Washington DC Event: Stockholders at the Wheel: Shareholder Access Rule
By Stephen Bainbridge
Stockholders at the Wheel: Shareholder Access Rule
Federalist Society Corporations, Securities, and Antitrust Practice Group
Tuesday, September 23, 2008 12:00 PM - 2:00 PM
National Press Club
529 14th St. NW
Washington, DC 20045
On November 28, 2007, the Securities and Exchange Commission voted to adopt an amendment to Rule 14a-8(i)(8), codifying the commissionâ€™s...
Access and the Commission: The Rule of Unintended Consequences Begins We have been meaning to mention the post at RiskMetrics about AFSCME's plans in the upcoming proxy season. The American Federation of State, County, and Municipal Employees (AFSCME), as you might recall, was the plaintiff in the Second Circuit decision that ultimately struck down the application of the election exclusion in Rule 14a-8 to bylaw proposals that would sometimes require management to include a shareholder nominee in the company's proxy statement...
The SEC Keeps its Promise on Proxy Access Last year when the SEC decided against adopting a rule that would have allowed shareholders access to the corporation?s proxy statement in order to nominate candidates, SEC Chairman Cox stated that the decision did not signal the end of the proxy access debate...
Denial of Access and the Rule of Unintended Consequences Continues In allowing management to exclude proposals that would sometimes require the inclusion of shareholder nominees in the company's proxy statement, the Commission did nothing to abate the pressure by shareholders for a greater role in the nomination process or to alleviate the requirements of the proxy rules as impediments to the exercise of a state law right to nominate directors...