The Securities and Exchange Commission has posted the text of its proposal to amend to its proxy rules to require companies, in certain cases, to include in their proxy materials shareholder director nominees who meet specified requirements.

The 250-page proposing release seeks comment on more than 170 questions. Comments are due 60 days after publication in the Federal Register.

The latest proposal marks the SEC's third attempt to address proxy access in six years. It would grant proxy access rights to shareholders at the largest companies who hold at least 1 percent of outstanding shares for one year or more, while shareholders of smaller companies would need to meet higher ownership thresholds.

The proposal would also require companies to include in their proxy materials shareholder proposals that would seek to amend a company's governing documents regarding nomination procedures or disclosures related to shareholder nominations, if the proposals don't conflict with the Commission's disclosure rules.

Publication of the proposing release was approved at a May 20 open meeting by a 3-2 Commission vote along party lines.

Meanwhile, Delaware changed its corporation law to allow proxy access and limited reimbursement for shareholders soliciting proxies for director elections, effective Aug. 1; Sen. Charles Schumer (D-N.Y.) has introduced corporate governance reform legislation in the Senate that includes proxy access; and an American Bar Association committee with jurisdiction over the Model Business Corporation Act has taken up the issue.

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