Proxy Season Upon Us, but Rules Remain Uncertain

Summary

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WASHINGTON (HedgeWorld.com) - The Securities and Exchange Commission is under more pressure to do something - opinions vary as to what - about two proxy access proposals it has been considering since this summer, and to do whatever it's going to do quickly.

In reaction to a 2nd U.S. Circuit Court of Appeals decision last year that expanded proxy access, the SEC published two mutually inconsistent proposals for comment in July: a "short rule" that would allow a company to exclude election-related shareholder proposals from proxy ballots, and a "long rule" that would require inclusion in some circumstances.

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Extract

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Proxy Season Upon Us, but Rules Remain Uncertain

In a hearing convened by the Senate Banking Committee on Monday [Nov. 19], Sen. Jack Reed (D-R.I.) called the issuance of the two incompatible proposals an unprecedented move, and said that he was "deeply concer...

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