Business Groups Oppose Corporate Governance Measures

A number of influential business groups, including the U.S. Chamber of Commerce, have signed on to a Multi-industry letter regarding the so-called "corporate governance" provisions of the "Restoring American Financial Stability Act."  According to the signatories, a right to proxy access, a say-on-pay advisory vote, and other corporate goverance measures would:  federalize corporate law, threaten shareholder wealth creation, unleash an onslaught of shareholder activists, and saddle the SEC with additional responsibilities.