George Leef writes in Forbes:
Whether stockholders want their directors to “look like America” or be chosen purely for their business acumen should be up to them, not up to politicians or bureaucrats.
And yet he objects to the SEC’s efforts to require better disclosure so that shareholders can get the information they need about the directors they are asked to support with their votes. Note that there is no element of the SEC’s proposal that would in any way impose quotas or in any other aspect control the board nomination process for diversity purposes or any other purpose. And note also that Mr. Leef does not follow up his support for shareholder determination of board membership with practical suggestions of how to get away from the current system of self-perpetuation. His recommendation that shareholders decide who serves on the board would be more credible if it came with an endorsement of proxy access or majority vote requirements.