Securities regulators on Wednesday debated two competing shareholder rights proposals, one of which could pave the way for competitive elections for board seats at U.S. public companies. That proposal would allow shareholders who together own at least 5 percent of a company's stock to propose changes to the company's bylaws on director elections. The other proposal is closer to the status quo. The SEC commissioners have voted to open the two proposals to a 60-day public comment period.
July 26, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Securities regulators on Wednesday debated two competing shareholder rights proposals, one of which could pave the way for competitive elections for board seats at U.S. public companies.
It is one of the more contentious issues to come before the Securities and Exchange Commission during the two-year tenure of Chairman Christopher Cox, and formal adoption of either proposal likely is several months away.
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