ADVANTAGE PROXY
Our Experience is Your Advantage
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ADVANTAGE PROXY |
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Proxy solicitation used to be a routine matter of making sure every shareholder received proxy materials in a timely fashion. Its no longer that simple. In July 2009 the Securities and Exchange Commission issued an order approving the proposed New York Stock Exchange (NYSE) rule change to amend NYSE Rule 452 and corresponding Listed Company Manual section 402.08 to eliminate broker discretionary voting for the election of directors. Brokers will no longer be allowed to issue the “automatic broker vote” on the election of directors. This rule change will apply to all shareholder meetings held on or after January 1, 2010. Full Text of SEC Order IIn 2007 the SEC adopted amendments to the proxy rules under the Securities Exchange Act of 1934 that provide an alternative method for issuers and other persons to furnish proxy materials to shareholders by posting them on an Internet Web site and providing shareholders with notice of the availability of the proxy materials. This new delivery method, Notice & Access, applies to proxy solicitations by all issuers or other soliciting parties. The only exception is the method may not be used for a solicitation related to a business combination transaction. In June 2003 the SEC approved new rules that had been proposed and adopted by the New York Stock Exchange and the NASDAQ Stock Market requiring shareholder approval of equity compensation plans, including stock option plans. The rules also require approval for repricings and material plan changes. These rule changes, coupled with amplified levels of activism by institutional investors and increased scrutiny by voting advisory firms, have changed the face of corporate governance. There is no such thing as a “routine” meeting anymore. No two companies or solicitations are alike. At Advantage Proxy, we listen to our client’s needs and devise a pro-active solicitation campaign designed to maximize shareholder voting returns at a reasonable cost. |
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Copyright 2009 Advantage Proxy. All Rights Reserved. |
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