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Although bitter proxy contests for corporate directorships occasionally make headlines in financial newspapers that follow US corporations, it is the absence of proxy contests at most stockholder meetings that is attracting the attention of corporate governance activists. In the wake of Enron and other scandals that undermined confidence in the current system for managing corporations, activists are demanding that stockholders play a greater role in corporate governance. These activists have targeted the director election system as one vehicle for enhancing stockholder power over corporate affairs.
Once upon a time young overworked under-paid lawyers everywhere saw the in-house counsel role as a quality of life alternative that would solve all their woes and enable them to earn a good living without leaving the law altogether.
Corporate governance issues are still very much on the minds of directors and officers, and they continue to rely on the advice of their outside counsel to ensure compliance with the relevant regulations.
With the aftershocks of the Sarbanes-Oxley Act still being felt in boardrooms across America, governance issues continue to occupy the minds of company directors and officers.
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