????曼哈頓研究所（Manhattan Institute）開(kāi)設(shè)的網(wǎng)站ProxyMonitor.org專門跟蹤股東提案，其研究表明，在今年截至目前為止的委托書(shū)征集/股東年會(huì)季節(jié)里，多數(shù)股東提案都要求公司更多地披露政治捐款或游說(shuō)。然而，繼續(xù)執(zhí)行針對(duì)CEO的戰(zhàn)術(shù)可能時(shí)間不足了，今年的委托書(shū)征集/股東年會(huì)季節(jié)從四月中旬開(kāi)始，下個(gè)月中就要結(jié)束了。

????但隨著股東尋求關(guān)于政治捐款和游說(shuō)費(fèi)用的更多細(xì)節(jié)，特別是這些費(fèi)用的用途到底是和公司利益一致，還是出于個(gè)人喜好，導(dǎo)致CEO的選擇和公司的政治傾向?qū)⑹艿礁訃?yán)密的審視。股東跟蹤組織As You Sow的最新報(bào)告發(fā)現(xiàn)，多數(shù)公司并未披露政治捐款和游說(shuō)費(fèi)用的細(xì)節(jié)。

????班布里奇預(yù)言：“我認(rèn)為對(duì)政治捐款的關(guān)注和剖析將會(huì)一直持續(xù)下去?！?/p>

????維權(quán)股東未來(lái)還可能提出更多的要求，如加大在高管薪酬上的發(fā)言權(quán)，增強(qiáng)董事會(huì)的多元化，替換低能董事，提高在公司生產(chǎn)環(huán)境和童工使用問(wèn)題上的透明度。如果是摩根大通那樣的情況（杰米?戴蒙身兼兩職），分割首席執(zhí)行官和董事會(huì)主席的職位也會(huì)提上議事日程。

????這類挑戰(zhàn)不但來(lái)自傳統(tǒng)的工會(huì)養(yǎng)老基金，而且來(lái)自某些過(guò)去少見(jiàn)的組織，比如宗教團(tuán)體，他們通常不會(huì)對(duì)高管的簡(jiǎn)歷挑三揀四，但現(xiàn)在也試圖左右高管薪酬的決定方式。 過(guò)去兩年間，費(fèi)城圣方濟(jì)各修女會(huì)（the Sisters of St. Francis of Philadelphia）、卡明斯基金會(huì)（the Nathan Cummings Foundation）和其它持有高盛（Goldman Sachs）股票的宗教組織在推動(dòng)審查高管薪酬的提案。

????這些提案只征集到少量股東的支持，但他們?cè)谌ツ暌笈陡吖芎鸵话愎蛦T薪酬比率時(shí)，還是獲得了公眾強(qiáng)烈關(guān)注。由于證券交易委員會(huì)（SEC）判定高盛已經(jīng)回應(yīng)了這項(xiàng)質(zhì)詢，今年將其提交股東表決的努力宣告失敗。

????ProxyMonitor.org得分卡跟蹤大型公司的股東提案，其研究表明，在初始股東授權(quán)書(shū)備案文件中，針對(duì)與官員薪酬無(wú)關(guān)的社會(huì)或政治目標(biāo)的股東提案數(shù)量在減少。很多公司在多德-弗蘭克法案（Dodd-Frank law）之后，也已經(jīng)承諾將進(jìn)行官員薪酬的年度審查。

????公眾持股公司的不佳表現(xiàn)并不是首席執(zhí)行官下臺(tái)的充分條件，但正如我們?cè)谘呕⒌睦永锟吹降模@時(shí)候只須在高管的背景中找到品行不端的證據(jù)，就可以引發(fā)足夠的怒火來(lái)推動(dòng)人事變更。

????在湯普森的例子里，股東對(duì)雅虎無(wú)法找到有效的、長(zhǎng)期的業(yè)務(wù)方向已經(jīng)越來(lái)越不滿，他的虛假簡(jiǎn)歷不過(guò)是導(dǎo)火線而已。第三點(diǎn)基金（Third Point）對(duì)其篡改學(xué)歷的揭發(fā)則徹底埋葬了他的前途。 第三點(diǎn)基金的經(jīng)理人丹尼爾?洛布目前已經(jīng)入主雅虎董事會(huì)，但該基金沒(méi)有回應(yīng)要求采訪的電話。

????According to ProxyMonitor.org, operated by the Manhattan Institute, which tracks shareholder proposals, a plurality of all proposals introduced to date this proxy season call for more corporate disclosure of political spending or lobbying. However, forging ahead with more CEO-centered tactics may have to wait since the proxy season, which began around mid-April, ends in the middle of next month.

????But CEO choices and political leanings will come under greater scrutiny as shareholders seek greater detail about campaign contributions and lobbying expenses, and whether they align with corporate interests or personal preferences. A recent report by the shareholder tracking organization, As You Sow, found that most corporations have not been disclosing details of their campaign contributions and lobbying expenses.

????"I think we will see continued attention to and parsing of political campaign donations," predicts Bainbridge.

????Shareholder activists may also call for additional say on executive compensation, more diversity among directors, replacing ineffective directors, and more transparency on company factory conditions and the use of child labor. Also on the agenda, in cases like J.P. Morgan, is splitting the office of chief executive and chairman in companies where executives like Jamie Dimon hold both posts.

????Such challenges recently have come not only from labor union pension funds but also from some less likely places, like religious groups, which typically have not been bird-dogging executive resumes -- to try to shape how executive pay packages are awarded. For two years, the Sisters of St. Francis of Philadelphia, the Nathan Cummings Foundation, and other religious institutions that own Goldman Sachs shares pushed proposals to review executive pay.

????Such proposals have rallied only a tiny slice of shareholder support, but the effort to disclose pay ratios between executives and employees garnered a flurry of public attention when it was introduced last year. An effort to bring it to a shareholders' vote this year was derailed when the Securities and Exchange Commission decided Goldman already had addressed the issue.

????The ProxyMonitor.org Score Card, which tracks shareholder proposals at large companies, reports that initial proxy filings turned up somewhat fewer shareholder proposals aimed at social or political goals unrelated to executive compensation. Many companies, in the wake of the federal Dodd-Frank law, already have committed to review executive compensation on an annual basis.

????Bad performance at publicly held companies does not always mean that the chief executive is on the chopping block, but as we have seen with Yahoo, finding a salacious gem in an executive's background can ignite enough disgruntlement to force change.

????In Thompson's case, his resume-padding came as shareholders were increasingly dissatisfied with Yahoo's inability to steer an effective, long-term business course. The discovery of his altered credentials by activist hedge fund Third Point sealed his departure. Third Point, run by investor Daniel Loeb, who will be joining the Yahoo board, did not return a phone call for an interview.