Christopher Cox, the chairman of the US Securities and Exchange Commission, is not to be envied. Like a rider astride two circus horses, his attempt to assuage both the business lobby and shareholder activists over the vexed issue of “proxy access” for shareholders has forced him into contortions.

The US is a corporate governance laggard. For example, in contrast to Europe, US shareholders have only limited rights to appoint, dismiss and propose directors. Mr Cox wants to expand proxy access – by which shareholders can place their own nominees for board directors on company-printed proxy materials – not least because foreigners hold one fifth of US shares.