SEC Adopts New Proxy Access Rule

Law360 (August 25, 2010, 4:54 PM EDT) -- The U.S. Securities and Exchange Commission has voted to adopt a proxy access rule that allows long-standing shareholders in a company to list nominees for the corporate board directly on voting materials.

Commissioners voted 3-2 on Wednesday along party lines for the controversial new measure, which is expected to make it easier for certain shareholders to get their candidates onto boards and replace directors they don’t like.

Activist and institutional shareholders have sought such access in part because it spares them the expense of creating their own mailings to oust directors. SEC Chairwoman Mary Schapiro said the measure had been debated...

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