Tuesday, August 24, 2010

SEC To Vote On Proxy Access Wed. Aug. 25

As noted in SEC's recent Sunshine Act Notice the Commission will meet tomorrow (Wed. Aug. 25) to:
consider whether to adopt changes to the federal proxy and other rules to facilitate director nominations by shareholders.
In plain English (or perhaps slang), the issue of shareholder nomination of directors has been referred to as 'proxy access.'

Props to Broc Romanek of TheCorporateCounsel.net blog part of the TheCorporateCounsel.net dynasty) who reported on this previously here, and whose award-winning blog follows SEC developments closely.

In that same post, Romanek noted that FASB extended the comment period for its proposal on disclosure of loss contingencies - including litigation (which we previously noted here), and he posted a link to a WSJ editorial by the U.S. Chamber of Commerce and the Chamber's comment letter filed on Aug. 11 on FASB's proposal.

On this subject, a comment letter was filed by one of FEI's Committees last week (see the letter filed by FEI's Committee on Private Company Standards), and an additional letter from another committee(s) is expected to be filed later this week; we will update this post to add a link to the additional committee(s) letter after it is filed.

Watch the live webcast of the SEC open meeting at which the Commissioners discuss and vote on proxy access, beginning at 10am on Aug. 25; here is the agenda which goes into a bit more detail than the Sunshine Act Notice. The SEC generally issues press releases on major rulemaking items late in the day or next-day following a Commission vote, watch for a press release here.

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