Appeared on May 9, 2010
John J. Brennan, chairman emeritus of Vanguard, had an op-ed published in the Wall Street Journal that was based on a speech he gave at LeBow College's Center for Corporate Governance.
"It is corporate proxy season, and one can expect the usual spate of stories about excessive executive compensation, lax directors and the failure of institutional investors to exert their influence over boards and management," Brennan writes. "As a participant in the corporate governance process for a large investment manager for more than 25 years, I will take a contrary view. Over the past quarter-century, the performance of corporate boards has improved markedly. Yet there's room to go."