SEC to Review Rules on Corporate Elections
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The Securities and Exchange Commission said Monday that it might change proxy rules to help shareholders put their board candidates and policy proposals on company ballots as a way to expand corporate democracy.
The announcement came as the SEC said it upheld a previous decision that allowed Citigroup Inc. to refuse a shareholder vote on changing the bank’s process to elect board members.
Though the Citigroup decision was seen as a blow to shareholder advocacy groups, some cheered comments by SEC Chairman William H. Donaldson, who said, “The time has come for a thorough review of the proxy rules and regulations to ensure that they are serving the best interests of investors.”
The SEC ordered a staff review of corporate elections by July 15, with new rules possible before company annual meetings in 2004.
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