The Securities and Exchange Commission's 3-2 vote to grant shareholders "proxy access" represents significant progress for shareholder rights advocates and marks further movement toward a shareholder-centric corporate governance model in the United States, The Conference Board Governance Center said in a statement.
After many years of debate, the SEC was able to act quickly due to authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act. "Now that the SEC has made its determination on proxy access, it is incumbent on boards and shareholders to understand the implications for their companies," said R. William Ide, III, chairman of The Conference Board Governance Center Advisory Board. "However, this action can also be seen as a symptom of the greater need for more meaningful dialogue among companies, shareholders and boards of directors."
See full Press Release.
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