I only half agree with you. I think the real problem is the board votes for people who are not in attendance. How many of you have been to a stock holders meeting? Nor have I. Nor do I want to. I think rules need to be put into place:
1) where if stock holders do not send in proxies, there shares are not counted.
2) if you are on a board for a company. The other members and CEO cannot be involved in any other company that you are a CEO or board member of. I feel it has become too much of a 'I will give you a raise, if you give me a raise'
3) proxies to member cannot have open ended 'and other issues as they occur' clauses. Typical proxy lists a bunch of things, but mostly 're elect xyzzy', with a clause at the end allowing the board to vote your shares as they seem fit. Like #1 above they do not need this.
Maybe they should have the shareholder meetings online so the people can vote.
You know for crazy salaries, do you ever see not public companies (privately held) paying such ridiculous salaries?
1) where if stock holders do not send in proxies, there shares are not counted.
2) if you are on a board for a company. The other members and CEO cannot be involved in any other company that you are a CEO or board member of. I feel it has become too much of a 'I will give you a raise, if you give me a raise'
3) proxies to member cannot have open ended 'and other issues as they occur' clauses. Typical proxy lists a bunch of things, but mostly 're elect xyzzy', with a clause at the end allowing the board to vote your shares as they seem fit. Like #1 above they do not need this.
Maybe they should have the shareholder meetings online so the people can vote.
You know for crazy salaries, do you ever see not public companies (privately held) paying such ridiculous salaries?