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Conflicting SEC Rule Proposals Will Add to Confusion Regarding Shareholder Participation in Director Nominations
Last month the SEC published an interpretive release and two proposed rules that reflect a split among the commissioners regarding shareholder access to the director nomination process. This development follows a recent problematic decision by the 2nd Circuit in. However, says Torys partner Joris Hogan, the SEC's initiatives have sent conflicting signals to public companies that are considering whether to change the method whereby directors are nominated for election to the board.