The NYSE has reviewed the principles of corporate governance that it applies when considering listing (or de-listing) a firm. The report, here, is “consensus” and vague, but still interesting in places. Does the NYSE have an incentive to regulate? Yes. Can it? I’m not sure. It faces competition from other exchanges, which might help or hurt its ability to regulate. It also faces many of the same problems that governments face, such as that a few with a lot to gain can have more influence than the many with little to gain. And in places it seems to admit defeat (perhaps appropriately). The report points to lots of parties responsible for good corporate governance, such as . . . “Shareholders have the right, a responsibility and a long-term economic interest to vote their shares in a thoughtful manner, in recognition of the fact that voting decisions influence director behavior, corporate governance and conduct . . .” And I was hoping to put by assets in some account and forget about them until I retired. Darn.
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