April 11 2008

On new “Say on Pay” pressure from institutional shareholders: ” ‘This isn’t an attack on companies in general… This is good governance, just like ratification of auditors or majority vote for directors.'” More from The New York Times: regarding say on pay as “a stopgap” for shareholders, short of their having the power to nominate an independent slate of Directors who would do the job properly.

In light of the credit crisis, shareholders are urged by proxy voting services to vote against various Directors of affected companies– though these efforts came up short in practice. More from The Financial Times: “Institutional investors point to a lack of risk management expertise, not poor oversight.”

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