US shareholders win more rights to influence boards

Shareholders won more power on Wednesday to shake up corporate boards in the United States after the financial crisis exposed weaknesses in how companies were managed. The Securities and Exchange Commission voted 3-2 to adopt a rule that gives shareholders an easier way to nominate company directors. Activist shareholders who want more say on how companies are run have long sought the ability to place their nominees' names on company proxy statements. That demand increased after the government used billions of tax dollars to prop up companies like American International Group Inc (AIG.N) and Bank of America Corp (BAC.N). Source: Reuters