July 14, 2010
I tried to get a motion in an annual meeting to look at the way the management was running a company--just a motion to look into things like dangerously low staffing levels, etc. The SEC allowed the motion to be removed in response to an attorney. The company was subsequently bought out because it did not do better.
What power do we have to open up questionable practices via a annual meeting?
Just so, the idea of proxy voting should allow the minority to have a voice. Even cumulative voting would allow a minority to get someone (at least one person) on the board. Why should the large stockholders control everything? Then no one looks into problems and we have things like BP taking inordinate risks
Thanks for opening this issue up