Summary
Developments
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SEC
staff published guide under Section 212 of Small Business Regulatory Enforcement
Fairness Act of 1966
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MCI Town Hall
SEC_CODE_REF_0090001192884
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Recommendation
for improved shareholder communication in report titled Restoring Trust: Corporate Governance for the Future of MCI
- Written by Richard C. Breeden
, who served as court-appointed Corporate Monitor in SEC proceedings against MCI
(formerly WorldCom)
- Details 78 reforms to improve corporate
governance at MCI, including establishment of "town hall" for shareholder
communications with MCI board
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Excerpt from Executive Summary:
Under the recommendations shareholder votes are required to change governance standards, to approve certain types of compensation programs, and in other situations. The board of directors is required to establish an electronic town hall where shareholders will be free to communicate with the board and to propose resolutions for consideration in this electronic facility irrespective of whether the proposed resolution would be allowed under SEC proxy regulations. Resolutions that are adopted through the town hall process must be included in the proxy the following year.
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Recommendation 6.04
(Shareholder Resolution Process)
MCI
response to Breeden Report
- Corporate Governance disclosure (page 2) reflects
unanimous adoption of recommendations by board
of MCI's predecessor
- Notes establishment
in 2004 of new corporate governance website for nomination of directors and
stockholder proposals through website
- Verizon acquired MCI in January 2006
1.06.06
Law
firm commentary
News
reports
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Verizon Shareholder Forum
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Shareholder Forum
June 2007
- Established to examine the relationship of executive compensation incentives to the company's achievement of long term enterprise objectives, as a foundation for considering investor decisions about both capital commitment and voting
- Objective is to facilitate an exchange of information that provides investors with a better understanding of the enterprise goals on which the companys key executives, as well-informed and highly credible decision-makers, have staked their financial and career success
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AMERCO Stockholder Forum
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Stockholder Forum
- Site created for AMERCO stockholders to post and exchange ideas about the proxy materials for the 2007 Annual Meeting and Webcast of Shareholders and to share information in a productive and civilized way
- AMERCO is one of first companies to implement
e-proxy rules for 2007 proxy season
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Related Topics
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