As we reported in our June 22, 2009 Alert, the U.S. Securities and Exchange Commission (the "SEC") on June 10, 2009, issued Release No. 33-9046 (the "Release") proposing significant changes to its proxy rules that would grant certain shareholders the ability to have their own director nominees included in a company's proxy materials. Public comments to the proposals included in the Release were originally due by August 17, 2009.
During the original comment period, a variety of data, comments and related analyses were submitted and posted in the public comment file by both interested persons and SEC staff. A portion of the data, comments and related analyses was received or posted after the expiration of the initial comment period.
On December 14, 2009, the SEC issued Release No. 33-9086 (the "Extension") and announced that, in an effort to allow interested persons to review and comment on the additional data, comments and related analyses in the public comment file, it is reopening the comment period for a period of 30 days after publication of the Extension in the Federal Register.