The SEC has amended the proxy rules to require universal proxy cards (UPCs) for both management and shareholders soliciting votes for their own candidates in contested director elections held after August 31, 2022 on condition the activist investor solicit at least 67 percent of the outstanding voting power.
This report from Morrow Sodali looks at these regulatory changes and sets out:
- what has changed
- what should firms be prepared for?
- how will UPCs impact proxy adviser recommendations?
- an 8-point plan on how companies should prepare themselves
- and more!
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