ConocoPhillips, Houston, urged the SEC not to allow shareholder access to the corporate proxy to nominate directors. Stephen F. Gates, senior vice president and general counsel at ConocoPhillips, is the only corporate executive so far to issue a comment to the SEC on its proposal to allow shareholder access.
"Direct shareholder access to corporate proxy statements would undercut the role of the board and its nominating committee," Mr. Gates wrote to the SEC. He said the proposal could have "significant ramifications" with "potentially unintended consequences."
No institutional investment representative has commented yet. Comments on the proposal are due Dec. 22.
