U.S. SEC proposes aiding shareholders' proxy access
The U.S. Securities and Exchange Commission proposed on Wednesday to give shareholders greater power to nominate corporate board directors, a process now tightly controlled by company management.
The SEC voted 3-2 to propose two approaches aimed at giving shareholders an easier way to influence the composition of the board -- an issue also known as proxy access.
One approach would let shareholders who own 1 percent to 5 percent of a company's stock for at least one year nominate directors.
The other approach would amend a federal rule that sets guidelines for whether a company's management can exclude shareholder proposals from the proxy.
(Reporting by Rachelle Younglai; Editing by Tim Dobbyn)
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