SEC Flips Disney Decision

The U.S. Securities and Exchange Commission has reversed its position that would have allowed Walt Disney Co. investors to nominate independent directors to the company's board.

NEW YORK (The Hollywood Reporter) -- The U.S. Securities and Exchange Commission has reversed its position that would have allowed Walt Disney Co. investors to nominate independent directors to the company's board.

The SEC staff said in December that Disney could not omit from its annual proxy vote a resolution by shareholders that would have empowered them to nominate directors to the media conglomerate's board.

Disney protested to the SEC, arguing that "the commission should not permit the established rule-making process and published releases to be evaded" on a matter about which the SEC has not reached a conclusion.

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