What we have in our current state of Corporate Governance is Kabuki Theater.
Myths of Corporate Governance
The American Economy is a corporate system, in the sense that control of the economic factors of production and distribute is vested largely in the handful of privately appointed corporate managers.
A Happy Monopoly – Ratings Agencies
Happy monopoly describes the ongoing status of the SEC approved rating companies (Nationally Recognized Statistical Rating Organizations – NRSRO). Notwithstanding that the Financial Crisis Investigation Commission and Senator Carl Levin’s Subcommittee on Oversight confronted the CEOs of the big ratings firms whose crisis-related pay went up by a multiple…
The only way I know to combat corporate power as it now stands is for government to exercise its powers as owners of a preponderance of publicly traded stock. Self-regulation didn’t work and any attempts at government regulation are thwarted or circumnavigated. You can’t control a corporation from outside…