May 3, 2004

May Eminders is Up! We

We have posted the May issue of our popular email newsletter.

SEC’s Letter Explaining E&Y Suspension

The SEC has posted a letter from its Chief Accountant to E&Y’s CEO explaining the terms of the 6-month suspension on E&Y’s ability to obtain new clients. It makes clear that the SEC’s action is intended to focus on E&Y – and not hurt any of E&Y’s clients.

Good News in California regarding Shareholder Access!

I had reported a few months ago (see this March Eminders archive ) that California had introduced its own shareholder access legislation – introduced by Assemblymember Judy Chu – that would have gone a few steps further than the SEC’s proposal. It appears sanity has prevailed as the California bill has been substantially amended so that it’s no longer the threat it once was to the SEC’s proposal. Here is the latest marked-up version of the bill (i.e. note changes like “nominate” to “recommend,” etc.).