At an open meeting of the U.S. Securities and Exchange Commission (the “SEC”) held on July 14, 2010, the SEC Commissioners voted unanimously to publish a “concept release” soliciting public comment on various aspects of the U.S. proxy voting system. In the nearly three decades since the SEC’s last comprehensive review of the proxy voting infrastructure, there have been significant changes affecting the manner in which shares are held and voted, including “technological changes, changes in the nature of stock ownership, the consolidation of proxy distribution service providers, growth in other types of proxy service providers, and new financial products.” As Chairman Schapiro noted in her opening statement, as a result of all of these changes, it is time to “ask the fundamental policy questions that led to the development of the current infrastructure, as well as to examine issues that, three decades ago, either did not exist or were not considered significant.”

View full M&A Alert: "SEC Issues "Concept Release" on the U.S. Proxy System"