SEC Approves NYSE Amex Rule Eliminating Broker Discretionary Voting in Director Elections

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On December 23, 2009, NYSE Amex LLC (the “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule to eliminate broker discretionary voting on the election of directors, other than for companies registered under the Investment Company Act of 1940. The proposal modifies NYSE Amex Equities Rule 452 (“Rule 452”) to add “the election of directors” to the list of matters on which member organizations are not entitled to give a proxy to vote without instructions from the beneficial owner. Additionally, the proposal requires a corresponding change to Section 723 of the NYSE Amex Company Guide (“Section 723”).

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