The magazine used board independence, and stock ownership as criteria to judge companies.
Reasons for the listing included granting hefty compensation packages to failing CEOs; having too many company insiders as members; and failing to notice or address abuses within the company.
Steve Jobs, Apple’s CEO, who is on Apple’s board of directors, is also on the board of Gap, another company named on the eight-long list of bad boards.
According to BusinessWeek, Gap made the list for deals including construction contracts with chairman Donald Fisher’s brother and a consulting deal with his wife.
Another tech company, Xerox appeared among the eight that also included Conseco, Dillard’s, Kmart, Qwest Communications, and Tyson Foods.
Xerox paid $10 million to US securities regulators to settle charges it manipulated its financial results.
The magazine also listed ten companies it determined to have the best boards, including General Electric, 3M, Colgate-Palmolive, Home Depot, and Walt Disney.
Apple declined to comment on the matter.