The New York Stock Exchange has quietly pushed back a plan that would prevent brokers from voting their clients’ shares in board elections when the stockholders have given no voting instructions of their own.
The plan, which was announced with fanfare in June, was supposed to go into effect in time for next spring’s shareholder meeting season. It would have halted a practice that helps entrench board members, critics say, because brokerage firms always vote for directors proposed by company management.
Tuesday, October 03, 2006
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