X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The New York Stock Exchange said last week that it would no longer allow brokers to vote shares whose owners had not provided instructions for company proxy measures dealing with governance. The move may make it harder for companies to win approval for such measures as declassifying the board of directors and adopting majority voting for director elections.

The restriction follows the exchange’s 2010 prohibition against brokers voting such uninstructed shares in director elections, a change that at the time raised concerns that companies might fail to achieve quorum at their annual meetings. In fact, though, most companies were still able to achieve quorum on such plain-vanilla measures as ratification of the company auditor.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.