ACC Corporate and Securities Committee Opposes Proposed SEC Rules on Director Nominations

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

See also:

ACC CSL comments to SEC, 8-17-09