Peter Kinder begins a new regular online column for Ethical Corporation by arguing for a new way of looking at shareholder activists and corporate governance
“Precatory proposals”. This phrase from Purgatory has quickly entered the lexicon of those defending access to non-binding shareholder resolutions. Its users should wash their spell checkers out with soap.
“Precatory proposals” is a phrase apparently invented by Leo E. Strine, Jr., a lecturer at Harvard Law School and a judge in Delaware. He is no friend of the non-binding resolutions, which have altered corporate behavior on everything from equal employment opportunities to South Africa to global warming over the past 40 years.
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