Tune in tomorrow to hear Pat McGurn of ISS provide us with the latest proxy season developments during the webcast: “Forecast for 2007 Proxy Season and Strategies to Consider.”
Executive Pay Dominates Australia’s Proxy Season
Just like the UK, Australia has a relatively new law that allows shareholders to cast an advisory vote on executive pay reports; you might recall, this is the regulatory format that Rep. Barney Frank is seeking. ISS’s “Corporate Governance” Blog notes how that new law is faring, with a number of Australian companies receiving high levels of dissenting votes in its 2nd year under the new law.
SEC Chairman Cox on the Power of Blogs
A few weeks back, a CFO.com article entitled the “The Blogging Regulator” led me to a Reuters’ article entitled “SEC’s Cox Uses Blogs To Gauge Public Sentiment.” According to the Reuters’ article, SEC Chairman Cox told a summit on Monday: “‘Blogs are a great way to infer passion and depth of feeling… They give you an early read on the … response you might expect.” However, Reuters noted, “Cox said he does not rely on blogs to find the way forward on tough issues – as he observed, “Blogs in many cases are so irreverent… They don’t wait for facts.”
It’s funny how statements like this are deemed to be “news”; I think that most people feel the same way about blogs as the Chairman: useful but take with a grain of salt (just like I approach the mainstream media!).