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Article Excerpt
HISTORICALLY, New York Stock Exchange Rule 452 has allowed brokers to vote shares held in street name in uncontested director elections unless shareholders give specific voting directions. On July 1 of this year the SEC voted 3-2 to disallow this practice. The new rule takes place on Jan. 1, 2010.
The change to Rule 452 has serious implications, and it is important to understand and anticipate ways it could affect a particular company. Unfortunately, there is little actual evidence on the subject, and some aspects appear to be misunderstood.
In an article forthcoming in The Journal of Finance, two Drexel University coauthors (Jay Cai, Jacqueline Garner) and I study broker votes in 917 director elections. For small-cap, mid-cap, and...
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