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Anthony Kappus

(in collaboration with Diane Holt Frankle , Andrew D. Ledbetter )


The SEC has approved an amendment to NYSE Rule 452 (and Section 402.08 of the NYSE Listed Company Manual) that prohibits member organizations, which generally include broker-dealers that are members of FINRA (regardless of the stock exchange on which a company is listed), from voting uninstructed shares on any executive compensation matters. The amendment is designed to implement Section 957 of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).

The amendment to Rule 452 is effective immediately.

Continue Reading NYSE prohibits discretionary voting on executive compensation matters, NASDAQ to follow suit