SBA Fights Proxy Access Proposal

SBA Communications is urging its stockholders to vote against a shareholder proposal concerning proxy access, SNL Kagan reported. “The Comptroller of the City of New York, the custodian of various funds that own 638,759 shares of SBA stock, urged the company to adopt a ‘proxy access’ bylaw, “SNL Kagan explained. This would require the company to open up their board nominations to shareholders. USAToday reported that a growing collective of multibillion-dollar investment funds are pushing companies to adopt “proxy access.” “More than a dozen companies have pushed back against shareholder-led changes, which has prompted investors to warn directors that they could lose votes in the upcoming election season,” USAToday reported. Without this access, directors are nominated entirely by the board, usually without input from the shareholders. Continue reading here.