The Washington Legal Foundation has published a new article co-authored by SEC Commissioner Daniel Gallagher. It proposes "an idea last raised in the late 1990s:"
... devolve shareholder proposals back to the states, which traditionally and appropriately have been allotted authority over corporate governance matters. The state in which a company is incorporated would have the latitude to decide under what circumstances to permit shareholder proposals, and would adjudicate any questions about whether a proposal must be included. The SEC staff’s role could be limited to determining whether the proposal and any supporting or opposing statements authorized by state law contain any material misstatements or omissions.
Let's do it.
