SEC Re-Opens Public Comment Period for Shareholder Director Nomination Proposal
FOR IMMEDIATE RELEASE
Washington, D.C., Dec. 14, 2009 — The Securities and Exchange Commission today announced that it is re-opening the public comment period for its shareholder director nomination proposal to seek views on additional data and related analyses received by the Commission at or after the close of the original public comment period on August 17.
The SEC proposed changes to the federal proxy rules in June to facilitate the rights of shareholders to nominate directors on corporate boards. The SEC staff continues to expect to make a final recommendation to the Commission early next year.
Public comments may be submitted electronically or in paper, by any of the methods described in the Commission's release announcing the re-opening of the comment period. Comments on the data and related analyses are due no later than 30 days after the publication of the Commission's release in the Federal Register.
In addition to re-opening the shareholder director nominations comment period, the Commission will consider final action Wednesday on its proposal to improve the disclosure of information that public companies provide to their shareholders in proxy statements. The proposed rules apply to executive compensation, qualifications of directors and nominees, and other proxy disclosures.
At its December 16 meeting, the Commission also will consider adopting proposed measures to strengthen safeguards of investor funds controlled by investment advisers [Sunshine Act notice].