SEC Still Confused On Proxy Access
On the eve of the official deadline for comments on the two conflicting shareholder access rules, the SEC is not closer to reaching consensus that it was when the controversy started several months ago, according to the Wall Street Journal. Mr. Cox voted with the commission’s two Democrats for a proposal that would allow shareholders with a 5% stake in a company to propose changes to bylaws governing the election process. He said he favored this rule. Still, he voted with the two Republican commissioners for a rule that would do the opposite and allow companies to reject such proposed bylaw changes. By putting both rules out for comment, Mr. Cox sought to foster more debate and buy time for the commission to work out a compromise before his self-imposed year-end deadline. But the commissioners are no closer — perhaps are further apart — and public comments, which are due tomorrow, aren’t expected to point the way toward middle ground. Apparently, the retirement of one of the Democratic appointees to t
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