Ira Millstein is arguably the top lawyer in America on corporate governance.

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"I have had access to the best legal and career advice available, " says Jim Millstein, chief restructuring officer of the U.S. Treasury until 2011.

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The commission's other co-chairman, Ira Millstein, a senior partner at the law firm of Weil, Gotshal and Manges, didn't respond to a request for comment.

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In the face of the current financial crisis, Millstein has been at the forefront, calling for boards to take greater responsibility and improve oversight of risk management.

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What follows is an excerpt from Millstein's speech.

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It might then consider adopting another quite modest proposal, recently advanced by Ira Millstein, a leading lawyer and corporate-governance reformer, and a rule long observed in more shareholder-friendly places such as Britain: if, by withholding support, shareholders cast more votes against a candidate than in favour, he should not be elected to the board.

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