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Published September 9, 2009 at 12:00 PM
The Securities and Exchange Commission voted on July 1 to eliminate broker discretionary voting in uncontested board elections. Under the new rule, which goes into effect in January, brokers will no longer be able to cast votes for shareholders who don't return voting material unless instructed to do so.
The change is part of an SEC initiative to make board elections more transparent. The agency is also considering new rules that would make it easier and less expensive for shareholders to add board nominees to a company's proxy voting materials. (See this video for details on proxy access.)
As for eliminating the broker nonvote, O'Melveny & Meyers LLP partner Steve Epstein says considering brokers hold up to 80% of shares in U.S. corporations, the change could have a dramatic effect on companies that require a majority vote for board nominees. See the video below or download it at iTunes. - Suzanne Stevens
Leezie Kim is rejoining the Phoenix office of Quarles & Brady LLP as a partner. She will continue her corporate transactions practice. For other updates launch today's Movers & shakers slideshow.
Dechert's Henry Nassau at the 18th annual Wharton Private Equity and Venture Capital Conference tells The Deal Pipeline how to shine in the middle market. More video
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