Client Alert
| July 2, 2009
Securities and Exchange Commission Proposes Additional Proxy Statement Disclosure; Eliminates Broker Discretionary Voting for Directors
At an open meeting held on July 1, 2009, the Securities and Exchange Commission voted to:
- Propose amendments to the proxy rules under the Securities Exchange Act of 1934 to help implement the requirements for US registrants receiving financial assistance under the Troubled Asset Relief Program ("TARP") with respect to nonbinding stockholder votes on executive compensation;
- Propose amendments to the proxy rules on compensation and corporate governance disclosure and proxy solicitation; and
- Approve amendments to New York Stock Exchange Rule 452 that eliminate broker discretionary voting in elections of directors.
Public comments on the proposed amendments to the proxy rules must be received by the SEC within 60 days after their publication in the Federal Register. The amendments to New York Stock Exchange Rule 452 are final and apply to stockholder meetings held on or after January 1, 2010.
For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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