Securities Law Prof Blog

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

A Member of the Law Professor Blogs Network

Thursday, April 23, 2009

SEC Plans to Approve NYSE Rule to End Broker Voting of Customers' Shares

The Wall St. Journal reports that as early as next week the SEC will approve a NYSE Rule that will no longer permit brokers to exercise discretionary voting and vote customers' shares in uncontested elections.  If true, this will be a major victory for activist shareholders.  The proposed rule change has lanquished at the SEC for years; at one point, the SEC said they would take it up as part of a larger review of the shareholder proxy process, but that never happened.  In February the SEC finally put the rule change out for public comment..  SR-NYSE-2006-92.

http://lawprofessors.typepad.com/securities/2009/04/sec-plans-to-approve-nyse-rule-to-end-broker-voting-of-customers-shares.html

Other Regulatory Action | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef01156f50b35a970c

Listed below are links to weblogs that reference SEC Plans to Approve NYSE Rule to End Broker Voting of Customers' Shares:

Comments

Post a comment