SEC Chairman Christopher Cox proved to be the decisive vote to release for comment each of two conflicting proposals. The first proposal gives shareholders, who have continuously held more than 5% ownership for more than one year, greater participation in board elections by allowing them to include in proxy materials proposals for amendments to bylaws that would permit the nomination of alternative candidates, while the other proposal restricts such participation through clarifying the interpretation of Rule 14a-8(i)(8) to confirm that issuers may exclude shareholder proposals that could result in election contests.

Follow these links for the full text of the SEC proposals: