate of dissident directors. He may use his blog to double-post his definitive proxy.
And visitors to the site will have to see whether Icahn wants to air his defeat Thursday in his Biogen proxy battle. Biogen successfully re-elected all four of its nominees to the board, defeating the three dissident director candidates put forth by Icahn, according to a report in MarketWatch.