August 6, 2009
Corporate Boards are the only place in America in which the members/shareholders have no choice in who directs the operation. And yet, millions of Americans depend on these very corporations for their livelihoods, wealth generation and retirement. To measure how successful this approach to corporate leadership has been one need only look at GM, AIG, Washington Mutual, Bank of America, Wachovia, to name a few.
Corporate America rejects the idea that corporate owners of as much as 1% of shares should be allowed to actually nominate directors and have them included in the proxy statements. No mention is made of the fact that election to the Board would still require 50% of voting shares. This rule change would simply provide shareholders with a means of registering their concerns and possibly replacing some of the more egregious directors with competent ones.
I support this change and hope you will adopt it effective imediately.
John P. Burke, CPA