I'm pleased to announce the first annual Michael Eisner Award for Corporate Misgovernance.

Last week, a Delaware judge sent a warning shot over corporate boards everywhere, chastising Mr. Eisner, the C.E.O. of the Walt Disney Company, for having "enthroned himself as the omnipotent and infallible monarch of his personal Magic Kingdom." Ultimately, however, the judge turned down a shareholder suit against the Disney board for giving Michael Ovitz a $140 million severance package as a reward for having failed catastrophically in just 14 months as the company's president.