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SEC Delays Decision On Board Nominations

Law360 (January 23, 2007, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has delayed a decision on whether to allow shareholders to nominate corporate board members.

SEC Chairman Christopher Cox revealed the delay on Monday in a statement regarding Hewlett-Packard Co., which wants to block a proposal by labor unions that would change company bylaws to allow shareholders to nominate members of corporate boards.

HP had asked the SEC in November to support the computer company’s exclusion of the unions’ proposal from the company’s proxy materials, after a September circuit court decision...
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