Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, June 13, 2007

Proposed NYSE Rule Would Bar Broker Votes in Uncontested Elections

A proposed NYSE rule change currently before the SEC for approval would define even uncontested directors' elections as "non routine" and bar the current practice of brokers' voting shares when their customers do not give them instructions.  Currently, brokers usually vote the shares in favor of management, and in close contests this could make the difference.  The Wall St. Journal discusses the ramifications of the proposed rule change; see 'Broker Votes':Opponents May Win One.

http://lawprofessors.typepad.com/securities/2007/06/proposed_nyse_r.html

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