Jenner & Block

SEC Proposes Universal Proxy Card Requirement and Changes to Director Election Voting Options

On October 26, 2016, the Securities and Exchange Commission (SEC) proposed amendments (1) to the proxy rules that would require the use of universal proxy cards that include the names of all board of director nominees in contested elections and (2) relating to director election voting options and standards in all solicitations subject to the proxy rules. According to the SEC, the proposal “would allow a shareholder voting by proxy to choose among director nominees in an election contest in a manner that reflects as closely as possible the choice that could be made by voting in person at a shareholder meeting.”