With the Securities and Exchange Commission geared up to pass its proxy access rule in November, opponents of increased ballot access are stepping up their campaign to stop the measure, according to the Wall Street Journal. Opponents of the rule, including businesses, certain funds, and their attendant lobbyists, believe that increased proxy access will bog down the proxy process. “It’s the biggest change relating to corporate governance ever proposed by the SEC. Period. It gives activists the ultimate vehicle to express dissatisfaction with a board, the ability to replace board members at the company’s expense,” said John Finley of Simpson Thacher & Bartlett, an opponent of the proposal.
Opponents of Proxy Access Step Up Opposition
The SEC’s proxy access rule, expected to pass, is drawing mass criticism from opponents.
August 26, 2009