Unburying Some Blockbuster News

Lost amid the recent hubbub at Blockbuster -- the long-anticipated departure of its C.E.O., the continuing inability of Carl Icahn to make a difference despite all his boardroom agitation, etc. -- was a small gem of news.

Blockbuster's shareholders voted in favor of giving themselves a direct voice in how the company pays its hired help, in particular its senior executives.

Lots of other big companies have considered similar proposals this spring, but Blockbuster looks to be the first one of any size to have a majority of its owners actually support the idea.

This news did not come from Blockbuster, but in a press release from the office of New York City comptroller William C. Thompson Jr. He sponsored the proposal on behalf the city's employees' pension fund; he oversees it, and it owns 157,000 Blockbuster shares.

Whether this vote amounts to anything remains to be seen, and it is far from a sure bet: The proposal was nonbinding.

But the interesting thing is that it was approved, and by a fairly healthy margin.

Has a corner been turned in shareholders' efforts to gain the upper hand in corporate governance?

by Mark Stein