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Follow on Google News | Legacy Management and Dominick Sartorio Bulletin: The SEC New Rules on Shareholders Vote for Board"The SEC has now approved changes that will make it easier for shareholders to nominate directors to a company's board." stated Dominick Sartorio, Director of New Business at Legacy Management Consulting Group
By: Legacy "Under the current system in place, investors must pursue, inform and appeal to shareholders at their own expense if they ever wished to nominate new directors for seats on a board." stated Anthony Urbano, Principal at Legacy Management Consulting Group. The new Dodd-Frank Wall Street Reform and Consumer Protection Act formally gives the SEC authority to make these changes. The SEC hasn't made any real in depth reviews of the proxy system in many years. Over those years, and more so now in recent times, there have been numerous changes in technology, information gathering and accessibility, shareholder demographics, shareholder structure and the economic climate overall that would warrant such reform. "As a matter of fairness and accountability, long-term significant shareholders should have a means of nominating candidates to the boards of the companies that they own," said SEC Chairman Mary L. Schapiro in a released statement. "Nominating a director candidate is not the same as electing a candidate to the board. I have great faith in the collective wisdom of shareholders to determine which competing candidates will best fulfill the responsibilities of serving as a director. The critical point is that shareholders have the ability to make this choice." ---- U.S. Treasury Circular 230 Notice: Any U.S. federal tax advice included in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal tax penalties. The information contained herein was prepared by Legacy Management Consulting Group, LLC from public documents for general informational purposes. Its contents should not be construed as professional advice, and readers should not act upon the information contained herein without consulting a professional. This information is presented without any representation or warranty as to its accuracy, completeness or timeliness. Transmission or receipt of this information does not create any relationship with Legacy Management Consulting Group, LLC. Electronic mail or other communications with Legacy Management Consulting Group, LLC cannot be guaranteed to be confidential and will not imply nor create any relationship with Legacy Management Consulting Group, LLC. # # # Dominick Sartorio is a veteran sales and operations executive who instigated significant growth at several companies before joining NewYork-based Legacy Management Consulting Group in 2008. Dominick Sartorio holds the position of Director of sales. End
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