According to the New York Times, "Federal securities regulators appear primed to allow companies to bar shareholders from access to ballots for board elections, a move that major pension funds and governance advocates say could make corporations less responsive to investors' interests."

I have to tell you: It is a sad day for corporate governance in America when the commission that was designed to protect small investors is playing a role in further entrenching boards of directors in corporate America.

Does anyone seriously think that too much accountability for directors and corporate officers is a problem in America right now? In the past few months, we have watched the heads of major banks leave in shame after losing billions of dollars on ill-advised subprime loans. So much for accountability: They headed back to the Hamptons with 9-figure severance packages.

The SEC should be playing a leading role in giving dissident shareholders more options for effecting change.