Shareholder Democracy is Essential

John Carney, the business journalist, doesn’t like shareholder democracy. He argues that reforms, such as say on pay rules, which give shareholders a non-binding vote on executive compensation, won’t improve corporate governance anymore than electoral reforms have improved our government.

But his views are based on antiquated notions about shareholders, and a distorted view of democracy and capitalism. Here is some of what he overlooks: (Why Shareholder Democracy is Essential | BNET, 2/23/2011) Minow rebuts Carney point by point.

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