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Report: Universal Proxy Rules May be Off SEC’s Agenda

A report by Reuters claims that the SEC has shelved a universal proxy rule proposal that  would allow board candidates chosen by activist investors and candidates chosen by a company’s management to simultaneously appear on a company’s proxy form. The rules, originally proposed in 2016 under former SEC Chair Mary Jo White, remain a long-term action item on the SEC’s spring 2018 regulatory agenda. Industry participants quoted in Reuters’ report say the current system causes difficulties for investors who would otherwise vote for a different slate or mix of directors. Groups that oppose the universal proxy rule argue that the rule would increase board battles and discourage companies from being listed, Reuters reported.

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