The Securities and Exchange Commission (SEC) recently approved a New York Stock Exchange (NYSE) proposed amendment to NYSE Rule 452 to prohibit broker's from exercising "discretionary voting" in all director elections. The amendment will apply to shareholder meetings held on or after January 1, 2010. Importantly, the NYSE Rules apply to NYSE member brokers in all of their discretionary voting activities, including voting for publicly –traded companies whose shares are not listed on NYSE. The amendment does not apply to companies that are registered under the Investment Act of 1940.

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