Still More on Proxy Access


We recently commented on the SEC’s decision not to challenge the court ruling vacating its proxy access rule.  The Council of Institutional Investors had quickly registered its disappointment.  Global Pensions reported yesterday that a number of pension funds are now urging the SEC to issue a new rule.

According to the statement issued on Sept. 13, 2011, the SEC’s rule “was the right rule when it was issue – and it’s the right rule today.”  In strong wording, the statement cites “far too many examples of unaccountable directors on boards which have ignored shareowner proposals, fallen short of their duty to oversee management and, too often, overcompensated CEOs and senior executives relative to performance results when they failed to deliver shareowner value.”  It goes on to “strongly urge” the SEC to issue new rules and “continue its commitment” to giving long-term holders a voice.

A total of 14 funds endorsed the statement, including CalPERS, CalSTRS, the New York City Pension Funds, and the New York State Comptroller.

OUR TAKE:  This statement illustrates the united front of numerous key institutional investors to force change in this area.  It puts additional pressure on the SEC both to produce results and meet the challenges raised in the Business Roundtable and U.S. Chamber of Commerce’s attack on the first rule.

The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.

Search Tips:

You may use the wildcard symbol (*) as a root expander.  A search for "anti*" will find not only "anti", but also "anti-trust", "antique", etc.

Entering two terms together in a search field will behave as though an "OR" is being used.  For example, entering "Antique Motorcars" as a Client Name search will find results with either word in the Client Name.


AND and OR may be used in a search.  Note: they must be capitalized, e.g., "Project AND Finance." 

The + and - sign operators may be used.  The + sign indicates that the term immediately following is required, while the - sign indicates to omit results that contain that term. E.g., "+real -estate" says results must have "real" but not "estate".

To perform an exact phrase search, surround your search phrase with quotation marks.  For example, "Project Finance".

Searches are not case sensitive.

back to top