Derek Zaba of Sidley Austin. Courtesy photo Requirements and Guidance for SEC's New Universal Proxy Rule
The new rules will dramatically change the methods by which proxy contests at public companies have been conducted for decades and may make public companies more vulnerable to shareholder activism campaigns, according to Sidley Austin's Derek Zaba.
March 16, 2022 at 11:54 AM
6 minute read
The U.S. Securities and Exchange Commission adopted changes on Nov. 17 to the federal proxy rules that will require the use of Universal Proxy Cards for director election contests at publicly traded companies.
The new rules will dramatically change the methods by which proxy contests at public companies have been conducted for decades and may make public companies more vulnerable to shareholder activism campaigns. It is also possible that the adoption of the rules will usher in a significant increase in proxy contest threats. These "Universal Proxy Rules" take effect for shareholder meetings after Aug. 31.
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