Biz Groups Appear To Be Close To Win On Governance
Author: Bill Swindell, National Journal
Mar 09, 2010
"Business interests appear to have the upper hand in their quest to strip corporate governance language from a revamp of the nation's financial regulatory system, a priority for Sen. Charles Schumer, D-N.Y., who has spearheaded the populist effort.
Senate Banking Chairman Christopher Dodd referenced on Friday that talks on giving shareholders a greater say in their corporate boardrooms had not advanced as much as other areas that he was working on with Sen. Bob Corker, R-Tenn. 'More work needs to be done,' Dodd noted on talks where Schumer and Sen. Mike Crapo, R-Idaho, were responsible for trying to hammer out a compromise.
Democratic aides said Monday night that the Schumer provisions were still in the package.
Schumer was able to include provisions in an earlier Dodd draft that would expand shareholder rights, such as requiring the SEC to issue rules allowing such proxy access to nominate director candidates; provide for staggered board terms unless shareholders object, and require all systemically important firms to have a risk committee."
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