SEC Proposals Threaten Shareholder Advocates' Rights to File Resolutions
The cicada is a locust-like insect that emerges from a long hibernation every umpteen years to create an incessant buzzing across the country. Equally annoying in death as in life, when spent, cicadas drop from trees en masse, littering once-pleasant lawns and parks with piles of crunchy carcasses. On this tenth anniversary of the last Securities and Exchange Commission (SEC) last attempt to cripple shareholder advocacy, the commission has again floated potentially drastic changes to the shareholder resolution process that make our advocacy many times more difficult. In 1997, the story had a happy ending. After a barrage of support …
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