SEC reopens comment period on board nomination proposal

The Securities and Exchange Commission will reopen the comment period for its shareholder director nomination proposal. The SEC in June offered changes to the federal proxy rules. The new proposal would give shareholders greater access to the nominating process. The reopened comment period will end 30 days after a notice is published in the Federal Register. The agency usually published notices in the Federal Register within a week after they are announced. The new comment period is to allow for reaction to additional data and analysis on the effects of the proposal. The new data include reports on the proposal's effects on competitiveness that were submitted by industry groups and by The Corporate Library, a corporate governance research group, among others. The SEC staff plans to make a final recommendation on proxy rules early next year.