Yes, Rich wants me to remind him about it in August... very busy these days on some very important issues. I know this one is small, especially considering that only about 6% of retail shareowners are voting under e-proxy. However, it seems like such an easy fix... and I hope we can get more retail shareowners voting with mechanisms like shareowners.org, proxydemocracy.org, isuffrage.org and votermedia.org.
Unfortunately, the "blank vote" rules are different than "broker votes," although the rationale for opposing both are the same. John's comment letter applies to NYSE rules which allow a broker or bank to vote, when the benefical owner hasn't voted within ten days of the meeting. The SEC rule we seek to address allows the broker or bank to vote items left blank when the beneficial owner votes any item on their proxy but leaves other items blank.
The rights of shareowners seem to be compromised at every turn but this is a simple fix; blank votes should be counted as abstentions.
Wow! that's fantastic. Yes indeed I do remember Greg, say hi from me. There's probably plenty of turnarounds out there at the moment so great timing. Are you marketing in Europe yet or just focussed on US clients? I must take a look at your website. We're doing well, considering the market, working with the folks at PGI who are really great.
Great to see your involvement in this new project. Hopefully, this will really help retail shareowners and beneficial owners to get involved. I hope you will consider sending a comment to the SEC supporting our petition to prevent blank votes by retail shareowners from automatically turning into votes for management. See http://www.corpgov.net/news/news.html#BlankVotes
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Unfortunately, the "blank vote" rules are different than "broker votes," although the rationale for opposing both are the same. John's comment letter applies to NYSE rules which allow a broker or bank to vote, when the benefical owner hasn't voted within ten days of the meeting. The SEC rule we seek to address allows the broker or bank to vote items left blank when the beneficial owner votes any item on their proxy but leaves other items blank.
The rights of shareowners seem to be compromised at every turn but this is a simple fix; blank votes should be counted as abstentions.