{"id":5068,"date":"2010-09-24T00:00:00","date_gmt":"2010-09-24T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2010\/09\/paper_offers_defenses_against"},"modified":"2022-04-03T16:17:43","modified_gmt":"2022-04-03T21:17:43","slug":"paper-offers-defenses-against","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/paper-offers-defenses-against\/","title":{"rendered":"Paper Offers Defenses Against Proxy Access Challenges"},"content":{"rendered":"

Assistant Professor J.W. Verret of George Mason University’s School of Law has issued a research paper that suggests a number of unique strategies that boards can use to defend against proxy access challenges. The paper is called \u201cDefending Against Shareholder Proxy Access: Delaware’s Future Reviewing Company Defenses in the Era of Dodd-Frank.\u201d<\/p>\n

It was just this August that a divided US Securities and Exchange Commission approved rule changes that put in place an access regime that lets shareholders include their director nominees in proxy materials as long as they meet eligibility requirements. In his paper, Verret notes that even with the new regime, Delaware law still allows for the \u201climiting or expanding of the reach of proxy access.\u201d He says that corporate boards that want to defend themselves against such challenges should refer to corporate governance arrangements with a \u201csecondary effect on the shareholder franchise and the shareholder nomination process” as seen by the \u201cSEC\u2019s proxy access rule.\u201d<\/p>\n

Verret has said that the federal mandate for proxy access will negatively affect retail shareholders in the long run. His defense tactic recommendations include:<\/p>\n

\u2022 Defenses related to board characteristics
\n\u2022 Defenses that up insurgents\u2019 costs
\n\u2022 Structured shareholder-voting related defenses<\/p>\n

Verret\u2019s paper argues that rule amendments by the SEC likely cannot preempt all state laws, which the boards can then use. He believes that federal pre-emption is not a high risk to the defenses that he is suggesting.<\/p>\n

Related Web Resources:<\/strong><\/p>\n

Defending Against Shareholder Proxy Access: Delaware’s Future Reviewing Company Defenses in the Era of Dodd-Frank<\/a>, Social Science Research Network<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Assistant Professor J.W. Verret of George Mason University’s School of Law has issued a research paper that suggests a number of unique strategies that boards can use to defend against proxy access challenges. The paper is called \u201cDefending Against Shareholder Proxy Access: Delaware’s Future Reviewing Company Defenses in the Era of Dodd-Frank.\u201d It was just […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3945],"tags":[],"class_list":["post-5068","post","type-post","status-publish","format-standard","hentry","category-proxy-access"],"yoast_head":"\nPaper Offers Defenses Against Proxy Access Challenges — Investor Lawyers Blog — September 24, 2010<\/title>\n<meta name=\"description\" content=\"Assistant Professor J.W. 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