US corporate governance roundtable
Time to resolve voting
June 01, 2009
How Tarp and the SEC's moves on proxy access will change shareholder rights
Kyle Siskey
Staff writer
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| Speakers (L-R): Kyle Siskey, IFLR; Joseph Sorrentino, Steven Hall & Partners; John Wilcox, Sodali; David Lynn, Morrison & Foerster; James Fanto, Brooklyn Law School |
For better or worse, regulatory proposals change the role shareholders play in board elections and actions, said panellists at an Executive Compensation roundtable hosted by Morrison & Foerster. Speakers debated the role shareholders should have after the economic crisis, given the US public outcry for more control over compensation and bonuses.
At the same time the panellists in New York were discussing potential legislation, SEC chairman Mary Schapiro was proposing rule changes that give shareholders the right to nominate board members before the proxy season. "No less than three times has the Commission considered the question of amending our proxy rules to address so-called proxy-access," said Schapiro. "The time has come to resolve this debate."
The amendment to rule 14a-11 will give certain shareholders...
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