The proxy rules illustrate the difficult choices he faces.

Foreign private issuers are not subject to the requirements of the proxy rules.

"This is a significant step towards fixing current proxy rules," he said when the rule was formally proposed on Oct. 8.

Commission officials have described the proposed regulations as the most significant change to proxy rules in decades.

Supporters of increased disclosure say cost concerns, at least as they pertain to the proxy rule, are wildly overblown.

The changes in the proxy rules were first proposed in June 1991 after years of study, and then withdrawn by the agency a few months later.

The proxy rules also require your company to send an annual report to shareholders if there will be an election of directors.

Shareholders are learning how to use the proxy rules and how to use them in ways that can actually reduce costs.

The decision to rewrite the proxy rules appeared to have bipartisan support at the commission.

What would happen if the proxy rule were refused?