It's becoming a long, hot Washington summer for Securities & Exchange Commission Chairman William H. Donaldson. He's laboring to produce one of the most important expansions of shareholder democracy since the 1940s, but no one is happy. Corporate chieftains are up in arms. The White House wants the issue to go away until after the Nov. 2 election; with a close race, if s no time to tick off key supporters. Shareholder activists are demanding more than they're likely to get. And the five-member commission is split at least three ways. Vows Donaldson, "We're going to work on it, but we won't ram anything through until there's meaningful consensus."
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