The SEC rejected efforts by Pulte Homes Inc., Bloomfield Hills, Mich., to exclude a shareholder proposal filed by the International Brotherhood of Electrical Workers Pension Benefit Fund, according to a RiskMetrics Group statement today. The SECs division of corporation finance on Feb. 27 denied a no action request by Pulte to exclude from its proxy statement the proposal, which asks the company to establish a committee of outside directors to ensure non-traditional mortgage loans are consistent with prudent lending practices, the statement said.
In all, 22 shareholder proposals addressing risks related to subprime mortgage lending or exposure to non-traditional mortgage investments have been filed this proxy season, according to a RiskMetrics tally. But 18 of the proposals have either been omitted at the SEC or withdrawn by the proponents, the statement said.
Pulte sought to exclude the proposal on ordinary business grounds, the statement said. Mark Marymee, Pulte director-corporate communications, and IBEW pension fund officials couldnt be reached for comment.