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O’Melveny’s Scrivano Quoted in Daily Journal on Shareholders' Move for More Electoral AccessApril 28, 2015 O’Melveny & Myers partner Paul Scrivano is quoted in the April 28, 2015, Daily Journal article, “Shareholders Move for More Electoral Access this Proxy Season.” The piece discusses a recent trend among shareholder activists that may strengthen investors’ influence on board elections. “Unlike traditional proxy wars, in which deep-pocketed investors launch costly campaigns challenging a company's ballot, the move for easier access to corporate boards will allow investors to nominate their own directors on annual ballots depending on their stake in the company,” the article reports.
Scrivano told the Daily Journal that the traditional construction of proxy access, when a shareholder fronts the funds and makes a competing electoral ballot, is access enough. If the existing landscape allows for dueling proxy statements already, the bar for electoral access probably shouldn't be lowered any further, he said, adding, “It's good we're having an open debate, but this seems like a solution in search of a problem.”
Scrivano is co-head of O’Melveny’s US Mergers and Acquisitions and Private Equity Practice. He resides in the Firm’s New York, San Francisco, and Silicon Valley offices.