SEC Adopts Proxy Access Rules for Shareholder Nomination of Directors

On 24 August the SEC adopted rule changes that will provide public company shareholders with the ability to include in their company's proxy materials their own nominees for election to the company's board of directors. In a 3-2 vote reflecting the controversial nature of the changes, the SEC Commissioners took action that will allow shareholders owning at least 3% of their company's shares continuously for at least the prior three years to submit nominees to fill up to 25% of the company's board seats.

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