SEC Signs Off On NYSE Broker Vote Ban

Law360, New York (July 1, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is backing three measures aimed at strengthening corporate governance, including a controversial proposal by the New York Stock Exchange to bar brokers from voting proxies in corporate elections without instructions from their clients.

SEC Chairwoman Mary L. Schapiro said the three measures, which the SEC voted on Wednesday, would enhance the quality of the system through which shareholders exercise their franchise and help restore investor confidence.

“With over 800 billion shares being voted annually at over 7,000 company meetings, it...
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