Undercutting CEO Power

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Undercutting CEO Power
Ellen Callaway
In Fortune (Europe, March 12, 2007, no. 4) Geoff Colvin mentions some new rules that decrease the authority of existing (US) CEOs in favor of the shareholders: 1. From 1993, institutional shareholders may discuss companies in which they hold shares with eachother 2. New NYSE and Nasdaq listing requirements after Enron/WorldCom 3. A 2003 SEC rule requires mutual funds to report how they vote their shares 4. Shareholders propose to elect directors by majority vote. 5. Delaware law now holds that if shareholders approve a majority-vote rule, the resolution is binding.



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