Corporate and Securities Committee Cites Issues with Proposed SEC Rules

ACC’s Corporate and Securities Committee (CSL), in a letter dated August 17, registered concerns over several aspects of the proposed Proxy Access Rule, and lists several areas which must be addressed in the event the Securities and exchange Commission proceeds.

CSL argues that the rules as proposed “would adversely alter the process of corporate governance for all publicly traded companies in the United States” for four reasons: 1) federally mandated proxy access is unnecessary; 2) the proposed proxy access solution doesn’t address the perceived problems; 3) the nomination process should remain governed by State Law; and 4) the Proxy Access Rule is unworkable.

For more details see the comments:
ACC Corporate and Securities Committee comments to SEC, 8-17-09