As expected, the SEC voted today to adopt mandatory proxy access for all U.S. public companies.  Under the new rule, any shareholder or group of shareholders holding at least 3% of a company’s voting stock for at least three years will have the right to use the company’s proxy materials to nominate up to a quarter of the board.  New Rule 14a-11 will become effective 60 days from publication in the Federal Register (expected shortly), fulfilling Chairman Schapiro’s promise to make proxy access available in the 2011 proxy season for most companies.