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Congresswoman Maxine Waters Hails SEC Ruling to Empower Shareholders

August 25, 2010

Congresswoman Maxine Waters (CA-35) hailed today's ruling by the Securities and Exchange Commission (SEC) that grants shareholders more power to determine how corporations are governed.
 
Congresswoman Waters' amendment to give the SEC the authority to issue rules on proxy access was included in the recently enacted Wall Street reform legislation.

"Americans are justifiably concerned about reports of excessive salaries and bonuses for executives and angered by corporate scandals that have taken place in an environment where boards are dominated by cronies who look out for one another at the expense of shareholders and taxpayers," said Congresswoman Waters, a senior member of the House Financial Services Committee.  "To make corporate America more accountable, I successfully fought to break down the barriers that limit the ability of shareholders to nominate their own candidates or to submit their own proposals to the board of directors.  I am pleased that now shareholders have an easier way to nominate directors and thus have a greater say in corporate governance and decision-making." 

The effort to open up the nominating process has the support of pension funds such as the California State Teachers' Retirement System (CalSTRS).

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