Allen Goolsby talks about shareholder activists in SNL Bank and Thrift Daily
June 3, 2011
A new breed of shareholder activists
SNL Bank and Thrift Daily
The SEC's proxy access rule gives investors or groups of shareholders holding 3% of a company's stock for at least three years the right to have their director nominees appear on proxy materials. Allen Goolsby acknowledges that nominating directors probably will not become commonplace among shareholders, but he does expect situations where large institutional shareholders, possibly even large pension funds such as CalPERS, nominate a serious director candidate that could carry the election and receive ample votes to join a company's board. Goolsby's practice focuses on corporate governance.