ShareholderActivism

In a clear win for the shareholders rights movement, the Securities and Exchange Commission announced Thursday that it was changing federal proxy rules to make it easier for companies' shareholders to nominate and elect directors to their boards.

Nowhere are the rights of shareholders more disrespected than at publicly traded investment banks. Wall Street amply demonstrates that the interests of mutual funds and other institutional investors are hardly at the top of their list of concerns. These banks still think of themselves as private...