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Sarbanes-Oxley News & Developments
SEC Proposes Proxy Statement Disclosure RequirementsProposed disclosures would apply to both operating and investment companies.
> > The SEC recently proposed amendments to its proxy statement disclosure requirements regarding the operating of board nominating committees and a new disclosure requirement concerning the means, if any, by which security holders may communicate with members of the board of directors. Release Nos. 34-48301, IC-26145 (Aug. 8, 2003). The proposal is a initial, partial implementation of the recommendations in the recent SEC staff report on the proxy process. The most controversial proposal would require disclosure of any instances in which a nominating committee refused to nominate a candidate recommended by security holders owning at lease 3% of a company common stock. The proposed disclosures would apply to both operating and investment companies, although most investment companies have shareholder meetings only sporadically. Comments on the proposal will be due by September 15, 2003.
For the full press release click on link below.
Source: Fundlaw
Published:2003-08-19
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