Gensler Says SEC Has Draft Universal Proxy Proposal In Hand

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By Dean Seal (October 19, 2021, 10:02 PM EDT) — The head of the U.S. Securities and Exchange Commission said Tuesday that he and his fellow commissioners received a draft from agency staff this week for a proposed “universal proxy” rule aimed at making ballots in contested board elections more consistent for all shareholders.

SEC Chairman Gary Gensler said in a Q&A with former SEC commissioner and current law professor Robert Jackson that the securities regulator was seeing movement on proposed rulemaking that would let shareholders who vote by proxy endorse any combination of nominees they wish, whether backed by activists or corporate management, just as if they were voting in…

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