SEC to consider director ballot rule
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The Securities and Exchange Commission said Tuesday that it would take up next week a rule to let companies keep shareholders’ director nominees off corporate ballots.
Some institutional investors are opposed to the rule, which is to be considered Nov. 28, saying they deserve a bigger say in picking directors because company-picked boards have failed to police executives. Democratic lawmakers have joined the fight, urging the SEC to delay action.
SEC Chairman Christopher Cox has said the agency will pass a rule this year and revisit the issue in 2008 when the commission has a full slate of Democratic members. The panel currently has three Republicans, including Cox, and one Democrat, Annette Nazareth, who has announced plans to step down.
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