After Enron, there was a lot of buzz about reform of corporate governance. But it never really took off as a successful movement. Even hedge funds have a rough time generating change in corporate systems. Also, it wasn't a topic which was especially compelling. The influential media never did get excited about it.
Now there's a game-changer. As BLOOMBERG BUSINESS WEEK reports, the Swiss - yes, the Swiss - passed a referendum on March 3, 2013 giving shareholders enormous power in determining executive compensation as well as items such as golden parachutes. The article indicates this initiative, called the "Say-on-pay" movement, will catch on globally.
Law firms representing both management at public corporations and those representing investors are in for new business. The struggle will be huge. Let the good times roll.