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SEC Eliminates Broker Non-Votes for Director Elections; Proposes New Corporate Governance Rules |
August 21, 2009
Previously published on July 22, 2009
On July 1, 2009, the SEC approved (in a party line 3-2 vote) the NYSE's proposed rule change that eliminates broker discretionary voting in uncontested director elections. This proposal was first advanced in October 2006 and resubmitted in February 2009. The proposal regained momentum following the recent changes in leadership at the SEC and in response to criticism by institutional shareholders and shareholder activist groups directed at broker discretionary voting in director elections.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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