The Missing Week #2: SEC stuff

On May 20th, the 1% rumor came to pass when the SEC voted to propose a new shareholder proxy access rule (14a-11) that would allow shareholders holding more than 1% of an issuer's stock to nominate board candidates. Wachtell Lipton was quick to criticize the proposal for "federalizing" shareholder access to proxy materials. RiskMetrics was over the moon. More from Nixon Peabody.

Because the Department of Justice is investigating two SEC lawyers for insider trading the SEC announced it is taking steps to improve its internal checks for insider trading.

The Corporate Finance Blog has a nice summary of the potential application of SEC rules to all those gee-whiz social media tools of which our corporate leaders have recently become so fond.

Corporate Law Prof has a post on the joint SEC / Department of Labor hearing on a class of mutual funds, called "target date funds," which change their asset mix depending on an investor's age.