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Controversial Proxy Access Plan Adopted By SEC

Law360 (November 27, 2007, 12:00 AM EST) -- In a move that sparked immediate outcry from investor activists and public pension funds, the U.S. Securities and Exchange Commission voted Wednesday to allow companies to block shareholders from putting their own nominations for corporate directors on proxy ballots.

The 3-1 vote was split along party lines, with the commission's sole Democrat, SEC Commissioner Annette Nazareth, casting the vote against the plan.

The American Federation of State, County and Municipal Employees union immediately set up a challenge to the SEC's decision. The union filed bylaw amendments...
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