Lawmakers Reach Deal on Proxy Access by Ted Allen on June 25, 2010 12:03 AM. “In the end, the lawmakers essentially went back to where they started and will allow the SEC to hash out the many thorny issues related to proxy access.” “The SEC’s current draft rule, which was issued last June, calls for a sliding ownership threshold for investor groups that ranges from 1 to 5 percent depending on a company’s market cap, and would impose a one-year holding period. The commission may consider a final rule as early as next month.” Thanks to Allen for keeping a close eye on this important legislation.
I’m also told there was one additional line that the SEC can, at its discretion, exempt certain small businesses from proxy access requirements. Mandatory say-on-pay moves to biannual or triennial at company’s option; exemption from SOP for “small issuers.” No majority vote standard will be required. (The House-Senate Reconciliation Reaches the Finish Line: The “Proxy Access” & “SOP” Results Are In, 6/25/10… also excellent coverage by Broc Romanek at TheCorporateCounsel.net)
Here Are The Key Points You Need To Know About Today’s Big Financial Regulation Agreement, BusinessInsider.com, 6/25/10. House and Senate Agree on Finance Overhaul, NYTimes, 6/25/10. Now I wait for some group like theRacetotheBottom.org to do a complete dissection of the bill. It looks like we won much more than we lost thanks to all those calls and emails.