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In this client advisory, Partners Jerry J. Burgdoerfer, William L. Tolbert and Elaine Wolff discuss proposed rule changes announced by the SEC on July 1, 2009 that are aimed at further enhancing shareholder rights. In particular the proposals would:
The SEC also approved the proposed rule change by the New York Stock Exchange that would eliminate broker discretionary voting for the election of directors.
The authors also discuss the likely impact of the SEC's proposed amendments and actions on the 2010 proxy season.