More indications of SEC move toward proxy access

By Cydney Posner

In case anyone had any doubt that the SEC would be revisiting the issue of shareholder access to company proxies, Reuters has now reported in an article on March 6, 2009 that SEC Chair Mary Schapiro has directed the staff to prepare a proxy access proposal. The article indicated that Shapiro favors a tiered approach linked to a company's market value that would set a lower shareholder ownership threshold for large companies and a higher one for companies with a smaller capitalization.

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