Broad swath of CEOs line up against “Wall Street” reform provision – Washington Post
The U.S. Senate may call its financial regulatory overhaul a “Wall Street reform bill,” but corporate leaders from across U.S. industry are lining up to oppose one of its provisions, the Washington Post writes. The newspaper says chief executives are lobbying to kill a “proxy access” provision of the legislation that would make it easier for shareholders to nominate board directors at publicly traded companies, and thus exercise a tighter rein on management.
The Post quotes John Castellani, president of the chief executives’ organization Business Roundtable as saying, “This is our highest priority … Literally all of our members have called about this.”
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For an analysis of the proxy access provision and other corporate governance measures, by law firm Weil Gotshal, please click here