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NYSE Ends Broker Discretionary Voting in Director Elections
July 1, 2009 Full PDF
Today, the SEC approved the NYSE's proposal to amend Rule 452 and its corollary Rule 402.08 in the NYSE Listed Company Manual to eliminate broker discretionary voting in director elections for all issuers except registered investment companies. Starting with shareholder meetings on or after January 1, 2010 (other than meetings that were scheduled before such date but properly adjourned until after such date), brokers will no longer be able to vote uninstructed shares in director elections even if uncontested.