ACC’s Corporate and Securities Committee (CSL), in a supplemental letter to the Securities and Exchange Commission dated January 19, voiced concerns that the proposed rules “Facilitating Shareholder Director Nominations” would unintentionally harm long-term shareholders by mandating the right of short-term shareholders to initiate company-sponsored shareholder proxy contests.
CSL argues that the rules as proposed “could significantly hinder a board’s ability to recommend initiatives that are not immediately popular and instantly profitable, but are otherwise in a company’s best interests.”
For more details see the comments:
ACC Corporate and Securities Committee comments to SEC, 1-19-10
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