June 18, 2009
The current corporate voting system is one of TYRANNY. Individual shareholder rights are effectively stripped away and the result is a corrupt system of a CEO and his board dictating policies to shareholders. Shareholders only hope is that the dictator is beneficent. Often they are incompetent, unethical and set themselves up for lavish pay regardless of poor performance. The hand picked board and compensation committees sycophantly rubber stamps these injustices routinely.
In 1775 the American Revolution began largely because individual liberties were stripped away and American colonists did not have adequate representation. The current corporate system has its CEO, who acts like a king, often without an adequate check on his power. The proposed rule amendments would give shareholders greater rights for fair representation and provide a check on CEOs and boards competence, ethics and pay structure.
This proposal is one of individual shareholder rights and basic representation. Without it we tend back to TYRANNY.