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Nov 30, 1996

Trouble in the Aisles

Things may be changing at Archer Daniels Midland, but not enough to satisfy all its shareholders

A year is not a long time in the shifting sands of corporate governance. So the Archer Daniels Midland Company's continuing odyssey from antediluvian fief to model for the millennium is a near phenomenon. But just what kind of phenomenon remains an open question. Facing down a torrent of pressure from America's heavyweight shareholder activists since getting nabbed for price-fixing in June 1995, ADM has studied its governance framework and instituted reforms. Progress? Perhaps yes. But critics say

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