Posted on 01/17/2004 3:27:40 PM PST by calcowgirl
SAN JOSE, Calif. (Reuters) - California's top election official said Saturday that he was sponsoring legislation to make corporate elections fairer and give outsiders a real chance to get elected to the inner sanctums of businesses.
Secretary of State Kevin Shelley, whose office also registers corporations doing business in California, told an annual meeting of the state's Democrats he would soon forward a proposal to make corporate elections more like the U.S. voting system in which anyone can run.
"This is the next step where we can oversee the responsibility I have in overseeing some corporate activity with also my charge as the chief election officer to ensure that there is the same fairness in corporate elections as we expect in our own," he told Reuters in an interview.
"Often time officers in a corporation choose their own slate of candidates so that the shareholders themselves don't have a real fair, in my view, choice as to whom to choose among," he said.
"My proposal -- and we're still working on the details -- would change the dynamic to give shareholders an equal part in the selection of the choice of candidates."
Holding a traditionally sleepy job in California's state government, Shelley stepped into the spotlight over the past year as he presided over the state's first gubernatorial recall election that led to the rise of Arnold Schwarzenegger in politics.
Under current rules, shareholders are typically presented with a slate of corporate officers and given the option to vote for or against. Information on the executives is often limited as well.
"An election is not as democratic and accountable as it should be if you limit the very candidates to choose among. That's not a real election and we're going to help change that," Shelley said.
Shelley's proposed legislation would apply to any public corporation doing business in California, said Marc Carrel, assistant secretary of state for policy and planning. Thus, an energy firm selling gas in the state would have to comply, as would an Internet retailer mailing goods to California.
But he said... "any company doing business in California, not just incorporated here.
Thus, an energy firm selling gas in the state would have to comply, as would an Internet retailer mailing goods to California.
How he proposes to impose such a thing, I have no idea. Regardless, the guy has proven he is an imbecile and yet another California Dem who just doesn't get it!
You are far too kind. :^)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.