Proxy access has been the talk of the town this week after the SEC on Wednesday voted 3 to 2 (along party lines) to grant the right to shareholders to nominate directors.  It has been a long process as many shareholders have fought for years to finally get this approved.  Moxy Vote wants to commend the SEC for their decision.  Although the 3% ownership threshold is high and the three year holding period extremely long, it is a step in the right direction.

Why is this important?  Until now, the ability for shareholders to nominate a director that has not been hand picked by management has been nearly impossible.  Could an independent voice on a board of directors at say Lehman Brothers or BP or AIG been the difference in averting disaster? Maybe not, but it would have been nice to have had the opportunity to test that theory…