However, some proponents do not believe the proxy access right goes far enough and a shareholder submitted
proxy access proposal is on the ballot for the upcoming meeting.
The government's new
early access proposals would open up new drugs to patients with no other option a year earlier than they would otherwise be made available.
Of course, given that a similar proxy
access proposal received 49.9 % of the vote last year, compared to this year's 57 %, company responsiveness to shareholder desires doesn't seem to be deeply ingrained.
Shareholder democracy activists should not get carried away by the arrival of proxy
access proposals north of the border, according to a Toronto lawyer.
Morgenson criticizes Vanguard and Fidelity for not (usually) backing
proxy access proposals, arguing that they «are preserving the status quo in corporate boardrooms, where there is little accountability on outsize executive pay, director diversity and other governance issues» and breaching their fiduciary duty to their investors.
At this year's annual meeting, Apple stockholders did not approve a proxy
access proposal that would have allowed shareholder board nominations to appear on Apple's ballot.
However, these actions were not sufficient for the proponent of the original proxy
access proposal, Lowell Weir, who has submitted several proposals at TD's upcoming meeting.
We note, as does Professor Gilson, that the SEC may be considering a proxy
access proposal.
The pension funds also urged Exxon shareholders to support a so - called proxy
access proposal that would let minority shareholders nominate outside directors to the company's board.