News Archive: January 2010

ProxyDemocracy News

January 29, 2010 at 10:12 AM

Leaders of two state pension funds asked the Securities and Exchange Commission to prevent companies from opting out of a proposed rule that would allow shareholders to nominate directors in corporate proxy materials, Pensions & Investments reported.

January 26, 2010 at 10:26 AM

ProxyDemocracy is among the shareholder-oriented Web sites that ``are the beginning of Business 2.0,'' the Financial Post said.

January 14, 2010 at 12:38 PM

ProxyDemocracy is highlighted in Eliot Spitzer’s column on Slate, where he says technology could transform corporate democracy as much as it changed electoral politics in 2008

January 8, 2010 at 15:44 PM
January 4, 2010 at 16:10 PM

Around the Web

Author John Gillespie discusses his book, ``Money for Nothing: How the Failure of Corporate Boards is Ruining American Business and Costing Us Trillions.''

Add more shareholder resolutions -- probably later in 2010 -- to the list of potential fallout from the controversial Supreme Court ruling in Citizens United v. Federal Election Commission.

Bank of America Corp., Humana Inc., Altria Group Inc. are among 15 companies being pressed by New York City pension funds to disclose campaign contributions as the U.S. Supreme Court ends a ban on corporate political spending.

It's up to management and corporate boards -- not Uncle Sam -- to rein in Wall Street compensation because it's in shareholders' interests to do so.

Several U.S. lawmakers backed the idea of giving shareholders even more say on executive compensation.

As populist anger rises over executive compensation, Edison International joined a short list of Los Angeles-area companies giving shareholders an advisory “say-on-pay” vote.

A group of  shareholders opposed to Google Inc.'s proposed takeover of On2 Technologies Inc. has shown to organize an effective campaign at low cost.

House Financial Services Committee Chairman Barney Frank may try to require banks, pension funds and other institutional investors to join mutual funds in revealing their proxy votes.

Many corporate directors are handsomely paid by company management and they've become beholden to executives, approving outsized pay packages, critics say.

Witnesses including Nell Minow, co-founder of The Corporate Library, told Congress that more must be done to reign in compensation practices that led to the 2008 financial collapse. Shareholders should have more power over executive pay, they said in testimony before a U.S. House committee.

A shareholder sued Goldman Sachs Group Inc's board for excessive bonuses and wants bank executives to pay the $500 million in charitable donations that Goldman is making after being criticized for its compensation policy.

On issues like executive pay, institutional investors have failed to stand up for the rights of mutual fund investors and pension beneficiaries, John Bogle writes. He offers his remedies. 

CNBC explains what is going to happen at the BRK meeting: a split to give class B shares a more reasonable value. From the wizard of Omaha himself: 

I'm not big on stock splits. But by having this split, it enables anybody that has as little as one share of BNSF to opt for the tax-free exchange... So those small shareholders can have exactly the same availability that otherwise would only have been available to a big shareholder.