ARTICLE
7 August 2018

SEC Chair Proposes Agenda For Staff Roundtable On Proxy Process

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Cadwalader, Wickersham & Taft LLP

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SEC Chair Jay Clayton recommended a number of topics for discussion at the SEC Staff Roundtable on the proxy process. The roundtable is scheduled for Fall 2018.
United States Corporate/Commercial Law

SEC Chair Jay Clayton recommended a number of topics for discussion at the SEC Staff Roundtable on the proxy process. The roundtable is scheduled for Fall 2018.

Mr. Clayton proposed consideration of:

  • the proxy voting process, including (i) the potential for over- and under-voting by broker-dealers, (ii) the difficulty that investors have in determining whether their voting instructions were followed, and (iii) the costs and challenges of distributing proxies;
  • the low rate of participation of retail shareholders in the voting process, and whether this can be addressed;
  • the shareholder proposal process, including whether those with small holdings should be able to force votes, and whether long-term investors should have a greater ability to force a vote;
  • the role of proxy advisory firms;
  • the use of technology in the proxy process, including the possibility of using blockchain technology to conduct votes; and
  • the 2016 SEC proposal to require the use of universal proxy cards in election contests.

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