From: Steven Harris [mailto:email@example.com]
The government, as a whole has done an exceptionally poor job of controlling avarice at the corporate level, perhaps it is time to empower the shareholders:
Shareholders, representing 5% of the shares, should be able to nominate directors WITHOUT any triggering conditions.
Some additional suggestions:
Stock options should not only be an expense on the corporation books but should be taxable to the employee at the time they are issued. That would limit their use. These options do not align the interests of management with those of the shareholders. A game of heads "I win" tails "I do not lose" is not the same position a stockholder is in. I would actually like to see options made illegal as a form of compensation. I prefer the old fashion way of motivating management. Pay reasonably well and fire them if they do not perform.
Furthermore any compensation over one million dollars should not be tax deductible for the corporation. No exceptions!