US corporate boards frequently but misguidedly behave like Victorian parents. Shareholders who are seen but not heard are spoken of with affection; wilful ones are scolded like rowdy children. Corporate law encourages their attitude by limiting shareholders’ control of directors supposed to represent them.

But plummeting stock prices are spurring normally docile shareholders to rebel. In a return to form after the Bush years, the US Securities and Exchange Commission has sided with shareholders by proposing to boost their ability to nominate directors – not a day too soon.