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Shareholders to Gain Access to Company Proxy Statements for Director Nominations
On May 20, 2009, the U.S. Securities and Exchange Commission (SEC) proposed amendments to the existing proxy rules that would, among other things, allow shareholders to nominate directors in a company's proxy materials. The SEC approved the publication of the proposed rules by a 3-2 vote, with Chairman Mary Schapiro voting in favor of the amendments. Chairman Schapiro, defending the new rules, stated that the current economic crisis “has led many to raise serious questions and concerns about the accountability and responsiveness of some companies and boards of directors, to the interest of the shareholders.” While the SEC hopes to be in a position to adopt rules that would be in place by the 2010 proxy season, Chairman Schapiro strongly encouraged interested parties to participate in the Commission's comment process that will end on Aug. 17, 2009.
Background
According to the SEC, the recent economic crisis has led to serious concerns regarding the accountability and responsiveness of some boards of directors to the interest of their shareholders, causing a drop in investor confidence. The Commission believes that shareholders' ability to hold boards accountable through their “fundamental right” to nominate and elect members to boards may be impeded by the current federal proxy rules.
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