SEC Bringing Proxies Into 21st Century
June 9, 2010
The Securities and Exchange Commission is preparing a concept release on proxy firms and their OBO/NOBO (“non-objecting beneficial owners”) systems, Chairman Mary Schapiro recently told the Business Roundtable. The SEC aims to revise the proxy access rule by 2011.
The chairman said the SEC may subject proxy advisory firms to greater oversight and possibly change the registered, i.e. street name voting process.
“This is the first time that we have seen the SEC express concern about proxy advisory firms,” said Todd Cipperman of Cipperman & Co. “It is also noteworthy that Ms. Schapiro is promising the final proxy access rule by next year.”
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