Just as we are observing the power of the Internet in the current presidential primaries, Corporate America is about to experience a wake-up call regarding the same phenomenon. But in the corporate context, the campaigners are largely activist investors who will use the various Internet and social networking tools to win their proxy battles.

This begs the question of whether Corporate America is prepared to deal with the Internet medium in a proxy contest. I believe the answer is largely “no.”

What we have is a communication medium that has its roots in the younger generation, considerably below the age ...