Major public pension funds support "strong proxy access ruling-making by the Securities and Exchange Commission," according to a AFSCME survey of the 100 largest public funds. Eighty-three percent of respondents think shareholders should have access to the corporate proxy card to nominate directors at the next annual meeting under any possible trigger for shareholder access that the SEC could include in a proposed rule for proxy access. The SEC might allow shareholders proxy access under several possible triggers, such as a corporation failing to act after a majority of vote on a shareholder resolution, according to speculation about what the SEC proposal will contain. Also, 81% of respondents think it's very important or extremely important to empower shareholders through proxy access.
The American Federation of State, County and Municipal Employees, which was instrumental in getting the SEC to consider shareholder proxy access, commissioned the survey, which was conducted in September. The SEC is expected to issue a proposed rule on shareholder corporate proxy access soon.