Friday, October 2, 2009

SEC Said to Delay Proxy-Access Rule, Giving Banks Reprieve

Oct. 2 (Bloomberg) -- The U.S. Securities and Exchange Commission will delay rules making it easier for investors to oust corporate directors, a step that may give banks a reprieve from shareholders seeking retribution over the financial crisis.

SEC Chairman Mary Schapiro has backed away from approving a rule this year to let hedge funds, institutional investors and shareholder groups put candidates on corporate proxy statements, according to people familiar with the matter. Commissioners are unlikely to vote until 2010, meaning the provision won’t be in place for next year’s board elections at companies such as Citigroup Inc., said the people who declined to be identified because the talks are private.

“This gives the banks more breathing room,” said James Cox, a professor at the Duke University School of law in Durham, North Carolina. “They are still reeling from the credit meltdown. A year from now, they may have more robust profits and that would certainly dampen anxiety among their shareholders.”

HELLO MARY...YOU WORK FOR US NOT THE PERPS THAT GOT US HERE...DAMN YOU

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