SEC Issues Concept Release on the "Plumbing" of the U.S. Proxy System

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The U.S. Securities and Exchange Commission (SEC) recently issued a broad concept release on the U.S. proxy system (the so-called "proxy plumbing release"), Release Nos. 34-62495, IA-3052, IC-29340. To determine whether to update the current proxy system rules for publicly held companies, the SEC is soliciting comments on three major areas:

*accuracy, transparency and efficiency of the voting process;

*communications and shareholder participation; and

*the relationship between voting power and economic interest, including whether the current disclosure requirements provide investors with sufficient information on this issue.

Comments should be received by the SEC no later than October 20, 2010.

Please see full alert below for more information.

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Published In: Administrative Agency Updates, Business Organization Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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