November 11, 2021
SEC to Act on Proxy Rules Next Wednesday
Yesterday, the SEC posted a notice indicating that it will consider two rulemaking actions at an open meeting next Wednesday. The Commission will consider whether to adopt amendments to the proxy rules relating to the use of universal proxy cards, and will consider whether to propose amendments to the proxy rules governing proxy voting advice by the proxy advisory firms.
The universal proxy rulemaking has been dragging on for quite some time. The rule changes were originally proposed in 2016, and then the comment period was reopened in April of this year. The rules regarding proxy voting advice were on a much faster track (although they were a long time in coming), given that they were proposed in 2019, adopted in 2020, and then subject to reconsideration this year.
With these actions now on the calendar, it seems that the SEC rulemaking floodgates are starting to open, and we should no doubt see quite a bit of activity in the coming months.
– Dave Lynn