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The Business Roundtable is one of the most powerful forces in America that most people have never heard of. Comprised of the CEOs of some of America's largest companies, the group is ostensibly a "pro-business" advocate. In reality, it's often behaved like more of a "pro-CEO of large company" advocate.The Associated Press reports that the Business Roundtable spent $1.8 million on lobbying in the first quarter, including efforts to convince members of Congress to oppose providing shareholders with an advisory vote on executive pay. Pro-business indeed.
If you're a member of the Roundtable reading this, please leave a comment explaining to me why giving shareholders a chance to have their voices heard in a non-binding vote -- the board can ignore it if it chooses -- is so objectionable.
For more about the damage the Roundtable has done to corporate governance, check out Robert Monks' book Corpocracy: How CEOs and the Business Roundtable Hijacked the World's Greatest Wealth Machine -- And How to Get It Back.
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Reader Comments (Page 1 of 1)
5-21-2008 @ 7:50PM
winslow said...
Government reform regulating corporations is required. I have never been an advocate of government intervention but it is now obvious the "free" enterprise system has gotten rigged. The system is now running as a legal form of rape.
5-21-2008 @ 11:31PM
B. Harrison said...
Is this the epitome of an oxymoron?
"The tail 'wagging' the dog"?
". . . efforts to convince members of Congress to oppose providing shareholders with an advisory vote on executive pay." Stockholder owners of the respecitve corporations need to fire any CEOs who are member of this organization.