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Article: Council of Institutional Investors Deplores SEC Move to Curb Investor Rights.
- Article from:
- PR Newswire
- Article date:
- November 28, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON, Nov. 28 /PRNewswire/ -- "This is a sad day for shareowners," said Ann Yerger, executive director of the Council of Institutional Investors. "The Council of Institutional Investors is deeply disappointed that the Securities and Exchange Commission, which takes pride in its mission as the investor's advocate, has adopted a rule that weakens investor protections."
The rule bars shareowners from submitting a proxy resolution that asks a company's board to allow owners to place their nominees for director alongside the board's on the company's proxy card. "The SEC's action muffles the voice of shareowners in director elections," Yerger said.
The ...