SEC Reopens Comment Period for Universal Proxy

The Securities and Exchange Commission today voted to reopen the comment period on the proposed rules for the use of universal proxy cards in all non-exempt solicitations for contested director elections. “This is an important step toward finalizing rules that will facilitate clarity and efficiency for shareholders voting in director elections,” said SEC Acting Chair Allison Herren Lee. “Reopening the comment period will allow the public to share additional views on the use of universal proxy cards in director elections, particularly in light of the corporate governance developments that have occurred since the Commission issued its proposal,” added Acting Director of the SEC’s Division of Corporation Finance John Coates.