A few years ago a wave of corporate scandals triggered a mass movement to improve corporate governance. Well, corporate boards evidently have not got the message.
Spring is proxy voting season, when company shareholders vote on how their investments are run, and resolutions by disgruntled owners, especially unions and other institutions, speak volumes.
Proposals to rein in executive pay, the hot issue for the last few years, are down substantially - although still alive - and investors are taking aim at the boards themselves. Majority voting of directors, conflict-of-interest restrictions and disclosure of corporate political contributions are on the table at dozens, if not hundreds, of companies.
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