Thursday, May 14, 2009

SEC Will Propose 1% 3% and 5% Threshold to Nominate on Corporate Proxy

Bloomberg reported today that the SEC is likely to consider proposing a proxy access rule which will enable shareholders to nominate directors on a corporate proxy. The threshold for nominating directors will be 1% for companies above $700M market cap, 3% for companies between $75M and $700M and 5% for companies below $75M. All nominating shareholders will have to own their shares for at least one year.

Click here to read the Bloomberg article.