SEC’s Universal Proxy Proposal Draws Wide-Ranging Critique

Law360, New York (January 12, 2017, 6:05 PM EST) -- The U.S. Securities and Exchange Commission’s proposed rulemaking concerning universal proxy access is drawing mixed reviews from industry professionals, with some suggesting slight tweaks and others bemoaning the impact such changes may have on public companies.

The critiques of the proposed rule change for universal proxy card access come as part of the SEC’s 60-day comment period. The proposed rules would mandate the use of universal proxy cards by public companies that would let shareholders voting by proxy endorse any combination of nominees they wish, whether backed by activists or corporate management, just as if they were voting in person....

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