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Opposition to the Security and Exchange Commission's proposed proxy access rule is solidifying. The rule, which the SEC will consider in November, would allow shareholders who meet certain requirements -- including owner thresholds based on company size -- to have their board nominees included on the company's proxy card. It would also prevent companies from including a box that allows shareholders to vote for a company's entire slate of nominees. Currently shareholders nominating board members must print and distribute their own proxy materials, a timely and costly exercise. 

As Steve Epstein, a partner with O'Melveny & Myers LLP, explains, Delaware has already approved a rule that allows companies to adopt a bylaw that allows shareholders access to their proxy statements. - Suzanne Stevens