Thursday, April 23, 2009
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.