The SEC’s decision to reverse its course on proxy access leaves investors’ efforts to enhance boardroom accountability in limbo. Thousands of investors expressed their support for access via the SEC’s comment process and our own 2007 Policy Survey revealed that two-thirds of institutional investor respondents support proxy access at all U.S. companies. Three access proposals came to a vote in 2007, with one being approved, demonstrating these resolutions can move forward without negative impact. We hope well-reasoned and practical rulemaking on the proxy access issue will prevail given the importance of directors' accountability to shareholders.