A committee created by the New York Stock Exchange last year to examine issues surrounding proxy voting has published a final report with six recommendations, including one that would end the practice of permitting brokers to vote in director elections when their shareholder customers are silent.
The report comes 14 months after the creation of the committee, the NYSE Proxy Working Group. Most prominently, it recommends amending NYSE Rule 452—also called the broker-vote or 10-day rule—to make director elections a “non-routine” matter; Compliance Week first reported that the the rule was being reconsidered back in May (see Related Coverage at right).
