WHILE SHAREHOLDER RIGHTS advocates celebrate a federal appeals court ruling that makes it easier for shareholders to change the way corporate directors are nominated, the chairman of the Securities and Exchange Commission, Christopher Cox, is contemplating a rule change that could end the party.
The 2nd U.S. Circuit Court of Appeals on Sept. 5 ruled that the SEC was wrong to let American International Group Inc. exclude from its ballot an investor proposal letting any shareholder holding a 3 percent stake for one year nominate directors on the company’s proxy.
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