Cox Testifies on Proxy Access Bylaw Proposals

SEC Chair Christopher Cox testified today concerning Bylaw Proposals to Establish Director Nomination Procedures before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.  While stating he could not predict what the Commission would do with the two competing proposals before it, he stated his personal support for strengthening the proxy rules to vindicate state law shareholder rights.  He also acknowledged the difficulty of the task ("if it were easy, my predecessor would have done it") and said that the SEC should go back to the drawing board and take a fresh look.