The chairman of the Securities and Exchange Commission is broadening the debate about whether and how to enhance shareholders' ability to nominate corporate directors.
His contribution is to bring in the Internet.
To date, the often complex public discussion, which included an SEC proposal for increased powers that never came to a vote, has centered on mechanisms that would allow large shareholders, in limited circumstances, to nominate directors who would be carried on company proxy materials.
That last point is important, since many maintain the costs of shareholders launching a slate of director candidates on their own under the current system are prohibitive. Those costs include mailings that must be made to all shareholders.
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