Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, August 10, 2007

Campos's Departure May Doom Shareholder Access Proposal

The speculation this morning is what impact SEC Campos's announced resignation will have on the SEC's proposal to give shareholders greater access to the management proxy to elect directors.  Last month the SEC released for public comment two completely different versions of a rule, both with a 3-2 vote.  Commissioner Campos, along with fellow Democratic Commissioner Nazareth, supported a rule that would allow 5% shareholders to propose bylaw changes that would allow shareholders' nomination of  directors, while Republican Commissioners Atkins and Casey supported a rule that would not allow shareholders to propose election-related matters.  Commissioner Cox voted in favor of both proposals and subsequently said he favors alllowing shareholder access.  With the departure of Commmissioner Campos, the proposal allowing access would not seem to have the necessary votes.  WSJ, SEC's Democrats to Step Down; WPost, SEC's Senior Democrat to Leave As Vote on Investor Rights Nears.

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