To ensure that owners of U.S. companies face no needless delays over the effective date of this critical reform, the council recommends congressional affirmation of the SEC's authority.

Congress should pass legislation mandating annual advisory votes on executive pay.

Fourth, it eliminates staggered boards which insulate board members from the consequences of their decisions by requiring all directors to face election annually.

But you would be supportive of it.

Thank you, Mr. Chairman. My time has expired.

First, we require all public companies hold an advisory shareholder vote on executive compensation and obtain shareholder approval for golden parachutes.

Third, it requires boards of directors to receive a majority of the vote in uncontested elections in order to remain on the board.

OK, good.

I thank you and congratulate you, Chairman Reed, for putting together an excellent panel.

I introduced the Shareholder Bill of Rights with Senator Cantwell earlier this year.

Second, we instruct the SEC to issue rules allowing long-term shareholders with significant stakes in the company to have access to the company's proxy form if they want to nominate directors to the board.