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Commentary: Why Did SEC Deny Proxy Access to Shareholders on Election Procedures?
Last week the SEC made a decision that allows a company to omit from its proxy material any proposal that relates to a nomination or election for membership on a company's board of directors or a procedure for such nominations or elections. Torys partner Joris Hogan says that in light of pressures from institutional shareholders and Congress, and SEC Chairman Christopher Cox's undertaking to re-open the discussion on shareholder proxy access in 2008, the SEC's action is puzzling and seems precipitous.