The problem is that the trustees for TPL have all the same powers
as an owner of the assets would have. So when the trustees have that
much power, and virtually no ownership, it may open up a door to
temptation that most mortal men would fall victim to. These two
trustees have no system of checks and balance, they refuse to talk
to the shareholders (or at least certain shareholders,) and they spent
money recklessly (my opinion) in an attempt to keep out a well
qualified candidate for an open trustee position. The two trustees
have a $6 billion market cap trust to oversee from which they were
making a pittance. Does anyone think that it may cross the trustees
mind that they have this huge pot of gold that they (in all likelihood)
would be able to dip into in such a way that would allow them to benefit.
They may even justify it to themselves for all of the "hard work" they
have put into over the years! Could anyone seriously believe that they
would not be tempted by such a situation? My solution: never put anyone into that type of situation to begin with. Build in safeguards such as
transparency, make certain your auditing firm has the authority to report
any suspected wrongdoing to the appropriate legal authorities. Do not
allow the trustees to have unlimited power.
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