On July 1, 2009, the Securities and Exchange Commission (the “SEC”) proposed a set of rule revisions on the proxy voting process that would:

*Require public companies receiving money from the Troubled Asset Relief Program (“TARP”) to provide a shareholder vote on executive compensation in their proxy solicitations; and

*Improve disclosure to shareholders of public companies of compensation and corporate governance in their proxy statements.

The SEC also voted to approve a New York Stock Exchange (“NYSE”) rule that would prohibit brokers from voting proxies in corporate elections without instructions from their customers. Because the related rule amendments have not been finalized, this Securities Law Update is based on the approved rule proposals. The SEC will accept public comments on these proposed rules if the comments are received within 60 days after the publication of the proposed rule amendments in the Federal Register.

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