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SEC Adopts “Shareholder Access” Rules by Bruce C. Bennett
Covington & Burling LLP - New York Office
Bruce Deming
Covington & Burling LLP - San Francisco Office
Peter A. Laveran-Stiebar
Covington & Burling LLP - London Office
David B. H. Martin
Covington & Burling LLP - Washington Office
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August 31, 2010
Previously published on August 25, 2010
Today, by a 3-2 vote and with explicit authority granted to it under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to its proxy rules that will require that a public company include in its proxy materials candidates to the board who have been nominated by shareholders who meet certain conditions. The amendments will also require companies to include in their proxy materials, under certain circumstances, shareholder proposals that seek to establish a procedure in a company’s governing documents for the inclusion of shareholder director nominees in the company’s proxy materials. The following is a brief summary of the amendments, which will take effect 60 days after publication in the Federal Register.
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