ON Securities

TheCorporateCounsel.net Blog reports that the ABA’s Task Force on Shareholder Proposals has released an exposure draft of a model bylaw for Delaware corporations to grant shareholder access – giving significant shareholders the ability to nominate one or more director candidates and have the candidates included in management’s proxy statement. . . . The SEC’s proposed rules on shareholder access, if adopted, will make shareholder access mandatory and will eliminate much of the flexibility incorporated into the model bylaw. . . . Assuming the SEC’s rules become effective, public companies will move to adopt bylaws to clarify the procedures and standards for shareholder access, and the Task Force’s draft will be a useful starting point.

. . . Until I read his Wikipedia profile, I didn’t realize that Michael Jackson was the named inventor on an issued patent. . . .

(read more) – Marty Rosenbaum