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SEC Approves Final Proxy Access Rules
August 25, 2010
At today's open meeting, the Securities and Exchange Commission, in a 3-2 vote split along party lines, approved final rules that create, among other things, a federally mandated procedure to allow shareholders access to a company's proxy materials for the purpose of nominating a short-slate of directors for election in opposition to the nominees proposed by the board. We set forth in the linked memorandum some of the key provisions of the final rules that were highlighted at the open meeting.