July 23, 2010
My comments:
1. The corporate objectives are not submitted for shareholder approval. It is by these objectives that the company and executive officers are compensated. The effectiveness of the board of directors can not be assessed.
2. Shareholder materials do not give a report of performance as measured by corporate objectives. They only report on bottom line financial results, which are insufficient to assess executive performance.
3. Mutual funds as a class are the largest shareholders--these however are not responsible to their fundholders for voting instructions, and assessments of corporate performance.