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SEC Proposes Rules To Increase Proxy Access by Shareholders

SEC | October 8, 2003

On Oct. 8, The Securities and Exchange Commission approved rule proposals that would require companies to include in their proxy materials the names of nominees for director that are submitted by certain shareholders, as well as disclosure relating to those nominees.

The proposals follow the recommendations made by the Division of Corporation Finance in its July 15 staff report on the nomination and election process (available at right).

"For the first time in its history, the Commission has proposed rules that would provide shareholders a procedure that promotes access to the proxy process," said SEC Chairman William Donaldson.

Overview

The proposed rules would create a requirement for companies to include in their proxy materials the names and certain other information regarding security holder nominees for election as director.

The requirement would arise in cases where...

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