ShareOwners.org Issues Statement on SEC Proxy Access Vote
WASHINGTON, Aug. 25 /PRNewswire-USNewswire/ -- ShareOwners.org (http://www.ShareOwners.org) issued the following statement today:
"ShareOwners.org commends the Securities and Exchange Commission for its historic action today to give long-term, significant shareowners the opportunity to nominate candidates for corporate boards.
Proxy access establishes a fundamental shareowner right to hold corporate boards and management accountable. Had this right existed prior to the current financial crisis, it might have put irresponsible boards under greater shareowner pressure to act less recklessly.
Proxy access is at the core of ShareOwners.org's public policy agenda.
We laud the SEC for recognizing the importance of giving shareowners new power in the financial system so that investors and pension holders have a stronger role in determining who manages the companies in which they have placed their savings. We look forward to full implementation of the rule.
At the same time, we encourage the SEC to evaluate the three year holding period to determine its impact on the effectiveness of the rule. We also encourage the Commission to move ahead on other important fronts to protect and expand shareholder rights and prerogatives."
Launched in June 2009, ShareOwners.org (http://www.ShareOwners.org) is a nonprofit and nonpartisan organization that educates and organizes U.S. investors to support both short- and long-term financial market reforms. ShareOwners.org's broad four-part agenda focuses on the need for stronger regulation (including a beefed-up SEC), increased accountability of boards/CEOs, improved financial transparency and protection of the legal rights of investors.
For more information about ShareOwners.org, please visit http://www.ShareOwners.org on the Web.
SOURCE ShareOwners.org, Washington, D.C.
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