“Business Roundtable welcomes the Commonsense Principles of Corporate Governance 2.0 and their emphasis on advancing both high ethical standards and long-term economic value creation for the American people…Business Roundtable supports the leadership and forward thinking that the Commonsense Principles represent.”
“We see significant improvement in CommonSense 2.0…Important revisions include a strong statement of the right of shareholders to elect directors who they believe are best suited to represent shareholder interests, backed up by better language encouraging a consequential majority vote standard (boards ‘ordinarily should accept’ the resignation of a director who fails to receive majority support); endorsement of proxy access; and a statement that annual election of all directors can help promote board accountability to shareholders.”
"Recently, a group of prominent and influential business leaders issued what could turn out to be an historic declaration of independence for corporate boards. … the thirteen-point manifesto should be greeted with cheers. It’s a quiet, sober and carefully worded proclamation calling for the private sector to wean itself from pressures to achieve short-term shareholder value in favor of long-term growth."
"We welcome the commitment to good corporate governance demonstrated by Warren Buffett and other business leaders and leading investors, not only in America but across the world."
“We are pleased to see that the principles supported by this esteemed group promote the same concepts of transparency, long-term value creation, and independent board leadership that NACD champions. ... Our robust portfolio of governance resources—developed for directors, by directors—can assist boards in implementing these practices.”
"In many respects, the 'Commonsense Principles' is one of the most substantive statements of corporate governance principles since the 2012 release by The Business Roundtable association, of its 'Principles of Corporate Governance.'"
"Investors should be very pleased to see that the principles include a call for the use of non-GAAP measures to be sensible and for them not to be used to obscure GAAP results, Borrus says. 'The use of non-GAAP numbers has been growing and it’s been a concern, and this suggests this will support the message the SEC is now trying to drive home to companies to clean up their financial reporting,’ she says."
“[Banks] are doing an injustice, frankly, to the market at large, and to our own shareholders, in terms of trying to be that specific … projecting quarter to quarter”
[The goal] “is to drive best governance practices through companies of all sizes, not just the biggest—where they are more common today... [Gaining support from leaders of large businesses] 'brings additional weight behind these ideas.'"
“That such an elite group has backed a broad governance framework makes clear that corporate governance has entered the mainstream and should be a focus for all public companies. ... The publication of these principles is a call to action for U.S. companies large and small to adopt effective corporate governance standards and practices.”
"I think it shifts the burden of proof onto any corporation that doesn't comply," noting she was "delighted the signatories are such influential people. … Overall, I think this is great. They’re a little late to the party, but I like that they’ve arrived."