Harvey Pitt, former U.S. Securities and Exchange Commission chairman and now chief executive officer of Kalorama Partners LLC, talks with Bloomberg's Mark Crumpton about a U.S. Securities and Exchange decision to allow investors owning 3 percent of a company to nominate directors on corporate ballots. The SEC voted 3-2 today to allow investor board candidates on the proxy statements sent to stockholders before director elections. Investors or groups that meet the ownership threshold for three years will be eligible to offer nominees. (Source: Bloomberg)
U.S. regulators will let investors owning 3 percent of a company nominate directors on corporate ballots, a step that may help shareholders oust board members accused of overpaying executives and failing to boost shares.
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