Are political pressures a problem for Standard & Poors?
Griep: There is no political pressure. All issuers have a strong interest in what a rating is, and they’re lobbying with respect to the outcome of our decisions. But other market participants do not get actively involved in trying to influence that process. We think the reputation of rating agencies is clearly based on their independence, and so we think maintaining that independence is a fundamental part of the value that rating agencies provide. With respect to maintaining our NRSRO [nationally recognized statistical rating organization] status, we have said that while we acknowledge the need for some oversight in working with the SEC, further regulation would be unwarranted, and could jeopardize that independence. Peter, what are some of the things that shareholders will be asking for in weeks to come? Clapman: I can talk about what TIAA-CREF is doing. We’ve had two continuing shareholder issues: board independence and “dead hand” poison pills, although that practice is pretty much
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