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Sarbanes-Oxley News & Developments
SEC Issues Staff Report on Proxy RulesThe SEC has published a 33-page Report on the Division of Corporation Finance - a review of current proxy rules.
> > The report recommends:
1. More robust disclosure of the nominating committee processes of public companies, including consideration of candidates recommended by shareholders
2. Specific disclosure of the processes by which shareholders may communicate with the directors of companies in which they invest and
3. Major, long-term shareholders (or groups of long-term shareholders) be provided access to company proxy materials to nominate directors, where there are objective criteria that indicate that shareholders may not have had adequate access to an effective proxy process.
Looks like the first step in the eventual issuance revised proxy rules. Click on the link below for the entire report.
Source: SEC Proxy Report
Published:2003-07-16
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