That means restructuring companies, allowing empowered shareholders to do the work of restructuring. It was these kinds of changes from the bottom up that I think contributed, along with deficit reduction, to the prosperity that we're enjoying in the United States. U.S. Treasury Secretary Lawrence Summers on CNBC, July 7, 1999. They have the power to persuade and to enlist support through public relations. They have virtually no legal power to replace directors and, apart from that, no power with respect to compensation.
Executive compensation is the category where the absence of shareholder power is most noticeable.
In the aggregate 19 poison pill proposals have come to a vote during this proxy season, with 14 receiving majority votes. Of the six binding pill proposals, five received majority votes, but only two passed. On August 19, the board of Lubrizol finally made public its repeal of the dead hand provisions. Shareholders have escalated the level of confrontation in order to deal with the perceived problem of lack of management accountability in critical areas. New labor is nothing, if it is not conscious of public relations.