NYSE tackles broker-voting rule
The New York Stock Exchange has proposed barring Wall Street firms from casting corporate votes on behalf of clients who don’t make their preferences known.
The New York Stock Exchange has proposed barring Wall Street firms from casting corporate votes on behalf of clients who don’t make their preferences known. Currently, the NYSE lets brokers vote investor shares for certain proposals under specific circumstances. The proposal, filed with the SEC, is based on the recommendations made by a proxy working group. For a look at the proposal, visit
http://apps.nyse.com/commdata/pub19b4.nsf/docs/A2CC4C68070815068525721100589E90/$FILE/NYSE-2006-92.pdf
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