SEC Considers Two Shareholder Access Plans

Law360, New York (July 25, 2007, 12:00 AM EDT) -- In a close vote, the U.S. Securities and Exchange Commission opted on Wednesday to seek public comment on two controversial plans that address the issue of giving shareholders more say in electing a company's board members.

The alternate plans differ considerably. One proposal would allow shareholders with at least a 5% equity stake to make their own director nominations on proxy ballots. The other would completely block any proxy access involving director nominations by shareholders.

“I finally figured out what the S in SEC stands for—schizophrenic,”...
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