SEC Adopts Proxy Access for 2011 Proxy Season
As expected, the SEC voted today to adopt mandatory proxy access for all U.S. public companies. Under the new rule, any shareholder or group of shareholders holding at least 3% of a company’s voting stock for at least three years will have the right to use the company’s proxy materials to nominate up to a quarter of the board. New Rule 14a-11 will become effective 60 days from publication in the Federal Register (expected shortly), fulfilling Chairman Schapiro’s promise to make proxy access available in the 2011 proxy season for most companies.
This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.
Copy link to share post