I'm working with a group through the United States Proxy Exchange that is fed up with the increasing proportion of corporate profit going to top execs. We are also concerned with the "Lake Woebegone" effect in that every board thinks their CEO is above average. Since all CEOs are above average every year, the average keeps rising.
I hope you will also consider sending a comment to the SEC supporting our petition to prevent blank votes by retail shareowners from automatically turning into votes for management. See http://www.corpgov.net/news/news.html#BlankVotes.
I will present my proposal at the NDN annual meeting:
ITEM 3: SHAREHOLDER PROPOSAL – IMPROVE BOARD INDEPENDENCE
RESOLVED, Shareholders request that our Board adopt a bylaw or charter amendment that non-independent directors will hold at the most two board seats. The remainder of the Board shall be Independent directors.
John Chevedden
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I'm working with a group through the United States Proxy Exchange that is fed up with the increasing proportion of corporate profit going to top execs. We are also concerned with the "Lake Woebegone" effect in that every board thinks their CEO is above average. Since all CEOs are above average every year, the average keeps rising.
I would very much appreciate your feedback on draft guidelines we have posted at http://proxyexchange.org/2011/05/request-for-comments-say-on-pay/
If you post your comments in the "Leave a Reply" box we will consider them next week when we meet near Boston. Thanks.
I hope you will also consider sending a comment to the SEC supporting our petition to prevent blank votes by retail shareowners from automatically turning into votes for management. See http://www.corpgov.net/news/news.html#BlankVotes.
ITEM 3: SHAREHOLDER PROPOSAL – IMPROVE BOARD INDEPENDENCE
RESOLVED, Shareholders request that our Board adopt a bylaw or charter amendment that non-independent directors will hold at the most two board seats. The remainder of the Board shall be Independent directors.
John Chevedden