Wednesday, July 14, 2010
The SEC today voted unanimously to issue a concept release seeking public comment on the U.S. proxy system and asking whether rule revisions should be considered to promote greater efficiency and transparency. It has been nearly 30 years since the Commission last conducted a comprehensive review of the proxy voting infrastructure. The SEC’s concept release focuses on the accuracy and transparency of the voting process, the manner in which shareholders and corporations communicate, and the relationship between voting power and economic interest. There will be a 90-day public comment period for the concept release after it is published in the Federal Register.