SEC to act on proxy access, but how?

Christopher Cox has pledged that the Securities and Exchange Commission will take action on the controversial and longstanding proposal to allow shareholders to place specific nominees on proxy voting material. The issue is what the commission will actually propose. Ah, the details. There's a lot of drama surrounding the issue. But we'll have to wait until fall at least to find out, and that should be in time for the 2008 round of annual meetings. The commission will conduct a thorough review of the issue before making a proposal. Its hand may have been forced a bit by a federal court ruling that rejected the view that companies do not have to provide shareholders with access to corporate proxy ballots. This is a huge issue. Either way, it will be interesting.

For more:
- here's the AP update