SEC Open Meeting, August 25, 2011
|Comment Deadline||Final Rule Issue||Effective Date|
|February 16, 2010||September 20, 2011||September 20, 2011 VACATED BY COURT ORDER|
The U.S. Securities and Exchange Commission (SEC) public meeting focused on the adoption of final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning federal proxy access rules.
Topics of Discussion
- Proxy access voting rules; and
- New Exchange Act Rule 14a-11, under which "companies are sometimes required, under certain circumstances, to include a shareholder nominee or nominees for director in company proxy materials."<ref>SEC Adopts New Measures to Facilitate Director Nominations by Shareholders. SEC. Retrieved on August 25, 2011.</ref>
Facilitating Rights Of Shareholders To Nominate Directors
Final rules were added to the Federal Register on September 16, 2010.
From the press release:
"Last year, the Commission proposed amendments to its rules that would provide shareholders with a meaningful ability to exercise their state law rights to nominate and elect directors.
Since then, the SEC has received and reviewed more than 600 public comments about its proposal.
And, more recently, Congress passed a new financial reform law that specifically states the SEC has authority to adopt rules that require companies to include shareholder board nominees in company proxy materials."