On December 14, the Securities and Exchange Commission announced in a rule-making notice that it is re-opening the public comment period for its shareholder director nomination proposal in an effort to solicit views on additional data and analyses received by the Commission at or after the end of the original public comment period, which was August 17. The Commission has received more than 500 comments on the proxy access rule. Comments are due no later than 30 days after the publication of the Commission’s release in the Federal Register.
As previously reported in the May 22 and June 12 editions of Corporate and Financial Weekly Digest and a June 18 Client Advisory, the Commission proposed changes to the federal proxy rules to facilitate the exercise of shareholders’ rights under state corporate law to nominate and elect directors. The SEC staff expects to make a final recommendation to the Commission in early 2010.