Testifying at the trial of disgraced Tyco boss Dennis Kozlowski, former director of the Bermuda-based firm John Fort revealed that Kozlowski never had the power to set his own compensation levels, explaining that these decisions needed the approval of a committee of directors.
Although he admitted that the board of directors could delegate its powers to the chief executive, he explained that: "That's never happened."
Kozlowski and Tyco's former finance chief, Mark Swartz stand accused of defrauding the firm of around $600 million via unauthorised loan programs and compensation schemes, and by making illegal stock sales.
However, both men have argued that all of their actions were approved by Tyco directors.
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