SEC Adopts Proxy Access Rules

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At an open meeting held on August 25, 2010, the U.S. Securities and Exchange Commission (the “SEC”) adopted significant changes to the federal proxy rules, granting shareholders the right to propose director nominees in a company's proxy statement under certain circumstances. Proxy access is largely implemented through new Rule 14a-11 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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