Securities and Exchange Commission Chair Mary Jo White told lawmakers on Tuesday the agency would not try anew to craft rules to make it easier for shareholders to nominate corporate directors but that she was closely watching activists' attempts to do just that. At a congressional hearing, several U.S. House of Representatives Democrats asked White to resurrect SEC efforts to adopt "proxy access" rules, but White said she had "no intention" of doing so after a U.S. appeals court tossed out several years ago. Companies such as General Electric and Bank of America have changed their bylaws voluntarily to permit proxy access, while others like Citigroup have let proxy access proposals appear for consideration on corporate ballots. Momentum for the issue kicked into high gear last fall, when New York City Comptroller Scott Stringer filed 75 shareholder proposals on proxy access for companies whose stock is owned by New York City's pension funds.
via Business News http://ift.tt/1bqQdgm
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