In a move likely to be applauded by shareholder activists, the Securities and Exchange Commission has proposed amendments to the proxy rules that would require parties in a contested election to use universal proxy cards that would include the names of all board of director nominees. The proposal, approved on Oct. 26 by a 2-1 vote (with Commissioner Michael Piwowar dissenting), gives shareholders the ability to vote by proxy for their preferred combination of board candidates, similar to voting in person.
