SEC plan for shareholders draws criticism

Source: The Washington Post

House Republicans are accusing the Securities and Exchange Commission of wasting time and money on a plan to make it easier for shareholders to oust members of corporate boards.

The criticism comes days after a federal appeals court shot down the SEC plan. The court said the agency failed to do its homework before changing the rules of corporate elections last year to let shareholders put candidates on the official company ballots.

Three senior members of the House Financial Services Committee called on the SEC to provide an accounting of the time and money it spent on the initiative.

The SEC’s investment in the undertaking “demonstrates a serious mismanagement of the agency’s priorities,” wrote Reps. Scott Garrett (R-N.J.), Jeb Hensarling (R-Tex.) and Randy Neugebauer (R-Tex.).

Read more: http://www.washingtonpost.com/business/economy/sec-plan-for-shareholders-draws-criticism/2011/07/28/gIQAG6y6fI_story.html

they could also better control executive salaries and the golden parachute packages given to those executives. Maybe job performance would be a valued commodity with accountability.