Business news for Thu, 29 Nov 2007 & with words corporate+exchange. 3 news.

In a 3-1 vote split along political lines, the U.S. Securities and Exchange Commission ruled Wednesday that public companies could block investors from putting director candidates on corporate ballots. Critics called the move a major blow to shareholders.

Another victory for bosses over shareholders YET another attempt to make it easier for shareholders of American public companies to elect the board of directors of their choice has failed, thanks once again to lobbying by bosses anxious to keep pesky owners at arm's length. On November 28th a vote by the Securities and Exchange Commission (SEC) killed off the latest proposal to get companies to cover the costs of dissident shareholders who wish to propose their own candidates for the board. There have been many efforts over the years to improve America's system for electing corporate directors. As things stand the incumbent board sends shareholders a ballot, or proxy, listing its preferred candidates. Any shareholder wishing to propose an alternative slate of directors must bear the cost of distributing a rival proxy. An attempt in 2003 by William Donaldson, then SEC chairman, to allow shareholders to nominate directors on the company proxy was shelved when bosses objected. ...

MORE than 40 per cent of mid-cap companies listed on the Australian Securities Exchange have corporate governance standards that are inadequate, according to research.