As we mentioned earlier, Jonathan Macey is guest-blogging at The Icahn Report this week. In his earlier post on director capture, Macey promised to consider shareholder voting rights next and here he argues for lifting restrictions on shareholder voting and expanding the issues shareholders vote on to include generic corporate governance issues which he defines as issues “concerning broad policy that is likely to affect the value of all of the companies in a particular portfolio.””
A brief excerpt:
The basic infrastructure of the law of corporate voting is in need of repair. For example, the ability of management to control the timing of elections and the federal rules governing proxy solicitations do not serve the interests of shareholders and should be reformed.