Access, Arthur Levitt and the SEC

Arthur Levitt, former Chairman of the SEC, writes in the WSJ today about the need for the Commission, now up to full complement, to turn back to shareholder access.  As he noted:

• All 40 of the largest markets outside of our own give shareholders the ability to nominate and remove directors. By reversing its decision from last year, this new SEC will make it very clear that it is not only at full strength, but strongly on the side of investors. It will show the world that the U.S. takes shareholder democracy seriously, strengthening our markets' standing as the world's best. More important, it will reinvigorate accountability, restoring trust in a system badly in need of support.

We couldn't agree more.  On this one, the US is an outlier.  Experience in the other markets shows that access will benefit, not harm corporate America.