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The next phase wouldn't be when and how shareholders exercise proxy access, it will be the long slog to amend adopted bylaws to remove the limitation of 20 members in a nominating group. Without that change, proxy access is simply a pipe dream. It may look real but it can't be implemented because the largest funds, like Vanguard, have never even filed a shareholder proposal. Implementing proxy access will require more effort than they are willing to give and will be accomplished largely by public pensions, union and SRI funds. It will take more than 20 of them to tackle almost any company.