What are some of the big-picture perspectives boards should be cognizant of relative to this proposal?
From a big-picture perspective, one of the reasons not to rush with this is that states and shareholders, together with companies, have tended to be very successful in addressing shareholders’ needs. We’ve seen change over the course of time. And so we think one thing the SEC should really consider is not to impose a single solution on all companies, but instead to allow shareholders to propose different forms of proxy access for their particular companies based on the particular state in which they are incorporated. We think that’s the best way to go, assuming that proxy access is going to be a reality. One state, North Dakota, has already essentially mandated proxy access. Delaware has expressly permitted it and the other states would likely allow it since there’s nothing in their statutes prohibiting it. The point is that shareholders can make proposals for companies to reincorporate or can simply make proposals for proxy access. Current SEC rules don’t permit those proposals to be
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