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If new SEC pay disclosure rules and the nonbinding shareholder vote on executive pay are to be meaningful, shareholders must be able to hold directors accountable.

Currently, shareholders have no control over the process of nominating and electing directors. State laws allow shareholders to nominate their own directors, but for even the largest institutional investors, this is not a realistic option. The high cost of launching proxy contests to oust directors means shareholders can do little more than rubberstamp a company's nominees.

By allowing long-term shareholders to nominate directors and requiring companies to include these nominees on the company's proxy ballot ("proxy access"), the SEC can end the self-perpetuating system that permits incumbent boards to hand-pick director candidates, making boards truly accountable to shareholders.

Send a message to the SEC today and tell the commissioners you support proxy access.