Blake Hornick Quoted in Washington Times and Financial Fraud Law
Discussing SEC Vote in Favor of Proxy Access

Blake Hornick was quoted in the August 25, 2010 Washington Times article, "SEC Backs Labor on Corporate Board Votes" and the Financial Fraud Law blog post, "Lawyer Sees Shift Of Control To Large Activist Shareholders From Directors and Management." The articles discussed the SEC's vote on August 25, 2010 to approve the proxy access rule allowing large investors to nominate their own board candidates using companies' ballots, marking the first major regulation from last month's landmark financial reform law to win approval. According to Blake, the ruling in combination with other recent SEC actions and a financial-reform measure guaranteeing shareholders a vote on executive-pay packages represents "a shift of control in part from directors and management to large, activist shareholders." He added that the newly empowered investors "may or may not have the corporation's long-term best interests at heart. It remains to be seen whether this is a good development."