Yesterday, the New York Stock Exchange announced that it "intends to file an amendment to NYSE Rule 452 to prohibit members from voting uninstructed shares if the matter to be voted on relates to executive compensation, including 'say-on-pay' proposals, at meetings occurring after July 21, 2010," but that an "exception will be made for those meetings on which the NYSE has issued a 'may vote' ruling prior to July 21." The NYSE is amending Rule 452 to comply with Section 957 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, effective on July 22 (one day after enactment), amended Section 6(b) of the Securities Exchange Act of 1934 to prohibit brokers from uninstructed (discretionary) voting with respect to the election of directors, executive compensation or any other significant matter, as determined by the SEC.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact email@example.com or call Lexology Customer Services on +44 20 7234 0606.
NYSE to propose amendments to Rule 452 to comply with Dodd-Frank Act
If you are interested in submitting an article to Lexology, please contact Andrew Teague at firstname.lastname@example.org.
PHD, a division of The Fuel Logistics Group (Pty) Ltd