Proxy Access Update: Proposed Legislation Would Bolster SEC Authority on Proxy Access
Momentum on federally-mandated proxy access continues to grow. Although the original target—putting a new regime in place for the 2010 proxy season—turned out to be unworkable in light of the SEC’s late start, the complexity of the rules and the volume of comments, Chairman Mary Schapiro recently reiterated that the SEC intends to adopt proxy access rules in early 2010. Commissioner Elisse Walter has indicated that they are carefully considering whether to include an “opt-out” mechanism upon shareholder approval. New rules could be effective in 2010 for companies with midyear or later fiscal year ends.
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