Foundations of sand: the weak premises underlying the current push for proxy rule changes
Article Abstract:
The current movement for proxy reform, which seeks to persuade the SEC to relax the rules on shareholders' voting and which has been fueled by the growth of public employee pension funds and other institutional investors, is based on several fallacies. The existing rules do not take away the voting rights of shareholders or hamper their intercommunication and First Amendment free speech rights as the advocates of reform maintain. Moreover, increasing the influence of the highly concentrated institutional shareholders would not improve US competitiveness or corporate governance.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1991
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The corporate governance reform act of 1995
Article Abstract:
A tongue-in-cheek memo to a state senator from an aide provides a forum for analysing reforms of the proxy system and corporate governance. Dissatisfaction with the current system among corporate managers and institutional investors proves the need for reform. The centerpiece reform would be the abolition of proxy voting; shareholders would have to be physically present at an annual meeting to have a vote. The quorum requirement for annual meetings would also be abolished. These reforms would foster participation by stockholders with a long-term stake in the company.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1991
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Comment about this article or add new information about this topic:
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