On February 10, 2011, the NYSE began sending to all its listed companies its annual corporate governance letter highlighting considerations for NYSE-listed issuers in light of the upcoming annual shareholders’ meeting season.

The letter highlights certain obligations of NYSE-listed companies to the NYSE regarding notifications, filings, affirmations and certifications, other corporate governance matters and certain changes to these rules that have occurred in the past year (a list of recent changes to the Listed Company Manual can be found at http://nysemanual.nyse.com/LCM/). The letter specifically noted a recent amendment to NYSE rule 452, in light of the Dodd-Frank Act, to eliminate discretionary broker voting on all proposals relating to executive compensation at shareholder meetings occurring after July 21, 2010, including say on pay, say on frequency and say on golden parachute proposals.