This article develops the point that the face of stock ownership is changing in that institutions are increasing the percentage of their holdings, while family estates are decreasing. If there is not to be a vacuum in the control of management, it is necessary for institutional holders to play a more active role in the exercise of their proxies. It is suggested that the SEC, having been successful and correct in much that it has done in breaking up undue concentrations of power, could recognize the new pattern; and in this area guide by suggestion more than by edict, to the end that ownership and management should not be divorced.