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News & Insights

SEC Adopts Proxy Access

August 26, 2010

On August 25, 2010, Cravath prepared for its clients a memo entitled “SEC Adopts Proxy Access,” which provides a high-level overview of the key features of the proxy access rules adopted by the SEC in a 3-2 vote earlier that day. Put simply, proxy access will enable certain shareholders of a public company to use the company’s proxy card, at the company’s expense, to nominate candidates chosen by those shareholders for election to the company’s board of directors. Proxy access has been a priority for Mary Schapiro since she became the chairman of the SEC in January 2009, and the rules adopted by the SEC on August 25 have set up a framework for proxy access whereby shareholders, or groups of shareholders, who have owned at least 3% of a company’s voting stock for at least three years will be able to nominate candidates representing up to 25% of the company’s board members. The rules will become effective 60 days after publication in the Federal Register, which we anticipate will happen before Labor Day, and will generally be in effect for the upcoming 2011 proxy season.

Please click here to read the memo.  

Attachments

  • Attachment 1

Related Practices & Industries

  • Corporate
  • Corporate Governance and Board Advisory
  • Mergers and Acquisitions
  • Private Equity

Authors

Photo
Name
John W. White
Title
Corporate
Title
Partner
Email
jwhite@cravath.com
Phone
+1-212-474-1732
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    Education

    • J.D., 1973, New York University School of Law
      Order of the Coif, cum laude
    • B.S., 1970, University of Virginia
      with Honors

    Admitted In

    • New York
    Photo
    Name
    Richard Hall
    Title
    Corporate
    Title
    Partner
    Email
    rhall@cravath.com
    Phone
    +1-212-474-1293
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      Education

      • LL.M., 1988, Harvard Law School
      • LL.B., 1986, University of Melbourne
        with Honors
      • B.Com., 1984, University of Melbourne
        with Honors

      Admitted In

      • New York
      Photo
      Name
      Kimberley S. Drexler
      Title
      Corporate
      Title
      Partner
      Email
      kdrexler@cravath.com
      Phone
      +1-212-474-1434
      vCard
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        Education

        • J.D., 1997, Yale Law School
          Coker Fellow
        • B.A., 1993, University of Virginia
          Highest Distinction, Echols Scholar, Phi Beta Kappa

        Admitted In

        • New York

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