On July 14, the Securities and Exchange Commission unanimously approved the long-awaited concept release on mechanics of proxy distribution and collection. The release marks the Commission’s first public review of the proxy voting system in nearly 30 years. Highlighting that the proxy process is the principal means of communication between companies and investors, SEC Chairman Mary Schapiro stressed that the “transmission of this communication must be—and must be perceived to be—timely, accurate, unbiased, and fair.” The SEC hopes that the release will help guide the agency’s revisions of proxy mechanics and ensure that all market participants are afforded adequate proxy access.
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