Wayne Gilchrest on Corporations
Republican Representative (MD-1)
Proponents support voting YES because:
We should not deprive the public, the stockholders, from being able to do anything meaningful once they find out about scandalous levels of executive compensation or board compensation. Everyone talks about the corporate board as the remedy. But the board is often a part of the problem, being paid huge amounts of money for showing up once or twice a year at meetings.
Give the stockholders a meaningful remedy. Once you get the mandatory disclosure put in place by previous legislation, we are saying the stockholders should be allowed to have a referendum on that and not have a runaround by the board.
Opponents support voting NO because:
This vote is based on mischaracterization--it is an unnecessary amendment. The opportunity for these kinds of votes already exists within the structure of corporate governance right now. A good company from Georgia, AFLAC, went ahead and already has these nonbinding shareholder votes. But there is a difference between having individuals in the private sector, shareholders and individuals outside of the mandating of government to have it occur and have government come in with its heavy hand and say, this is exactly what you need to do because we know best. Our constituents know better how to act and how to relate to corporations than Washington.
Whether you own a business, represent one, lead a corporate office, or manage an association, the Chamber of Commerce of the United States of AmericaSM provides you with a voice of experience and influence in Washington, D.C., and around the globe.
Our members include businesses of all sizes and sectors—from large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.
"To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility."The ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
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