Broc Romanek posted the results of one of his recent surveys of upcoming proxy issues in their blog. About 33% of his mostly corporate respondents are worried or very worried about the impact of elimination of broker nonvotes. About 12% appear to be more likely to use a proxy solicitor during the 2010 season. Almost 55% have a majority vote standard and the movement still appears to be in that direction, although at a reduced pace.
Broc also posted the transcript for a webcast: “Pat McGurn’s Forecast for 2010 Proxy Season: Wild and Woolly.” One major point is that McGurn sees more focus on making sure that true majority voting rules are in place at more companies going forward in order to be able to have a real say over directors.
Also posted at theCorporateCounsel.net is Inside Track with Broc: Mark Schlegel on Moxy Vote (1/11/10). Another good reason to subscribe. Speaking of MoxyVote, I got an e-mail from them notifying me that one of my brokers had agreed to direct future proxy ballots to MoxyVote.com, so I will soon be able to receive and vote them on that platform, as well as to get voting advice. Good one-stop shop.
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