In a move hailed as a victory by activist investors, the SEC on Wednesday scrapped a controversial 72-year-old rule that allowed broker-dealers to vote in corporate director elections on behalf of their clients without specific instructions. The change would apply to director elections held by public companies after Jan 1 and comes amid public anger over lax oversight of companies taking on excessive risk.

This entry was posted by Gwen Robinson on Thursday, July 2nd, 2009 at 4:52 and is filed under Capital markets. Tagged with sec. Edit this entry.