`Holy grail': Proxy ballot access missing from corporate governance list.(News)

Pensions & Investments, April, 2003

Byline: Barry B. Burr Proxy ballot access for shareholder nomination of directors - what some institutional investors consider the holy grail of corporate governance - was removed from proxy statements this season. The proposal doesn't have universal support among corporate governance activists; even those who support it believe it would be used rarely.

But the proposal is getting consideration from the Securities and Exchange Commission. The SEC this month directed its division of corporate finance to recommend changes to proxy rules on the election of directors ``to improve corporate democracy,'' including the nomination process. The directive referred to a resolution submitted to Citigroup Inc. by the $600 million American Federation of State, County...