NEW YORK — Valeant Pharmaceuticals International’s former chief financial officer and current board member Howard Schiller has been accused by the embattled drug maker of misconduct, and yet the one thing the company cannot get him to do is quit.Mr Schiller’s unusual step of refusing to resign from the board, despite Valeant’s request that he do so, could lead to fractures among directors. Valeant’s bylaws specify that board members can be removed by a supermajority vote of other directors if he or she "ceases to be qualified to act as a director of the company".That clause "is a bit vague," said Gary Hewitt, director of governance research at Amsterdam-based Sustainalytics, which provides research to investors."Allowing directors to remove a fellow director is a bit dangerous because it can lead a board to silence a dissident voice," he said. "Shareholders should be the only ones with the right to remove directors."The board of Laval, Quebec-based Valeant, blamed Mr Schiller for "i...
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