SEC Consideration of NYSE Rule Amendment on Broker Discretionary Voting: 2009

On February 26, 2009, the SEC released for public comment a proposed amendment to New York Stock Exchange (NYSE) Rule 452.  The amendment proposes to eliminate broker discretionary voting in elections of corporate directors.

This amendment was recommended by the NYSE Proxy Working Group in 2006, as a part of its evaluation of the proxy system.

The Coalition believes that broker discretionary voting should be considered as one component of a comprehensive review of the proxy voting and shareholder communications system.

Click here to review the SEC Release.

Click here to review the comment letter submitted by the Shareholder Communications Coalition on March 27, 2009.

Click here to review the comment letter submitted by the National Investor Relations Institute on March 16, 2009.

Click here to review the comment letter submitted by the Society of Corporate Secretaries & Governance Professionals on March 20, 2009.

Click here to review the comment letter submitted by the Business Roundtable on March 25, 2009.

Click here to review the comment letter submitted by the NYSE Proxy Working Group on March 25, 2009.

Click here to review the comment letter submitted by the Securities Transfer Association on March 27, 2009.

Click here to review the comment letter submitted by Intel Corporation on March 26, 2009.

Click here to review the comment letter submitted by Computershare Limited and Georgeson, Inc. on March 27, 2009.

On April 24, 2009, the Coalition submitted a letter to the SEC requesting full Commission review of any proposed amendment to NYSE Rule 452.  Click here to review the Coalition's letter of April 24, 2009.

On July 1, 2009, the SEC approved the NYSE amendment to Rule 452, eliminating broker discretionary voting in director elections.  Click here to review the SEC order approving the NYSE Rule 452 amendment.