Political Quotes

“It is amazing to hear the other side protecting the right of the SEC to do its work when the budget and the bill show just the opposite. This amendment is yet another attack on the independence and efficacy of the Securities and Exchange Commission. It also represents an attack on shareholders. When special interests cannot win ballot questions put to their shareholders, they seek protection from Congress to change the rules of the game. Specifically, this amendment would prohibit the SEC from proposing, implementing, or enforcing any regulatory action on the issue of universal proxy ballots. These universal proxy ballots would let shareholders vote for whomever they wish to represent them on the corporate boards. This is a vital consideration in proxy contests since board seats and, in some cases, board control are at stake. It would also make for a fairer, less cumbersome voting process. Right now, there is a two-tiered system governing shareholder elections. Shareholders in attendance at meetings, particularly in proxy contests, have the ability to receive a legal ballot that allows them to pick and choose among all of the candidates who are duly nominated. {time} 1500 Shareholders who are not in attendance do not have that ability and, typically, can only choose from among nominees who appear on management's or a dissident's ballot, but not both. This limits shareholders' choice.…”