USPX Updates Model Proxy Access Proposal

The Shareholder ActivistTwo weeks after SEC lawyers granted six corporations approval to exclude “proxy access” proposals from their proxy materials, United States Proxy Exchange (USPX) members are already submitting an updated version of that same proposal to other corporations. Updated language addresses the flimsy pretexts for the lawyers’ decision, as well as implementing improvements to the proposal language that shareowners have recommended.

The original proposals were based on a USPX model proxy access proposal released on November 10, 2011. Today, the USPX announced an update to that model proposal, which shareowners can submit to corporations. Shareowner Kenneth Steiner received an advance copy of the update, and he has already submitted proposals based on the new language to Medtronics (MDT) and Forest Labs (FRX).

Read more on the USPX website.

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Posted in Corporate Governance, Featured | 1 Comment

One Response to USPX Updates Model Proxy Access Proposal

  1. Since the above article was posted, additional amendments have been made. For example, for the proposal submitted to HRB we included a cap of 48% of the board. We are again considering further modifications and welcome your input. Please feel free to contact me directly. — Jim McRitchie