Hence the occasionally discussed agency problem in corporate governance. In theory, corporate officers should be selected by and accountable to the shareholders, but this is rarely the case in practice. Just another one of those problems, about which we seem never able to do anything effective. Now the SEC is supporting a rule that allows any group that holds 3% of the stock of a publicly traded corporation to be able to propose candidates for the board of directors. We will see if this holds and if it makes any difference.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."