The Securities and Exchange Commission has proposed to change the federal proxy rules so as to require a public company under certain circumstances to include in its proxy materials a shareholder’s or group of shareholders’ nominees for director. This “proxy access” rule has been a kind of holy grail for large institutional investors, particularly union pension funds, as well as, more quietly, for certain hedge funds. It is virtually certain that the Commission will adopt some version of its proposal.
ABC opposes the SEC’s proxy access proposal and our comment letter explaining our pespective can be found here.
Tags: SEC