The rush of commentary on the proxy access rules adopted by the Securities and Exchange Commission on August 25, 2010, which provide certain shareholders with the right to require that companies include shareholder-nominated director candidates in company proxy materials, dissipated quickly when the Commission stayed the effective date of the rules. Although it is not surprising that the attention of companies and their advisers has been diverted to other matters, including more recent or imminent SEC rule proposals, a number of key implementation issues will need to be addressed if the proxy access rules take effect. The Commission's order granting the stay (pending judicial review) — which will delay the impact of the new proxy access rules until at least the 2012 proxy season for many companies — provides an opportunity to consider these issues in a thoughtful and deliberate manner.

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