NYSE Proposal to End Broker Voting Excludes Mutual Funds

Last fall the NYSE proposed a controversial change that would change current practice and bar brokers from voting shares when shareholders do not in uncontested directors' elections. Yesterday it announced that it has been revised to exclude mutual funds, in response to objections by the mutual fund industry based on the increased costs that would result from requiring shareholder solicitation to vote.  Smaller companies, however, who raised similar concerns, are not exempted from the proposal.  See WSJ, Mutual Funds Sway NYSE on Vote Plan.