Business Groups, Obama Spar over Corporate Governance

By Kara Scannell, for the Wall Street Journal, April 13, 2010

A dozen business groups are urging lawmakers to vote down corporate governance changes included in the Senate financial regulation bill, one day after an Obama administration official threw his weight behind the measure.

The U.S. Chamber of Commerce, National Association of Manufacturers, and Financial Services Roundtable were among the 12 organizations that sent a letter to lawmakers saying “various academic analyses of the financial crisis have found that it was not caused, in whole or in part, as a result of the failure of existing corporate governance structures.”

The Senate bill would give the Securities and Exchange Commission explicit authority to write rules that give shareholders a way to directly nominate board members on the corporate ballot. Shareholder groups have lobbied the SEC on this issue for years and business groups have strongly opposed it, saying it could allow special interests to hijack the boardroom… (continue reading)

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