In recent weeks, regulators and lawmakers have proposed a dizzying array of reforms that, if implemented, would exacerbate short-termism, undercut directorial discretion, further empower shareholder activists, and impose unnecessary and potentially costly burdens on public companies. Few of the proposed reforms are truly new and nearly all are ill-conceived. They appear to proceed in part from a misguided impulse on the part of regulators and lawmakers to be seen as “doing something” about the current recession — though hardly any of the proposed reforms have even a remote connection to the origins of the credit crisis that precipitated the economic downturn — and in part from an opportunistic desire to use the financial crisis as an excuse to enact an activist “wish list” of reforms.
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