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Wednesday, November 04, 2009
Schapiro: Committeed To Shareholder Empowerment
By Ronald D. Orol
MarketWatch Pulse
WASHINGTON - Securities and Exchange Commission Chairwoman Mary Schapiro said Wednesday that she is committeed to adopting rules in early 2010 that would give shareholders an easier way to nominate a minority slate of directors, a controversial proposal that is opposed by the U.S. Chamber of Commerce and other business interests. The SEC in June proposed a measure to allow a long-term investor or a group of long-term shareholders to nominate one or two director candidates to a corporate board using the company's proxy documents. Schapiro acknowledged that the rules would not go into effect in time for shareholders to be able to employ them to nominate director candidates at corporate annual meetings next year.
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