The Social Investment Forum learned late this afternoon that the Senate may set a threshold for proxy access at 5 percent for all companies. This would effectively render proxy access useless, expect in very rare circumstances. They want the language in the Senate bill because it simply grants the SEC authority to move forward with its proxy access rule. SIF and its members favor the SEC rule, as it sets a graduated 1-3-5 threshold based on a company’s market capitalization. While I see that specifying thresholds in the bill could save the SEC from litigation, the 5% threshold is too high. I sent a note to BarneyFrankProxyAccess6-16-10 (download pdf). Please copy from it and get it out as soon as possible.