Annette Nazareth, the only Democratic commissioner at the Securities and Exchange Commission, leaves office today.
She had announced her departure several months ago.
By law, the commission can have only three members of one party. The other Democratic commissioner, Roel Campos, departed in September to head Cooley Godward’s Washington office. (Story continues below interactive map.)
The commission is headed by Christopher Cox, former Republican congressman from California. The other two commissioners, both Republicans, are Paul Atkins and Kathleen Casey.
Nazareth has been outspoken about the ability of shareholders to elect directors, an issue on which she was outgunned last year. In November, the SEC decided 3-1, with Nazareth casting the dissenting vote, to allow companies to block shareholder election resolutions from their corporate ballots.
“Responsible management need not fear its shareholders,” Nazareth said then. “I am obviously disappointed.”
Nazareth has long-standing connections in the financial and political spheres, having previously served as director of market regulation at the SEC.
Her husband, Roger W. Ferguson Jr., is former vice chairman of the Federal Reserve Board. He left the board in 2006 and now chairs Swiss Re America Holding Corporation.
Nazareth has said she plans to take a few months off before deciding on a new position.
The White House has yet to nominate anyone to fill the Democratic vacancies. Nominees would have to be confirmed by the Senate.
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