The Business Roundtable's Untenable Case Against Shareholder Access
Shareholder Access to the Corporate Ballot, 2009
13 Pages Posted: 16 Mar 2005 Last revised: 24 May 2009
The Business Roundtable has played a key role in the opposition to the SEC shareholder access proposal. While the strong resistance to the proposal has been thus far successful in discouraging the SEC from adopting it, this paper considers the merits of the Business Roundtable's substantive arguments in opposition to the proposal. The paper provides a detailed examination of the wide range of objections to shareholder access that the Business Roundtable put forward in its submissions to the SEC. I conclude that none of these objections provides a good basis for opposing shareholder access.
Keywords: corporate governance, directors, shareholders, shareholder voting, corporate ballot, corporate elections, proxy fights, proxy contests, proxy rules, SEC, Business Roundtable
JEL Classification: D70, G30, G32, G34, G38, K22
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