Vanguard offers fresh backing for ‘proxy access’ reforms | The Fiscal Times

This is huge news, and possibly the tipping point for widespread adoption of proxy access.

BOSTON (Reuters) – Top U.S. mutual fund company Vanguard Group will be more likely to support measures giving shareholders new power over the makeup of corporate boards, a boost for reformers heading into the spring proxy season.

A Vanguard spokeswoman said Friday that under a policy change made this week its mutual funds will generally back so-called "proxy access" proposals for groups of investors who together own as little as 3 percent of a company's shares, down from 5 percent previously.

via Exclusive: Vanguard offers fresh backing for 'proxy access' reforms | The Fiscal Times.

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