August 6, 2003

At the open Commission meeting

At the open Commission meeting today, the SEC generally followed the recommendations made in the July 15 Staff Report in proposing changes to what is disclosed regarding the nominating process for directors and about shareholder communications with directors.

The big surprise was the 30-day comment period, particularly with the vacation month looming ahead. The goal of the short comment period is to adopt final rules in time for the 2004 proxy season. At the meeting, the staff stated that the 2nd half of the proposals – regarding actual shareholder access to the ballot – would likely be proposed by the end of September.

An outline of these proposals is in the SEC’s press release at

For subscribers, we have posted an interview with Chip Presten regarding the Attorney Conduct Rules at