The Advent Of Proxy Access: Implications For Public Companies And Boards


On August 25, 2010, the Securities and Exchange Commission (SEC) issued its long anticipated final rules giving public company shareholders the right, under certain circumstances, to require the company to include in its proxy statement, and on its proxy card, shareholder nominees for a portion of the seats on the board of directors. At the same time, the SEC amended Securities Exchange Act Rule 14a-8(i)(8) to permit shareholders to submit shareholder proposals seeking adoption of broader proxy access rights. The new rules become effective 60 days after publication in the Federal Register.

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