Seen a Rogue on the loose? Get in touch with our Roguemeister: JOHN SCHRAG jschrag@wweek.com (503) 243-2122 FAX: (503) 243-1115 Ah, the annual meeting of the board of directors. A time to reflect and unwind in a soothing, exotic location. Break out the cigars, and let the champagne flow! It's one thing when a company holds a lavish party at shareholder expense. It's another when the perpetrator is OPS Limited, a Bermuda-based insurance venture that is actually a front for the Oregon Health Sciences University, whose shareholders are better known as taxpayers (about 7 percent of OHSU's budget comes from state coffers). OPS Limited's first board meeting, held in July 1997 under the sultry skies of Bermuda, drew nine attendees, lasted four days, and cost $38,353. Its second bash, in May 1998 in quaint, colonial Victoria, British Columbia, drew 13 attendees for two days, totaling $19,593. Its third junket, held this September in beautiful Banff, Alberta, brought an impressive 16 attendees for three days and cost $38,612. Participants at the September meeting included several Big Owies: OHSU President Peter Kohler, Health Care Systems director Tim Goldfarb, School of Medicine dean Joe Bloom, general counsel Steven Stadum, and the president of the university medical group, Paul Kirk. Other lucky board members included NW Natural exec Mark Dodson, PacifiCorp exec Thomas Imeson, and Bend civic leader Patricia Smith. OPS Limited is an unusual beast known as a "captive" insurance company, created to save OHSU money on insurance costs (which it has done, trimming OHSU's premiums by almost $1 million a year). In recent years, using captives--often based offshore--to reduce insurance costs has become a popular corporate maneuver. OPS Limited was incorporated in Bermuda, according to University spokeswoman Marlys Pierson, in order to take advantage of the island nation's friendly tax laws. That means OPS Limited's board meetings must take place outside of the United States. Pierson points out that the costs of the junkets were more than paid for by the savings generated by OPS Limited and that outside directors receive no compensation. Fair enough. But why three days, sixteen people, and $38,000? The meeting, after all, is a legal formality. Couldn't the president, secretary and treasurer pile into a van, head north across the border, grab a cup of coffee at Tim Horton's Donuts, declare another triumphant year, turn around and go home? - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Willamette Week | originally published December 15, 1999

 

The Rules of Bedroom Golf: 1. Each player shall furnish his own equipment for play--normally one club and two balls. 2. Play on a course must be approved by the owner of the hole. 3. Unlike outdoor golf, the object is to get the club in the hole and keep the balls out of the hole. 4. For most effective play, the club should have a firm shaft. Course owners are permitted to check shaft stiffness before play begins. 5. Course owners reserve the right to restrict the length of the club to avoid damage to the hole. 6. The object of the game is to take as many strokes as necessary until the owner is satisfied that the play is complete. Failure to do so may result in being denied permission to play the course again. 7. It is considered bad form to begin playing the hole immediately upon arrival at the course. The experienced player will normally take time to admire the entire course, with special attention to well formed bunkers. 8. Players are cautioned not to mention other courses they have played on or are currently playing to the owner of the course being played. Upset course owners have been known to damage a player's equipment for this reason. 9. Players are encouraged to have proper rain gear along, just in case. 10. Players should assure themselves that their match has been properly scheduled, particularly when a new course is being played on for the first time. Previous players have been known to become irate if they discover someone else playing what they consider to be a private course. 11. Players should not assume a course is in shape to play at all times. Some players may be embarrassed if they find the course to be temporarily under repair. Players are advised to be extremely tactful in this situation. More advanced players will find alternate means of play when this is the case. 12. Players are advised to obtain the course owner's permission before attempting to play the back nine. 13. Slow play is encouraged; however, players should be prepared to proceed at a quicker pace, at least temporarily, at the course owner's request. 14. It is considered outstanding performance, time permitting, to play the same hole several times in one match. 15. The course owner will be the sole judge of who is the best player. **Players are advised to think twice before considering membership at a given course. Additional assessments may be levied by the course owner and the rules are subject to change. For this reason, many players prefer to continue to play several different courses.