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- Title
Treasury's Snow Criticizes Shareholder Access Concept.
- Authors
Marshall, Jeffrey; Heffes, Ellen M.
- Abstract
The article reports on a controversial 2005 proposal by the U.S. Securities and Exchange Commission (SEC). The initiative would give shareholders limited ability to nominate directors to corporate boards. According to U.S. Treasury Secretary John Snow the proposal is more likely to backfire and do damage than improve corporate governance. Other critics of the SEC's Rule 14a-11 say it could result in more problems for firms trying to move away from the intense focus on short-term numbers. The rule has drawn more than 16,000 comment letters since its introduction in 2003.
- Subjects
UNITED States; UNITED States. Securities &; Exchange Commission; CORPORATE directors; GOVERNMENT policy on stockholders; CORPORATE governance; SNOW, John W., 1939-; BOARDS of directors; STOCKHOLDERS equity; INTERNAL auditing; AUDITING of corporations; GOVERNMENT policy
- Publication
Financial Executive, 2005, Vol 21, Issue 6, p12
- ISSN
0895-4186
- Publication type
Article