SEC Deals Major Blow To Shareholders
Today the SEC dealt a major blow to shareholders in a vote suppressing transparency and corporate governance reform.
Lack of investor transparency and conflicts of interest with corporate boards has led to pay packages and buyouts for failed CEOs at HP, Home Depot, Citigroup, Merrill and many others that have cost shareholders tens to hundreds of millions of dollars. Lack of transparency into corporate boards and governance has contributed to financial debacles at Countrywide, Enron, Citigroup, Bear Stearns and a host of other companies. Increasing shareholder rights, SEC oversight and the independence of boards is a major requirement to restoring confidence in the American financial markets. It is a shame to see an attempt at improving transparency, shareholder rights, oversight and investor confidence be voted down.
Lack of investor transparency and conflicts of interest with corporate boards has led to pay packages and buyouts for failed CEOs at HP, Home Depot, Citigroup, Merrill and many others that have cost shareholders tens to hundreds of millions of dollars. Lack of transparency into corporate boards and governance has contributed to financial debacles at Countrywide, Enron, Citigroup, Bear Stearns and a host of other companies. Increasing shareholder rights, SEC oversight and the independence of boards is a major requirement to restoring confidence in the American financial markets. It is a shame to see an attempt at improving transparency, shareholder rights, oversight and investor confidence be voted down.
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