Transfer agents have launched ReformTheProxyVoteSystem.com. The site is designed to remove the “wall that’s preventing your company from gaining direct access to your shareholders” by urging shareowners to comment on the SEC’s proxy plumbing concept release. The comment period ends October 20.
List of helpful resources. Among the most influential responders: the Shareholder Communications Coalition; Study of the OBO/NOBO System, prepared by Alan L. Beller and Janet L. Fisher, with Rebecca Taub for the Council of Institutional Investors; and the Center for Capital Markets Competitiveness, U.S. Chamber of Commerce. (New website promotes proxy plumbing changes, Inside Investor Relations, 9/27/10)
Frankly, I haven’t decided how I’m coming down on some of these issues. I’m torm between the advantages that go to those with direct registration (such as obtaining a real proxy, instead of a VIF) and the idea that voters and votes should be kept confidential so that corporate management can’t unduly influence votes.