The US Securities and Exchange Commission (SEC) is coming under increasing pressure to water down proposals which would allow large shareholders in certain cases to propose their own candidates for the boards of struggling companies, would stipulate that the chairmen or women of mutual fund boards must be independent from the running of the fund, and would increase oversight of hedge funds.
According to a New York Times report, the US regulator is divided on the three issues roughly down party lines, with the two Democrat commissioners supporting the strong reform proposals, and the two Republican members of the Commission in favour of watering them down, as requested by business lobbyists.
Chairman of the SEC, William Donaldson, has expressed broad support for the proposals, but is said to be seeking a resolution to the situation that will not involve him voting against his fellow Republicans on the Commission.
Speaking to the NY Times, former chief accountant at the SEC, Lynn Turner observed that:
"This is a pivot moment at the Commission and it is coming in the middle of an election year, no less. What happens will mark the legacy of Donaldson."
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