In a speech today to the Chamber of Commerce, Barack Obama called for a reduction in corporate tax rates and simplification of the tax code, but he then pitched alternative energy, which is based wholly on tax breaks and subsidies. He said spending must be reduced and then again plugged the boondoggle of high-speed rail, which only benefits politically-connected contractors and unions, and bond traders. He said he favored free trade and then claimed that inventing something here and manufacturing it abroad "breaks the social compact."
As someone who has sponsored "Say on Pay" shareholder proposals with companies like Boeing and Procter & Gamble, I wonder whether SEC-mandated votes on executive compensation will do any good. In fact, I worry that it may lead to a false sense of shareholder empowerment.
Yesterday, the Securities and Exchange Commission voted 3-2 to adopt a rule requiring public companies to hold an advisory vote on executive pay at least once every three years.
Submitted by NLPC Staff on Fri, 04/24/2009 - 01:56
NLPC is sponsoring a Boeing shareholder proposal to allow a shareholder vote on any “golden parachute,” or excessive executive severance agreement. The same proposal received an impressive 38% of the vote last year, despite being opposed by Boeing’s management. The Boeing annual meeting is in Chicago on Monday, April 27.