Shareholder Proxy Access - Still Relevant For 2010 Annual Meetings?

On Friday, Oct. 2, 2009, SEC Chair Mary Schapiro issued a statement indicating that the Commission will not take up the matter of new shareholder proxy access rules until 2010. She indicated it was her hope to finalize rules "early in the new year."

New rules were proposed by the SEC June 10, 2009. In its release "Facilitating Shareholder Director Nominations," the SEC proposed to require public companies to include in proxy materials distributed to shareholders, information relating to, and the capability to vote on, persons nominated by shareholders for election as directors. Also, such companies would be required to similarly include shareholder proposals related to the conduct of the election of directors.