February 6, 2013

More on “Corp Fin’s New Position on Use of ‘Vote All of Board’s Recommendations’ Button”

Recently I blogged a new Corp Fin position that has led Broadridge to eliminate the “vote with management” button, both online and by phone. Instead, Broadridge now encourages holders to vote on individual items and indicates that if the holder clicks on “submit” without selecting any items individually, proxies and vote instructions will be cast in accordance with board recommendations.

It is my understanding that the SEC also has asked transfer agents (and others that deal with registered shareholders) to ensure that – if their phone and Internet voting applications have a “vote with management” button – they must also have a “vote against management” button. In other words, Corp Fin’s position applies to both beneficial and registered holders.

Please take a moment to participate in this “Quick Survey on Voting Options for Registered Shareholders” to indicate where you are in the planning process for this big change…

Also take a moment for this “Quick Survey on End-User Exception for Swaps” and “Quick Survey on Shareholder Engagement.”

GAO Report: Dodd-Frank Progress

Recently, GAO issued this report that identified 236 provisions of Dodd-Frank that require regulators to issue rulemakings across 9 key areas. As of December 2012, regulators had issued final rules for about 48% of these provisions – however, in some cases the dates by which affected entities had to comply with the rules had yet to be reached. Of the remaining provisions, regulators had proposed rules for about 29% – and rulemakings had not occurred for 23%.

More on “The Mentor Blog”

I continue to post new items daily on our blog – “The Mentor Blog” – for members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– Australia Threatens Auditors with Mandatory Rotation
– Notice-and-Access Adopted in Canada
– PowerPoint: Insider Trading Training for Restricted Employees
– More on “Bad Grades Are Rising for Auditors”
– S&P’s Governance Criteria

– Broc Romanek