Publications

September 3, 2010

The SEC’s New Proxy Access Procedures and Related Rules

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On August 25, 2010, the Securities and Exchange Commission approved final rules establishing a federally mandated procedure to allow shareholders who hold 3% of the total voting power of a company for at least three years and meet other criteria access to a company’s proxy materials for the purpose of nominating a short-slate of directors for election in opposition to the board’s nominees. The final rules also narrow the current election exclusion under Rule 14a-8(i)(8) so as to facilitate shareholder proposals relating to proxy access.