(Reuters) – Shareholders may soon get more power to shake up corporate boardrooms in the U.S. after the financial crisis exposed glaring weaknesses in how companies were managed.
The Securities and Exchange Commission will meet at 10:00 a.m. EDT Wednesday to decide whether to adopt a rule that would give shareholders an easier way to nominate corporate board directors.
Giving shareholders the ability to place their director nominees on the corporate proxy statement has long been sought by big activist shareholders who want more say on how their companies are run.
Demand for proxy access increased after the government used billions of dollars in taxpayer funds to prop up companies like American International Group and Bank of America.
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