William Donaldson may have failed to give shareholders greater powers to nominate people to serve as directors at companies. But the former chairman of the Securities and Exchange Commission highlighted what he perceived as flaws in the way directors were elected, and shareholders responded by demanding changes at companies.
Mr Donaldson, who stepped down as SEC chairman in June, wanted to give shareholders more opportunities to place their nominees to be directors on a company's proxy statement, which forms the basis for voting at annual meetings. The SEC proposal, published in 2003, was one of Mr Donaldson's flagship ideas to enhance corporate accountability following the Enron and WorldCom scandals.
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