SEC Challenged on Disney Issue
Four public pension funds asked the Securities and Exchange Commission to reconsider its support for Walt Disney Co.’s decision to exclude from its proxy a resolution that would allow shareholders to nominate up to two board members.
Wednesday’s request came after the SEC’s staff reversed itself and sided with Disney. Funds, including the powerful California Public Employees’ Retirement system, contend the SEC didn’t explain its reasoning.
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-- Richard Verrier
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