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According to the ISS blog, the first proxy access proposal was filed with MEMC Electronics.  The proxy access proposal was reportedly based on a model proposal developed by the United States Proxy Exchange.  The model proposal is a canned document designed to be used by small investors to submit shareholder proposals, which if successful, would allow other small investors to subsequently propose director nominees to be included in the company’s proxy statement.

MEMC’s last proxy statement stated shareholder proposals must be received by November 12, 2012.  If the proposal was filed November 11, 2012, as reported, then the proposal appears timely, but just barely.

Check frequently for updates on the Dodd-Frank Act and other important securities law matters.

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