ASA Applauds SEC Proposal to Rescind Rule 14a-8 and Return Shareholder Proposals to State Law

WASHINGTON – The American Securities Association (ASA) today applauded the Securities and Exchange Commission (SEC) for proposing to rescind Rule 14a-8, the federal rule governing the inclusion of shareholder proposals in company proxy materials, and for proposing amendments to Rule 14a-4 and four proxy solicitation rules.

"The SEC's previous proxy rules allowed political activists to hijack the proxy system at the expense of everyday investors. ASA applauds Chairman Atkins for ending the use of SEC resources to referee political disputes and redirecting them toward the agency's core mission of protecting investors from fraud," said ASA President and CEO Chris Iacovella.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.