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Democratize The Lords Of the Boards

Date: June 25, 2004
Author: Steven Pearlstein
QUOTE: Reluctantly, begrudgingly, Corporate America has come to acknowledge that it created the environment that made the scandals at Enron, WorldCom and Adelphia possible.

ABSTRACT: Corporate America has slowly come to acknowledge that it created the environment where scandals were possible and as a result have had to accept reforms shifting power from top executives to boards of directors. What the industry is not willing to accept is a reform, proposed by Democrats at the SEC that would allow shareholders to nominate alternative directors to those proposed by the company. While Democrats and Republicans disagree on how to proceed, ceding a little power to the shareholders of a company can only help to promote a democratic environment and help reduce financial scandals.

--- O. Overman

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