October 05, 2010
A copy of the SEC’s order is available at http://www.sec.gov/rules/other/2010/33-9149.pdf.
Under Exchange Act Rule 14a-11, a public company would be required to, at its own expense, include on the company’s proxy card director nominees selected by a shareholder or a group of shareholders that meet certain eligibility requirements and to include information about such nominees in the company’s proxy statement (i.e., provide “access” to company proxy materials). The amendment to Rule 14a-8(i)(8) would require a company to include in its proxy materials proposals that seek to establish procedures for the inclusion in the company’s proxy materials of director nominees of a shareholder or group of shareholders (unless such proposal seeks to limit the availability of Rule 14a-11). For more information about proxy access and Rule 14a-8, please see our Weil Briefing dated August 27, 2010.